A new holding structure was introduced from July 2010 for international debt securities issued in global registered form through the two ICSDs, Euroclear Bank and Clearstream Banking (Luxembourg). From 1 October 2010, this new structure (the New Safekeeping Structure or NSS) has been required (though not sufficient) for newly issued international debt securities to be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations.

ICMA published Guidance Note 19 in the ICMA Primary Market Handbook (IPMA Handbook) regarding consequential changes to primary issuance legal documentation.

In December 2009, the ICSDs published initial versions of:

These documents, or any subsequent versions thereof, and other NSS information can be found on the Euroclear and Clearstream dedicated NSS webpages: https://www.euroclear.com/site/public/EB/nss and http://www.clearstream.com/ci/dispatch/en/kir/ci_nav/1_settlement/030_new_issues/015_nss.


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