Clearstream connects to SWIFT via T2S 17 September 2013Dubai Reporter: Jenna Jones
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Clearstream has chosen SWIFT’s value added network solution to connect to T2S. The firm plans to migrate fully to T2S in wave three in September 2016.
The objective of T2S is to facilitate post-trading integration by offering core, neutral, harmonised and commoditised delivery-versus-payment settlement in central bank money in substantially all securities in Europe.
Mark Gem, member of the Clearstream international executive board, said: “Clearstream selected SWIFT to connect to T2S because, having utilised SWIFT network services for years already, we knew this would offer us—and in turn our customers—the right level of resilience and reliability for connectivity in the future T2S world.”
“We trust SWIFT as the proven connectivity specialist to do the part of the T2S work it is best at, namely messaging and financial telecommunication, so that we can focus on our core business engineering. SWIFT also offers us the potential to provide additional value-added services such as standards management and testing to further enhance our T2S offering.”
Alain Raes, chief executive of EMEA and Asia Pacific at SWIFT, added: “We are delighted that Clearstream has chosen SWIFT to connect to T2S. The confidence of such a major player in our T2S connectivity solution is a significant endorsement, and we thank Clearstream for its confidence that SWIFT’s is the most reliable, cost effective and strategic solution.”
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