ICMSA Publication


ICMSA Bulletin 220922/62 – Guide to the Treatment of Financial Instrument Fungibility and Related Conditions (where the ICSDs act as the Issuer CSD)

The purpose of this document is to provide guidance to market participants on fungibility scenarios that can be supported by Euroclear Bank and Clearstream Banking Luxembourg (respectively the “ICSDs”) in respect of requests to treat and handle fungibility between separate tranches of a financial instrument. This has been triggered by scenarios presented to the ICSDs that could not be supported due to the operational complexities that were associated with handling the requests.

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