Securities settlement bodies streamline European commercial paper issuance
21 May 2002 | 3761 views | 0
Euroclear, Clearstream International and The Depository Trust & Clearing Corporation (DTCC) have launched a new service to automate the pre-issuance information processing and ISIN allocation for new issues of European commercial paper (ECP) and related money-market instruments.
The European Pre-Issuance Messaging (Epim) service is a central messaging hub linking the parties involved in the issuance of European commercial paper, including banks, dealers, issuing and paying agents, securities depositories and numbering agencies.
Bank One and Goldman Sachs are the first customers to use the service, with JP Morgan Chase and Morgan Stanley to follow shortly thereafter. Other organisations who have committed to use Epim include Barclays Capital, Citibank, Credit Suisse First Boston, Deutsche Bank, HSBC, Lehman Brothers and UBS.
Scott Barringer, head of European money markets, Goldman Sachs, says: "In the money markets where speed is critical, EPIM facilitates the safe, efficient exchange of issuance information through a centralised system. This innovative solution brings us closer to achieving full straight-through processing in the European commercial paper marketplace."