Euroclear reports record turnover

Euroclear reports record turnover

International depository Euroclear is reporting a 37% gain in the value of transactions settled in 2001 - its highest growth rate in five years.

Euroclear attributes its record results to the benefits of business consolidation and the growing use of central counterparties to deliver cost and operational efficiencies to the market.

Pierre Francotte, chief executive officer, Euroclear Bank, described the results as "tangible confirmation that we are pursuing the right course by operating with an open settlement model that is user owned and user governed".

His remarks are a dig at rival depository Clearstream, which rejected a merger with Euroclear in favour of full-scale vertical integration with Deutsche Borse.

Francotte continues: "We will continue to achieve business consolidation, whether through competitive services or by combining our operation with other settlement providers, where and when it makes sense for our clients.”

While turnover, or the value of securities transactions settled, rose to EUR130,637 billion in 2001, the value of securities held in custody over the year grew by six per cent to EUR7,858 billion, including new business won from competing CSDs and ICSDs.

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