As part of an ongoing programme of measures to improve interoperability with local markets, Euroclear Bank has announced an enhancement to its securities lending and borrowing infrastructure. A new pricing structure is set to be introduced that will reduce clients’ intra-day borrowing costs by as much as 30 per cent, according to Euroclear. Effective from 11 April 2005, two new real-time process windows – one in the early morning and one in late afternoon – will be added to the existing lending and borrowing programme. These additions will further facilitate transaction flows between Euroclear Bank clients and non-Euroclear Bank clients and help to mitigate so-called ‘gridlock risk’, i.e. the risk of trades failing due to reduced settlement liquidity as a result of the lack of synchronised settlement timings between different settlement systems.
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