Euroclear Trade Capture and Matching System

( ETCMS) Euroclear Clearing and Settlement glossary

"An automated matching and routing service for over-the-counter transactions with a Central Counterparty ( CCP), which offers netting at both user and security eligibility level. In practice, the following occurs: Euroclear Clearing and Settlement glossary

• instructions are entered by clients for matching purposes. If the instruction is deemed to be valid, it will be given a Euroclear reference ID and will enter the matching process; • once matched, instructions are sent to the CCP for netting; Euroclear Clearing and Settlement glossary

• the CCP then undertakes a local validation process, whereupon the instruction is either registered when the trade is novated or rejected when the instruction does not meet all of the validation criteria." Euroclear Clearing and Settlement glossary