Société Générale Securities Services (SGSS) has launched a new service, exclusively designed to respond to the specific clearing needs of the foreign remote members of the Athens Stock Exchange (ASE).
SGSS Athens is the first custodian to have successfully carried out the clearance of a foreign remote member's transactions in the Greek market.
This initiative by SGSS follows the changes in the ASE regulatory framework which now allows direct membership by foreign brokerage houses. This new opening on the market will lead to significant cost reductions and foreign remote members could represent up to 30-45% of the transactions carried out on ASE values.
A new division of seven people within SGSS has been specifically established to handle the daily operations of this new market service and support client needs.
The main components of this service cover:
• Post trading tasks
- Splitting and allocating the trades per client's instructions
- Counterparty matching
- Clearing and settlement of on and off exchange transactions
• Funding and cash management
- Daily calculation and funding of obligatory contributions to the supplementary fund
- Calculation and funding of market expenses and taxes
- Funding of settlement obligations
• Value-added services
- Buy-in alerts
- Corporate actions
- Threshold reporting
- Legal representation of client with local market authorities