Distribution Services

Clearstream administers the distribution of securities on a free or against payment basis following the recommendations of the May 1984 report of the International Primary Markets Association Task Force on primary market settlements and of subsequent updates to the report produced from time to time.

Clearstream administers, on behalf of the lead manager of a new issue, the collection in a syndication account of subscriptions from allottees. The funds are transferred on closing date and onward delivery can occur from the syndication account to the depository in favour of the issuer.

In accordance with ICMA Rule 221, Clearstream enables customers to chain new issue allotments with secondary market transactions for settlement with value closing date.

The distribution of new issues takes place as soon as possible after the completion of the closing ceremony.