London book-entry depository Crest has introduced full cross-border delivery-versus-payment (DVP) for securities and cash transactions with SegaIntersettle in Switzerland.
The enhancements to the existing link means that mutual member firms will be able to move UK, Irish or Swiss securities against payment between SIS and Crest with full finality of stock and cash in real-time throughout the day.
Dick Newman, head of settlement services at CrestCo, says: The introduction of full cross-border DVP between Crest and SIS is a major step to making cross-border transactions as efficient and risk-free as domestic transfers."
Crest and SIS inaugurated a real-time link between their two systems on a free of payment basis in August 1999.