Table T.VII.B: Institutions

Institutions involved in government debt trading, depository/registry and settlement

Trading infrastructure Depository / Registry Settlement of securities transactions

EURO AREA

EuroMTS, MTS Austria, Bloomberg, Bond Vision, Trade Common Depositary for Euroclear and Clearstream, Euroclear, Clearstream, Oesterreichische Kontrollbank, Austria Web, EUREX, BGC Oesterreichische Kontrollbank, Austraclear (for AUD), London Clearing House, Austraclear (for AUD), Depositary Depositary Trust Co. (for 144A-Issues) Trust Co. (for 144A-Issues) B2B platforms: MTS Belgium, Eurex, ICAP Brokertec, Public debt ledger of the Treasury, Nat. Bank of Belgium's Nat. Bank of Belgium's securities settlement system, Belgium EuroMTS, BGC e-speed; B2C platforms: Tradeweb, securities settlement system, Euroclear, Clearstream Euroclear, Clearstream Bloomberg, Bondvision; NYSE Brussels Bloomberg, OTC market,Cyprus Euroclear/Clearstream (common depository for eurobonds), , Euroclear/Clearstream Cyprus Cyprus Stock Exchange Central Depository and Central (eurobonds) Registry OTC market Estonian Central Depository, Euroclear, Clearstream Estonian Central Depository, Euroclear, Clearstream Estonia

MTS Finland, EuroMTS, BGC eSpeed, BrokerTec, various Euroclear Finland for securities issued in book-entry form Euroclear Finland, Euroclear and Clearstream Finland Customer driven, like TradeWeb, Bloomberg, BondVision in Finland

OTC (+Euronext for OAT), MTS France, BrokerTec, and Euroclear France Euroclear France* France* various Customer platforms German Finance Agency, Deutsche Bundesbank, OTC German Finance Agency, Deutsche Bundesbank, Deutsche German Finance Agency, Deutsche Bundesbank, Deutsche Germany market, Bloomberg Bond Trader and various customer Boerse Group (Clearstream Banking Frankfurt) Boerse Group (Clearstream Banking Frankfurt) Electronicplatforms Secondary Market (Established and surpervised 1. Book-entry System (Established and surpervised by the Book-entry System (Established and surpervised by the Greece by the Bank of Greece) Bank of Greece); 2. Athens Stock Exchange Bank of Greece) EuroMTS, BGC Partners Inc., BrokerTec and any other Central Bank of Ireland/Euroclear (bonds only) Central Bank of Ireland (bonds only ), Euroclear Ireland platforms of good market standing MTS Italy, EuroMTS, Bloomberg, Bond Vision, Trade Monte Titoli S.p.A.; Euroclear Bank; Clearstream Banking Monte Titoli S.p.A., Euroclear Bank; Clearstream Banking Web, MOT (retail platform under Milan Stock Exchange - Luxembourg Luxembourg Italy Borsa Italiana SpA), other BtoBs on a limited extent

NASDAQ Riga AS (Genium INET trading system), OTC Nasdaq CSD SE for securities under domestic legislation, Nasdaq CSD SE for securities under domestic legislation, Latvia market: Reuters, Bloomberg, Bank of Latvia's Securities Euroclear/ Clearstream/ DTC for securities under foreign Euroclear/ Clearstream/ DTC for securities under foreign Settlement System (SSS) legislation legislation stock exchange, OTC market: Reuters, Nasdaq CSD SE (Lithuanian branch); Euroclear, Nasdaq CSD SE (Lithuanian branch); Euroclear, Lithuania Bloomberg Clearstream, DTC for Eurobonds Clearstream, DTC for Eurobonds

Luxembourg Actually none Euroclear / Clearstream / LUXCSD Euroclear / Clearstream / LUXCSD (MSE) Central Securities Depository (MSE) Primary Maket: Payment directly into the Government A/c with Central Bank; MaltaClear (MSE) in respect of Malta securities traded on the Malta Stock Exchange.

MTS Amsterdam, OTC market, Euronext Amsterdam Euroclear Netherlands, Euroclear, Clearstream Euroclear Netherlands, Euroclear, Clearstream Netherlands

EuroMTS, BrokerTec, BGC Brokers, Euronext Lisbon InterBolsa - central securities depository InterBolsa (CSD), Euroclear and Clearstream Portugal

Bratislava Stock Exchange (BSSE), MTS Slovakia*, Centrálny depozitár cenných papierov Bratislava (CDCP); Centrálny depozitár cenných papierov Bratislava (CDCP); Slovakia Bloomberg, OTC market Euroclear , Clearstream, The Bratislava Stock Exchange Euroclear , Clearstream, The Bratislava Stock Exchange * starting from Feb 2018 (BSSE) (BSSE) , Luxembourg Stock Exchange; Klirinško depotna družba - KDD (Clearing & Settlement KDD (Central Securities Clearing Corporation Ljubljana); B2B platforms: MTS Slovenia, Bloomberg, BrokerTec, Corporation); Euroclear Bank; Clearstream Banking Euroclear Bank; Clearstream Banking Luxembourg; Slovenia EuroMTS, Eurex bonds; B2C platfroms: Bloomberg, Luxembourg; Depositary Trust Co. Depositary Trust Co., Bank of Slovenia (Central Bank) BondVision, TradeWeb, Reuters, MarketAxess

Senaf and MTS are the officially recognised Primary Dealer Iberclear T2S Spain platforms. OTC market, EuroMTS, Bloomberg, Bond Vision, Trade Euroclear / Clearstream / LUX Stock Exchange Euroclear / Clearstream ESM /EFSF Web, EUREX, BGC, BrokerTec NON-EURO AREA OTC market, Bloomberg, - BNB GSSS ( Government BNB GSSS (Bulgarian National Bank Government Securities Settelment System (established and supervised by Securities Settelment System (established and supervised by the Bulgarian National Bank);Euroclear/Clearstream the Bulgarian National Bank);Euroclear/Clearstream (common depository for eurobonds) (eurobonds)

Zagreb Stock Exchange, Bloomberg, OTC market Central Depository Clearing Company (SKDD) Euroclear, Central Depository Clearing Company (SKDD) Euroclear, Croatia DTC DTC Bloomberg (Primary Auctions), MTS Czech Republic Central Securities Depository Prague (CZK- denominated T- Central Securities Depository Prague (CZK-denominated T- Czech (Taps & Buy-backs & Exchanges), Thomson Reuters Bonds); Czech National Bank (T- Bills), Clearstream / Bonds); Czech National Bank (T-Bills), Clearstream / Republic Dealing FX Trading Euroclear (Foreign Currency T- Bonds) Euroclear (Foreign Currency T-Bonds)

Government Debt Management at Danmarks Nationalbank, VP Security Services, Euroclear, Clearstream VP Security Services, Euroclear, Clearstream Copenhagen Stock Exchange, and MTS Denmark, Denmark Bloomberg, Bond Vision, Tradeweb, Reuters, Eurex Bonds

MTS Hungary, OTC market, Bloomberg, Budapest Stock KELER Central Depository Ltd. (KELER); for foreign KELER Central Depository Ltd. (KELER); Clearstream, Hungary Exchange; for foreign currency debt OTC, Bloomberg currency debt: common depository for Clearstream / Euroclear (for foreign currency debt) Euroclear Treasury BondSpot Poland; Reuters; Bloomberg; Warsaw National Depository for Securities (T-bonds); National National Depository for Securities (T-bonds); National Poland Stock Exchange Bank of Poland (T-bills); Clearstream / Euroclear (FX- Bank of Poland (T-bills); Clearstream / Euroclear (FX- denominated bonds) denominated bonds) OTC market and Domestic market: Central Securities Depository (SaFIR) Domestic market: Central Securities Depository (SaFIR) and Central Depository (for securities trading on Bucharest and Central Depository (for securities trading on Bucharest Romania Stock Exchange). Stock Exchange). External markets: Clearstream, Euroclear, DTC External markets: Clearstream, Euroclear, DTC Sweden* Guidelines: The Swedish Securities Dealers Association Euroclear Sweden Euroclear Sweden (Fondhandlarföreningen) Trading platforms: Primary Market: Bloomberg, PD's. Secondary Market: , Bloomberg, TradeWeb, Voice Broker

UK Debt Management Office, London Money Market Computershare Investor Services plc; DTC (Depository CREST (operated by Euroclear UK & Ireland) United Association, Gilt-edged Market Makers Association Trust Company), Euroclear and Clearstream for any FX Kingdom bonds associated with the UK's official reserves.

Source: Responses from members of the EFC Sub-Committee on European Sovereign Debt Markets (2017) Remarks France* Euroclear France is the main, but not unique, place for settlement of transactions on French Debt. Sweden* The Secondary market can be divided into two main sections: A) Interbank trading: Voice Broker, PD's, EIM (Nasdaq Stockholm) electronic interbank market. B) Dealer/Client: Platforms such as TradeWeb, Bloomberg. Update November 2007