Euroclear France has adapted its service offering to comply with the new fungibility rules applying to the stripping and reconstitution of fixedrate OATs.
The new rules stipulate that any fixedrate OAT should be strippable into fungible "zero coupon" securities or "STRIPs", representing a principal and interest percentage. Therefore, stripping will no longer result in the creation of principal and interest certificates. Current interest and principal certificates will be retained by their holders or, if applicable, converted into STRIPs through solutions developed by Euroclear France.
Euroclear France, as central securities depository, ensures efficient settlement and custody services for stripping and reconstitution
The new rules stipulate that any fixedrate OAT should be strippable into fungible "zero coupon" securities or "STRIPs", representing a principal and interest percentage. Therefore, stripping will no longer result in the creation of principal and interest certificates. Current interest and principal certificates will be retained by their holders or, if applicable, converted into STRIPs through solutions developed by Euroclear France.
Euroclear France, as central securities depository, ensures efficient settlement and custody services for stripping and reconstitution
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