22 October 2017
visit www.response.ncr.com

Clearstream and Euroclear to launch second phase of 'automated daytime bridge'

06 October 2004  |  439 views  |  0 Source: Euroclear and Clearstream

Euroclear Bank and Clearstream International today jointly confirmed the launch date of Monday, 15 November 2004 for the second phase of the new, automated, daytime Bridge between the two international central securities depositories (ICSDs).

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 jointly managed project, which improves interoperability between the two ICSDs, has been run with smooth co-operation between both organisations. Further efforts to improve the interoperability between both ICSDs will continue.

This second phase will enable same-day settlement of trades over the Bridge between counterparties located in the different ICSDs. Clients will benefit from extended Bridge instruction-input deadlines into the daytime (from 20:30 CET the evening before settlement date to 13:30 CET on settlement date). Customers of both ICSDs will benefit from improved Bridge transaction-settlement efficiency by having greater flexibility to repair unmatched instructions and by automatically recycling failed trades in the daytime cycle. These enhancements also provide the infrastructure for same-day (T+0) Bridge transactions.

Phase One, successfully launched on schedule in June 2004, led to improved settlement efficiency of Bridge transactions and the capability to re-deliver securities from more local markets across the Bridge during the day. Phase One has enabled clients to reduce their financing costs by having more opportunities to settle Bridge transactions that failed during the overnight process. Additionally, there has been a reduction in the risk exposure between the ICSDs for Bridge transactions.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.innotribe.com

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
10441 views comments | 22 tweets | 26 linkedin
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
9941 views comments | 17 tweets | 24 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9050 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8126 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7898 views comments | 10 tweets | 22 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job