Launch Details

Involved parties

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

• Euroclear Bank

• Clearstream Banking (Luxembourg)

• 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.

Impacted parties

This new holding structure has a limited impact on investors.

The impacts on issuers, their agents and lead managers are described in the NGN brochure and Frequently Asked Questions.

Issuers and their agents should also consult the legal framework section to find the new required documents for issuing securities in NGN form.