In a landmark agreement, Switzerland's post-trade services provider SIX Securities Services has signed a partnership with Keler Ltd., Hungary's post-trade infrastructure, to provide international settlement and custody services.
KELER, owned by the Central Bank of Hungary and the Budapest Stock Exchange, serves as the sole central securities depository for Hungary. The partnership with SIX Securities Services will enable Keler to optimise its international settlement capabilities. The transfer of KELER's portfolio to SIX Securities Services was completed at the beginning of November.
Thomas Zeeb, CEO, SIX Securities Services, commented, "With T2S on the horizon, bringing with it significant implications for CSD's across Europe, this is an important step in establishing SIX as one of the three main providers of cross-border services at an infrastructure level in Europe."
György Dudas, CEO of KELER Ltd, added, "The key objective of this move is to enhance our cross-border settlement efficiencies and asset servicing capabilities on a truly global scale. This will allow KELER to succeed in an increasingly competitive post-trade environment."