TCN (Titres de Créances Négociables) are French Debt Market Securities. The TCN listed on NYSE Euronext’s French Debt Market, which are mostly certificates of deposits (CDs) and commercial papers (CPs), amounted to €450bn at the end of October 2008.
The TCN market offers good quality issuance from Financial Institutions reporting to the Banque de France, so as to satisfy demand from the institutional investor base in Europe which includes €1 trillion of Short Term Monetary Funds (as of end June 08, +10% vs June 07) of which 46% (€463bn) are French domiciled.
On 15 October 2008, at the height of the financial crisis, the ECB announced a range of measures to support market liquidity. One such measure was a temporary expansion to the list of assets eligible as collateral in Eurosystem credit operations. The expanded list included additional non-regulated markets, specifically debt instruments, including certificates of deposit (CDs), issued by credit institutions and traded on certain non-regulated markets. As of 1 January 2011, ECP issued by credit institutions will no longer be eligible as collateral in Eurosystem credit operations unless listed on a regulated market. Since 1 October 2010, STEP labeled ECP can be listed on NYSE Euronext regulated market.