Clearstream offers settlement and custody for Cypriot domestic securities
22 May 2007 | 1145 views | 0
Clearstream, the international central securities depository (ICSD) within the Deutsche Börse Group, will offer settlement and custody service for Cypriot domestic securities as of May 29.
Customers will be able to settle transactions against payment in Euros via Clearstream's Greek depository Citibank International PLC Athens. The service is applicable for Cypriot equities and warrants listed on the Cypriot Stock Exchange and cleared via the Cypriot Central Securities Depository (the Central Depository and Central Registry). Clearstream's internal instructions via this new link can be settled 'Free of Payment' (FoP) as well as against payment (DvP).
Also on May 29, the Cypriot Pound - previously a denomination currency in Clearstream - will become a full settlement currency and internal transactions free of and against payment will be possible.
The development of this new link, the 30th with a European country and the 44th worldwide, demonstrates Clearstream's commitment to facilitate market openness and to create solutions in response to customer and market needs.
Clearstream's network covers the following markets: 30 in Europe, 5 in the Americas, 9 in the Asia Pacific region and in South Africa, Australia and New Zealand. It is the widest network of any international central securities depository (ICSD) and enables counterparties in local markets to efficiently settle eligible securities through Clearstream's operational hub in Luxembourg.