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Clearstream signs with Swift for T2S
17 September 2013
Transition to be completed in 2016
Clearstream has announced has signed up to use Swift’s Value Added Network (VAN) to connect to Target2-Securities (T2S).
The firm, which plans to be fully migrated to T2S in September 2016, said it chose Swift for the resilience of its systems and the existing relationship between the two firms.
Mark Gem, member of the Clearstream international executive board, said: “Clearstream selected Swift to connect to T2S because, having utilised Swift network services for years already, we knew this would offer us - and in turn our customers - the right level of resilience and reliability for connectivity in the future T2S world.
“We trust Swift as the proven connectivity specialist to do the part of the T2S work it is best at, namely messaging and financial telecommunication, so that we can focus on our core business engineering. Swift also offers us the potential to provide additional value-added services such as standards management and testing to further enhance our T2S offering.”
T2S, which is being rolled out in phases over the next few years, is intended to facilitate post-trading integration by offering core, neutral, harmonised and commoditised delivery-versus-payment settlement in central bank money in substantially all securities in Europe.
Alain Raes, chief executive, Emea and Asia Pacific, Swift, added: “We are delighted that Clearstream has chosen Swift to connect to T2S. The confidence of such a major player in our T2S connectivity solution is a significant endorsement, and we thank Clearstream for its confidence that Swift’s is the most reliable, cost effective and strategic solution.”