Clearstream goes live with new InvestorCSD model 23 April 2018Luxembourg Reporter: Jenna Lomax
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Clearstream has moved the Belgian, Dutch, French, Italian and Luxembourg markets onto its new TARGET2-Securities (T2S) investor-central securities depositories (ICSD) model.
According to the European Central Bank, approximately 80 percent of the custody and settlement volume of T2S markets is now available through Clearstream’s ICSD service.
The central securities depositories (CSD) model allows its customers to access all T2S markets, in central bank money, and the international market through a single point of access, on a market-by-market basis.
Further T2S-connected markets are expected to follow over the coming months.
Philip Brown, co-CEO of Clearstream Banking, said: “In order for our customers to get the best out of T2S, we have developed an entire suite of value-accretive services in close cooperation with the market. Our new operating model represents the first genuinely cross-border settlement service augmented with asset servicing functionalities.”
He added: “Key benefits include streamlined connectivity, harmonised asset servicing across CSD and ICSD accounts for all markets, partnerships with local agents to ensure best possible asset servicing for T2S-in markets and, critically, true collateral mobility and efficiency across T2S and ICSD markets.”
Alain Pochet, head of client delivery at BNP Paribas Securities Services, commented: “We are pleased to support Clearstream with this initiative and to help bring more cross-border interconnectivity to European financial markets.”
He added: “By engaging in partnerships such as this, we aim to demonstrate our commitment to providing the highest levels of client service and our technical capacity, while also continuing to develop our customised solutions.”
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