In line with the plans outlined at the time of its merger with CREST, Euroclear is pressing on with the creation of the Market Advisory Committees (MACs) which it believes will insulate Greater Euroclear from market and regulatory concerns about the virtue of combining the commercial and the utilitarian.
Today, the Brussels-based ICSD announced the formation of an Irish MAC to “represent the interests of the Irish securities market to the whole of the Euroclear group.” The Irish MAC replaces the Irish Forum, formerly run by CRESTCo and the Irish Stock Exchange to solicit input from Irish member firms, but with an extended remit to include government-bond market interests as well.
Prior to its acquisition by Euroclear, CREST had acted as the central securities depository for Irish equities and corporate bonds, while Euroclear Bank was the chosen settlement location for Irish government bonds.
“The main purpose of the MAC is to act as the primary source of consultation by Euroclear with the Irish market,” explains Euroclear. “It will also act as a monitor of the principles of performance and governance published by Euroclear/CRESTCo on 4 July 2002 in their joint document, Delivering a Domestic Market For Europe.”
Brian Davy, Chairman of Davy Stockbrokers, has been nominated to chair the Irish MAC. Its other members include:
Kate Bird — Royal Bank of ScotlandShane Egan — IRG CapitaMary Farrell — Central Bank of IrelandBrian Healy — Irish Stock ExchangeBrendan McDonagh — National Treasury Management AgencyKevin McHugh — Goodbodys StockbrokersNoirin McKeon — DavyStockbrokersGraham O’Brien — NCB StockbrokersLorna Sherlock — Allied Irish Bank/Bank of New YorkTrevor Watkins — Computershare Services Ireland
“We warmly welcome the establishment of this committee and we look to it for guidance in helping us to best serve the needs of the Irish market,” says Hugh Simpson, Chief Executive of CRESTCo and an Executive Director of Euroclear Bank. “We are committed to delivering the most efficient, user-governed settlement solution for the European capital markets.”