Euroclear reports record turnover for 2003

Euroclear reports record turnover for 2003

European securities depository Euroclear is reporting record levels of turnover for 2003, with the value of securities transactions settled hitting EUR256.2 trillion, a six per cent increase from EUR241.9 trillion in 2002.

Euroclear says each entity of its custody business grew in 2003, with a combined increase of nine per cent from the EUR10.9 trillion reported for year-end 2002.

However the number of netted transactions settled was down from 123 million in 2002 to 114 million in 2003. Euroclear says this trend reflects the group's expanding use of clearing services from netting and central counterparty service providers.

The value of securities held by Euroclear for clients at year-end 2003 was EUR 11.9 trillion.

The combined average daily value of collateral provision outstanding in Euroclear Bank and Crest rose to EUR257.4 billion in 2003, up 16% from EUR 222.5 billion in 2002.

Last December Euroclear Bank announced plans to rebate EUR30 million to customers that used its clearing, settlement and custody services in 2003 and said it was cutting tarrifs by EUR24 million in 2004.

Commenting on the latest results, Pierre Francotte, CEO, Euroclear Bank, says: "As Euroclear moves forward with its plans to deliver a consolidated and more harmonised settlement infrastructure for Europe, our business growth allows us to further improve our services and to pass on to our customers the benefits of increasing economies of scale."

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