Home   News   Features   Interviews   Magazine Archive   Industry Awards  
Subscribe
Securites Lending Times logo
Leading the Way

Global Asset Servicing News and Commentary
≔ Menu
Securites Lending Times logo
Leading the Way

Global Asset Servicing News and Commentary
News by section
Subscribe
⨂ Close
  1. Home
  2. Industry news
  3. Clearstream XBS signs first full user
Industry news

Clearstream XBS signs first full user


01 July 2011 Frankfurt
Reporter: Ben Wilkie

Generic business image for news article
Image: Shutterstock
Clearstream has signed the first customer to its Cross Border Services (XBS) offering, the first pan-European cross-border settlement solution in central bank money. The XBS service suite was expanded from over-the-counter (OTC) settlement to the settlement of trades from selected stock exchanges.

biw Bank für Investments und Wertpapiere AG is now a market maker at Wiener Börse AG using Clearstream Banking Frankfurt (CBF), the German central securities depository (CSD), as settlement agent.

More than 80 Clearstream customers around Europe already use components of the XBS service.

In line with customer demand, the initial focus of the XBS offering is on selected international markets (Germany, Switzerland, Austria, France, Belgium, the Netherlands, Denmark, Spain) that represent roughly 70 per cent of the European cross-border settlement flows. Seamless interoperability between the markets gives the investor the opportunity to choose the most efficient and robust settlement location. Through XBS, Clearstream provides high volume standardised cross-border services for clearing, settlement and custody which enable straight through processing (STP) in a real-time environment for customers. XBS delivers the efficiencies to be created through the TARGET2-Securities (T2S) initiative years ahead of its launch in September 2014, including streamlined distribution of cross-border transactions and cost-efficient settlement.

Andreas Wolf, CEO of Clearstream Banking Frankfurt and head of product development & Business Strategy of Clearstream International, said: “Clearstream will be the European hub for cross-border processing in central bank money. Our strategy, based on partnerships and interoperability, will bring the efficiencies of the international Eurobond environment to the domestic markets and to all asset classes, thus anticipating future regulatory requirements. Our XBS standard services will continue to evolve to meet the needs of our customers. We are delighted to welcome biw AG as first user to take advantage of the full potential of XBS.”

Dirk Franzmeyer, member of the Executive Board of biw, said: “Thanks to XBS, we were able to become a member of the Austrian stock exchange, Wiener Börse AG, without having to invest in a new, costly settlement infrastructure. We simply leverage our domestic link with Clearstream. On this basis, we can now offer our customers efficient and streamlined access to European markets and the safety level that Clearstream Banking Frankfurt provides as CSD whilst maintaining a lean back office infrastructure.”
← Previous industry article

SunGard’s MarketMap implemented at TradeKing
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
Advertisement
Subscribe today
Knowledge base

Explore our extensive directory to find all the essential contacts you need

Visit our directory →
Glossary terms in this article
→ Leverage

Discover definitions, explanations and related news articles in our glossary

Visit our glossary →