Depositories

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Markit acquires DTCC corporate actions validation service

/Depositories

Markit acquires DTCC corporate actions validation service

Financial data outfit Markit has acquired the assets of Global Corporate Actions Validation Service from the Depository Trust & Clearing Corporation (DTCC). Financial terms of the deal were not disclosed.

LCH.Clearnet hit by major New Year's Eve IT failure

/Depositories

LCH.Clearnet hit by major New Year's Eve IT failure

LCH.Clearnet suffered a serious IT failure on 31 December, affecting payment processing and hindering the clearing house's contingency plans, according to the Bank of England.

EMCF and EuroCCP agree merger

/Depositories

EMCF and EuroCCP agree merger

Pan-European cash equities clearing houses EuroCCP and the European Mulitlateral Clearing Facility (EMCF) have agreed to merge their operations.

Back office costs for T2S to run as high as EUR27 million

/Depositories

Back office costs for T2S to run as high as EUR27 million

European banks and broker-dealers are lagging in their understanding of the impact of the European Central Bank's plans for harmonising settlement under the Target2Securities platform, with migration costs for back offices estimated at anywhere between seven million euros and EUR27 million.

ASX to retain clearing monopoly

/Depositories

ASX to retain clearing monopoly

The Australian Securities Exchange has won government approval to maintain its monopoly on the clearing and settlement of cash equity trades, dashing the ambitions of LCH.Clearnet to invade the territory.

Euroclear Nederland consigns paper certificates to history

/Depositories

Euroclear Nederland consigns paper certificates to history

Euroclear Nederland has called time on a 400-year tradition of paper securities certificates as it closes its vaults in Amsterdam and moves all share ownership documentation to an electronic register.

Liquidity Alliance formed to tackle global collateral crunch

/Depositories

Liquidity Alliance formed to tackle global collateral crunch

A group of five central securities depositories (CSDs) from around the world have formed a liquidity alliance designed to help solve the global collateral shortage prompted by the 2007 financial crisis and subsequent regulatory changes.

Clearstream to pass on EUR30 million T2S development costs to customers

/Depositories

Clearstream to pass on EUR30 million T2S development costs to customers

European depository Clearstream plans to pass on to its customers an estimated EUR30 million in development costs for migrating to the European Central bank's Target2-Securities (T2S) system.

ECB extends T2S deadline; weak trading hits volume and pricing assumptions

/Depositories

ECB extends T2S deadline; weak trading hits volume and pricing assumptions

The European Central Bank may be forced into a rethink of the charging structure for the Target2Securities settlement platform as weak trading in Eurozone markets hits previously optimistic volume assumptions.

DTCC starts sorting though Sandy-flooded securities vault

/Depositories

DTCC starts sorting though Sandy-flooded securities vault

The Depository Trust and Clearing Corporation has begun sifting through the soggy remains of approximately 1.3 million physical securities certificates stored in an underground vault in lower Manhattan which was overwhelmed by a tidal surge during superstorm Sandy.

Half of market participants not preparing for T+2 - Omgeo

/Depositories

Half of market participants not preparing for T+2 - Omgeo

Market participants are not prepared for shorter settlement cycles, despite being strongly in favour of a move to T+2, according to a study from Omgeo.

Swift wins T2S connectivity deal with CSD consortium

/Depositories

Swift wins T2S connectivity deal with CSD consortium

Link Up Markets, a consortium of 11 European central securities depositories (CSDs), has selected financial messaging network Swift to provide connectivity to Target2-Securities, the new pan-European settlement infrastucture under construction by the European Central Bank.

Finance firms exiting businesses over capital requirements - survey

/Depositories

Finance firms exiting businesses over capital requirements - survey

A quarter of financial institutions around the world are exiting businesses because of the impact of increased capital requirements, according to a survey by the Professional Risk Managers' International Association (Prmia).

Shortening US trade settlement cycle a big money saver - BCG

/Depositories

Shortening US trade settlement cycle a big money saver - BCG

Shortening the time period between trade execution and settling payment for US cash securities transactions could reduce the industry's costs and risk exposure by several hundred million dollars a year, according to a report from the Boston Consulting Group (BCG).

LCH.Clearnet acquires sole ownership of International Derivatives Clearing Group

/Depositories

LCH.Clearnet acquires sole ownership of International Derivatives Clearing Group

LCH.Clearnet has reinforced its commitment to the US marketplace by acquiring sole ownership of International Derivatives Clearing Group (IDCG) from Nasdaq OMX and other minority investors.

Cinnober wins LME clearing contract

/Depositories

Cinnober wins LME clearing contract

The London Metal Exchange (LME) has selected Cinnober, the Swedish software house, as the core technology provider for its new clearing house, LME Clear.

DTCC outlines plan to eliminate paper stocks

/Depositories

DTCC outlines plan to eliminate paper stocks

The Depository Trust and Clearing Corporation (DTCC) has outlined a multi-year programme for the complete elimination of paper securities certificates from US financial markets.

Euroclear to join T2S project

/Depositories

Euroclear to join T2S project

The European Central Bank's plans to develop a common framework for securities settlement across Europe have been boosted by the agreement of three Euroclear central depositories in Belgium, France and The Netherlands to participate in the scheme.

Clearstream and Iberclear team on Spanish collateral management service

/Depositories

Clearstream and Iberclear team on Spanish collateral management service

Clearstream has inked a deal with BME-owned central securities depository Iberclear, that will see the pair develop a tri-party collateral management service for Spain by 2013.

Calypso and Cinnober shortlisted for LME Clear

/Depositories

Calypso and Cinnober shortlisted for LME Clear

Calypso and Cinnober will go head-to-head in a battle to win the contract to build a new clearing house for the London Metal Exchange.

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