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ICMSA Bulletin with respect to the Issuance of Euro Commercial Paper (ECP) or Euro Certificates of Deposit (ECD) with Embedded Options

The ICSDs (Euroclear Bank SA/NV and Clearstream Banking Luxembourg) have noticed an increase in the number of ECP and ECD issuances in the international capital market that contain embedded options.

Any dealer and/or IPA transacting a new ECP or ECD instrument with embedded options inherent in the structure should not communicate these issuance details though the EPIM system.

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