Clearstream, a provider of post-trade services for financial services participants, has jointly developed a pan-European cross-border settlement solution with DekaBank, the fund manager for the German savings banks, which will be applicable to the bank’s cleared trades on Euronext, tpREPO and BrokerTec.
In line with customer demand, the initial focus of the offering is on selected European markets including Belgium, France and the Netherlands, which collectively represent a great portion of European cross-border settlement flows. Seamless interoperability between the markets gives the investor the opportunity to choose the most efficient and robust settlement location.
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The development coincides with a series of measures aimed at simplifying practices across Europe’s previously disparate post-trade securities landscape.
Clearstream already provides the post-trade infrastructure to help banks improve their liquidity and collateral management by pooling liquidity in one place and making collateral management more efficient. The firm services securities from over 56 markets worldwide and has nearly $14 trillion in assets under custody.
Commenting on the news, Philip Brown, Co-CEO of Clearstream Banking, said: “We are delighted to have won DekaBank as a customer for our new cross-border settlement solution. This is an important step in the harmonisation of Asset Servicing across Europe, which enables market participants active in the Belgian, French and Dutch markets to benefit from improved and streamlined liquidity, collateral and risk management.”