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Euroclear Nederland ready for Dutch securities dematerialisation

(PresseBox) (Amsterdam, ) Euroclear Nederland is now taking measures to remove all paper-based securities certificates in the Netherlands, in compliance with an amendment to the Dutch Securities Giro Act ("Wet giraal effectenverkeer"). Signalling a move towards full securities dematerialisation in the Netherlands by the end of 2013, the revised legislation, which took effect on 1 January 2011, means that:

- all Dutch securities currently in paper form that are held by Euroclear Nederland will be converted to either global notes (one immobilised certificate representing the entire security issue) or dematerialised securities after a two-year migration period;
- as of 1 January 2011, Euroclear Nederland will no longer accept physical securities, other than global notes, within the Netherlands to deposit in its vaults;
- as of 1 January 2011, Dutch issuers of new securities can only issue dematerialised securities (registered in the name of Euroclear Nederland) or as a global note to deposit with Euroclear Nederland; and
- as of 1 January 2013, transfer of physical securities, other than global notes, will no longer be possible.

Hugo Spanjer, Member of the Euroclear Nederland Management Committee, commented: "The process of securities dematerialisation in the Netherlands has taken a giant leap forward in recent years. For example, just five years ago, we estimated around seven million physical securities were in our system. Today, that figure is approximately 400,000. As a result of the new legislation, it will be easier, less expensive and safer for Dutch issuers to raise capital and end investors to trade and own Dutch securities. For example, where fraudulent and stolen physical securities are a real market concern and cost, dematerialisation will address these issues."

Ruud Sleenhoff, Chairman of DACSI (the Dutch Advisory Committee Securities Industry), expressed: "It is of vital importance that our national authorities safeguard the soundness and competitiveness of the Dutch securities markets, which the new Securities Giro Act aims to achieve. The DACSI therefore supports this solid legislation that will strengthen securities ownership protection. It will apply to retail as well as institutional investors and, what is more, corporate issuers will benefit from cost efficiencies. An efficient marketplace benefits all participants and makes the Dutch market more attractive for issuers and investors in Europe and beyond."

Note to editors

DACSI (the Dutch Advisory Committee Securities Industry) is the principal not-for-profit association in the Netherlands for firms active in the securities industry. The Association represents the interests of its members in all aspects of their securities and securities-related businesses - both domestic and international - and communicates the Dutch financial market's view to market infrastructure service providers and regulatory authorities in the Netherlands and the European Union.

Euroclear UK & Ireland

Euroclear Nederland, the central securities depository of the Netherlands, is part of the Euroclear group, the world's largest settlement infrastructure service provider for domestic and international securities transactions, covering bonds, equities, derivatives and investment funds.

Market owned and market governed, the Euroclear group includes Euroclear Bank, the international central securities depository providing securities services to major financial institutions located in more than 90 countries, as well as the national central securities depositories of Belgium, Finland, France, Ireland, Sweden, the Netherlands and the UK. Euroclear also owns Xtrakter, operator of the TRAX trade matching and reporting system.

The Euroclear group settled the equivalent of more than EUR 514 trillion in securities transactions in 2009, representing 180 million domestic and crossborder transactions, and held more than EUR 20 trillion in assets for clients. Euroclear Bank is rated AA+ by Standard & Poor's and Fitch Ratings.

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