New Global Note


On 1 January 2007, the New Global Note (NGN), the legal and holding structure for international debt securities issued in global bearer form through Clearstream Banking (Luxembourg) and Euroclear Bank, became mandatory for newly issued international debt securities to be considered for eligibility as collateral for Eurosystem monetary policy and intra-day credit operations. It is serviced by Common Service Providers (CSPs) and Common Safekeepers (CSKs). This structure co-exists with the Classical Global Note (CGN) structure serviced by Common Depositories.

In September 2006, the European Central Bank announced the decision to accept the Short -Term European Paper (STEP) market as an approved non-regulated market for collateral purposes in Eurosystem credit operations. This will become effective as soon as the STEP statistics on yields are published on the ECB's website.

Subsequently, international STEP-labelled securities deposited with the ICSDs will have to be issued in NGN form to meet the ECB's collateral eligibility criteria.

Involved parties

The NGN structure is the result of a market initiative led by the following organisations:

  • Clearstream Banking (Luxembourg);
  • Euroclear Bank;
  • the International Capital Market Services Association (ICMSA);
  • the International Capital Market Association (ICMA);
  • leading issuers and lead managers active in the international capital market.

Standard Market Protocol

The design of the NGN structure presented the opportunity to review the operational flows underlying the servicing of international debt securities issued both in CGN and NGN form. The outcome of this review will be incorporated in a Standard Market Protocol (SMP) document, to be published by the ICMSA and ICMA, with the objective of providing guidance on best market practice. For example, the SMP will cover:

  • the new issue acceptance and distribution procedures;
  • guidelines for the issuance of STEP-labelled securities in New Global Note form;
  • information flow for corporate actions and income events;
  • the issue outstanding amount reconciliation process.

Delivery methods

A New Global Note may be delivered to Clearstream Banking either:


  • Via SWIFTNet FileAct
  • Via CreationDirect via Internet

or physically

Front desk at:

Clearstream Banking
Sec. Counter
Trakehnerstrasse 6

60487 Frankfurt am Main

Related New Global Note information

Further New Issues information