Clearstream International, the clearing, custody and settlement provider formed from the merger of Cedel and Deutsche Borse Clearing, has launched its new real-time settlement system.
The settlement engine is the core component in Clearstream's new Creation platform, purpose-built to provide end-to-end processing through the three main functional business areas of clearing and settlement; custody and connectivity and reporting.
In addition to the core services, the Creation platform will also offer securities lending, collateral management, tripartite repo, management information systems and billing within a unified technical architecture.
The new system marks the wholesale replacement of the old Cedel legacy systems with the latest computer software and hardware. The system has been designed specifically for multi-market interoperability and to pave the way for further consolidation among European depositories.