LCH SA RepoClear: Settlement change for eligible XS-issued sub-national and agency international issuance

Clearstream¹ informs clients that effective

28 September 2026

LCH SA will introduce a change to the RepoClear SA settlement arrangements for eligible sub-national and agency international issuance issued through International CSDs.

Currently, eligible securities issued by sub-national entities (for example, SNCF Réseau) and sovereign agencies (for example, Rentenbank) settle according to the arrangements applicable to the issuer's country.

From the effective date, eligible sub-national and agency international issuance identified by an XS ISIN prefix will be subject to the same settlement arrangements currently applied to supranational bonds. 

To illustrate the change, clients can refer to a sample settlement arrangement before and after the implementation date set out below:

Impact on clients

Clearing members with activity in these XS ISINs should ensure they have given a Power of Attorney (PoA) to LCH RepoClear SA to settle in their Clearstream accounts. The PoA can be found on the LCH RepoClear SA page.

Further information

For further information, clients may contact Clearstream Client Services or their Relationship Officer.

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1. Clearstream refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Europe AG (for Clearstream Europe AG clients using 6-series accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.
Clearstream Banking S.A. is registered as an Australian CS (Overseas) Facility, under subsection 824B(2) of the Corporations Act 2001, with registration number ARBN 675 244 783.