24 January 2018
visit http://response.ncr.com

Bank of France rolls out Vermeg's Megara

06 June 2006  |  4743 views  |  0 Paris - Eiffel tower

The Bank of France is implementing Vermeg's J2EE-based platform, Megara, to manage its securities, custody and depository activities.

Vermeg says the Megara system will be used at the bank's newly formed post-trade operations division, to manage collateral for refinancing operations, custody of institutional clients' securities, bank depository activity relating to mutual funds and operational support of the French Treasury Agency.

The division was created in early 2006 after the bank merged its securities and back office division.

The bank says its membership in European System of Central Banks (ESCB) necessitated the upgrade. Jean-Louis Landais, director, Post-Trade Operations, Bank of France, comments: "Belonging as it does to the ESCB, the Bank of France participates actively in the shaping of monetary policy and the management of collateral.

The upgrading of our securities platforms was vital in order to meet such developments as Target 2, the development of guarantees in foreign securities, the European restructuring of both stock exchanges and central depositories, and the modernisation of delivery and settlement systems."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

SEI pays $4.25 million to settle Vermeg contract dispute

SEI pays $4.25 million to settle Vermeg contract dispute

13 December 2005  |  5504 views  |  0 comments
Santander's SVB live with Vermeg's Megatrade

Santander's SVB live with Vermeg's Megatrade

05 September 2005  |  5991 views  |  0 comments
Santander migrates custody business to Vermeg

Santander migrates custody business to Vermeg

10 October 2003  |  4941 views  |  0 comments
Vermeg acquires Diagram systems from Reuters France

Vermeg acquires Diagram systems from Reuters France

08 November 2002  |  5523 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.nextgenbanking.co.ukvisit www.ebaday.comvisit www.thomsonreuters.info

Top topics

Most viewed Most shared
Banks shift priorities toward growth, digitisation and innovation - surveyBanks shift priorities toward growth, digi...
10068 views comments | 38 tweets | 49 linkedin
Sbanken opens developer portal and invites customers to build their own digital bankSbanken opens developer portal and invites...
8684 views comments | 17 tweets | 11 linkedin
Could distributed ledgers restore the reputation of the MBS market?Could distributed ledgers restore the repu...
7223 views comments | 6 tweets | 9 linkedin
Blockchain security startup Ledger scoops £56 million funding roundBlockchain security startup Ledger scoops...
7064 views comments | 10 tweets | 11 linkedin
Westpac launches iMessage app following PayKey blockageWestpac launches iMessage app following Pa...
6828 views comments | 9 tweets | 3 linkedin

Featured job

Competitive base + commission + benefits
London, UK

Find your next job