Link Up Markets contracts with Clearstream for IT build

Link Up Markets contracts with Clearstream for IT build

European depository Clearstream is to work with Tata Consultancy Services to develop and operate the IT infrastructure for Link Up Markets, the settlement services joint venture company set up by seven European CSDs.

Launched last April, Link Up Markets aims to provide integrated access to cross-border settlement by establishing interoperable links between the domestic depositories. The group includes Deutsche Börse's Clearstream unit, Greece's Hellenic Exchanges, Spain's Iberclear, Austria's Oesterreichische Kontrollbank, Switzerland's SIS SegalnterSettle, VP Securities Services of Denmark and Norway's VPS.

Clearstream was selected to develop and operate the technical infrastructure and network for the project following the release of an RFP by the joint venture partners. As part of its proposal, Clearstream has sub-contracted with Tata Consultancy Services in Luxembourg to use two of the Indian IT company's existing products.

Clearstream says the arrangement will enable the company to meet the mid-2009 deadline set for implementation of the Link Up Markets network.

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