Societe Generale Securities Services (SGSS), through Parel, has agreed on a two-year extension for the provision of ESES settlement service for LCH Limited’s EquityClear service.
From the renewal, LCH will benefit from Parel’s processing through one entry point, with straight-through delivery versus payment for cost-effective settlement and direct access to the T2S settlement platform.
Parel is a provider of clearing and settlement services in Belgium, France, the Netherlands and the UK.
According to SGSS, Parel was selected by LCH for its local presence and settlement background.
Thibaud de Luze Parel’s CEO, said: “We are very pleased to be extending our relationship with LCH for the provision of settlement services for the ESES markets. LCH is a key client for our business and we are delighted that they have placed their trust in us for an additional two years.”
Bruce Kellaway, global head of RepoClear, EquityClear and collateral at LCH, added: “Our work with Parel will enable us to continue to offer a streamlined settlement process for market participants clearing equities in Belgium, France and the Netherlands. Initiatives like this are further examples of our commitment to bringing efficiencies to the markets, and we are pleased to continue this partnership.”
