Three Euroclear central securities depositories (CSDs) operating in the eurozone, namely Euroclear Belgium, Euroclear France and Euroclear Nederland, have agreed to sign up to the Eurosystem’s TARGET2-Securities (T2S) project.
The Euroclear depositories have engaged in market consultation and dialogue with national regulators and will finalise assessment of CSD outsourcing arrangements with relevant regulators before signing the T2S Framework Agreement. With support from parent company Euroclear, the boards of the three CSDs have agreed for each CSD to sign the agreement. As a result, Euroclear Belgium, Euroclear France and Euroclear Nederland will outsource settlement transaction processing to T2S.
Clients of the three CSDs will continue to have accounts directly with the respective CSD and receive the full range of post-trade services from that CSD. The migration date and fees for connecting to and using T2S will be determined after completion of market consultation.
Valérie Urbain, chief executive officer (CEO) of Euroclear Belgium, Euroclear France and Euroclear Nederland, said: “Euroclear has been preparing to operate within a T2S environment for some time. Our asset servicing capabilities are expanding, and we are introducing collateral management services for clients in the Belgian, French and Dutch markets, as well as with some local central banks. The depth and breadth of the domestic and cross-border post-trade services we offer will clearly help clients get the most out of the new operating environment in the easiest way possible.”
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