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Euroclear and Clearstream to close physical receipt counters for eurobonds
30 September 2026 Europe
Image: Kateryna/stock.adobe.com
Euroclear and Clearstream have announced an intention to close their respective physical securities receipt counters for eurobond issuances.
The firms explain the change affects only the method of receipt of securities and documentation, does not alter existing issuance models, safekeeping arrangements, or investor protections, and relates solely to the discontinuation of physical deliveries by issuing parties and their agents at international central securities depositories (ICSDs).
Further, they emphasise operational practices have evolved significantly beyond the original model of physical hand delivery, and the closure marks another milestone in ongoing modernisation of the international securities markets, as the vast majority of securities and supporting documentation submitted to the ICSDs are already delivered through secure electronic channels.
Additionally, the firms express the decision to discontinue physical receipt services aligns with broader industry initiatives like the introduction of dematerialised eurobond issuance.
In a joint statement, Euroclear and Clearstream say: “The eurobond market has a long history of embracing innovation while maintaining the highest standards of legal certainty and investor protection.
“The closure of physical receipt counters reflects the reality of how the market operates today and supports our shared vision of a more efficient, more resilient, and increasingly digital international capital market infrastructure.”
The firms explain the change affects only the method of receipt of securities and documentation, does not alter existing issuance models, safekeeping arrangements, or investor protections, and relates solely to the discontinuation of physical deliveries by issuing parties and their agents at international central securities depositories (ICSDs).
Further, they emphasise operational practices have evolved significantly beyond the original model of physical hand delivery, and the closure marks another milestone in ongoing modernisation of the international securities markets, as the vast majority of securities and supporting documentation submitted to the ICSDs are already delivered through secure electronic channels.
Additionally, the firms express the decision to discontinue physical receipt services aligns with broader industry initiatives like the introduction of dematerialised eurobond issuance.
In a joint statement, Euroclear and Clearstream say: “The eurobond market has a long history of embracing innovation while maintaining the highest standards of legal certainty and investor protection.
“The closure of physical receipt counters reflects the reality of how the market operates today and supports our shared vision of a more efficient, more resilient, and increasingly digital international capital market infrastructure.”
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