Clearstream Banking appoints SGSS 22 October 2018Luxembourg Reporter: Maddie Saghir
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Clearstream Banking, has appointed Societe Generale Securities Services (SGSS) to become its account operator and custodian for all domestic securities.
SGSS in Romania is the leader on the custody and depository banking services market, with assets under custody in Central Securities Depositories (CSD).
This accounts for over 49 percent of market share among all custodians and 69 percent of global market share including depository and custody services, Societe Generale revealed.
According to SGSS, Clearstream selected it for the quality of its service offering and for its long-standing expertise, providing securities services in the Romanian market coupled with proven local knowledge and experience.
Additionally, SGSS’ extensive track record and expertise providing account operator and pure custody services for infrastructures in a range of markets, also contributed to the client’s decision.
As well as the strong market advocacy, adaptability, and willingness to develop a solution to meet client expectations, it was revealed.
Andrew Duffin, head of sales and relationship management, UK and Ireland, said: “The addition of Clearstream, a subsidiary of the Deutsche Börse Group, reinforces our market share in Romania and reflects the continued strong development of international clients serviced by SGSS in the region.”
Jan Willems, head of global markets at Clearstream, added: “The partnership with SGSS supports us in offering the highest quality service for Romanian government securities, equities, as well as municipal and corporate bonds to our international clients—as the first ICSD to cover these asset classes.”
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