Clearstream completes first phase of 'daytime bridge' with Euroclear

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Clearstream, the custody and settlement division of Deutsche Börse Group, announced today that it successfully implemented, on schedule, the first phase of the new Automated Daytime Bridge service with Euroclear over last weekend 26/27 June 2004

The 'Bridge' is an electronic communications link which facilitates the efficient settlement of securities transactions between counterparties in Clearstream Banking Luxembourg and Euroclear Bank.

The first phase delivers improvements in settlement efficiency levels and enables customers to reduce their costs by having more opportunities to settle Bridge transactions that failed during the overnight process. Additionally, this phase allows for better interaction with domestic markets across different time zones.

The second phase, set for November 2004, will provide an additional significant improvement of interoperability between the two ICSDs. Customers of both ICSDs will benefit from improved cross border settlement efficiency with the number of 'failed' transactions expected to be reduced significantly. This will be achieved by substantially improving the existing infrastructure, specifically by extending instruction deadlines and allowing same-day Bridge transactions and transaction repairs.

André Roelants, President and CEO, Clearstream International, stated: "The implementation of this first phase of the Automated Daytime Bridge has been completed exactly on schedule. This success has been achieved through excellent work and positive co-operation between both operators. Clearstream now looks forward to the continued constructive joint effort required to deliver the second phase, which will substantially extend the deadline for Bridge instructions as the market needs this further extension of functional interoperability to allow same day settlement over the Bridge."

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