Clearstream to join T2S 30 April 2012Frankfurt Reporter: Georgina Lavers
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Clearstream announced today that the CSD for Germany, Clearstream Banking AG, will join the European Central Bank’s T2S initiative. The platform will go live in 2015 and aims at significantly reducing the fees for cross-border settlement. Clearstream Banking AG will be amongst the first CSDs to sign the T2S Framework Agreement on 30 April 2012.
Jeffrey Tessler, CEO of Clearstream International SA, said: “TARGET2-Securities will drive the harmonisation of post-trade processes across Europe. It can bring huge benefits to the market and we have therefore been supporting T2S since the beginning of the project in 2006. T2S will result in of the commoditisation of European settlements and is a significant investment for
our industry.”
Mark Gem, member of the executive board of Clearstream International SA and responsible for Clearstream’s business strategy, said: “With the German CSD as part of our group, Clearstream will account for nearly 40 per cent of T2S settlement volumes in the Eurozone. Clearstream’s customers will benefit from our value-added services in the space of collateral management and asset servicing that are second to none.”
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