忍者ブログ

ニュースリリースのリリースコンテナ第一倉庫

ニュースサイトなど宛てに広く配信された、ニュースリリース(プレスリリース)、 開示情報、IPO企業情報の備忘録。 大手サイトが順次削除するリリースバックナンバーも、蓄積・無料公開していきます。 ※リリース文中の固有名詞は、発表社等の商標、登録商標です。 ※リリース文はニュースサイト等マスコミ向けに広く公開されたものですが、著作権は発表社に帰属しています。

2024'11.28.Thu
×

[PR]上記の広告は3ヶ月以上新規記事投稿のないブログに表示されています。新しい記事を書く事で広告が消えます。

2007'04.18.Wed
DTCC's European Subsidiary Chosen as Clearance and Settlement Provider for Project Turquoise
April 18, 2007



Citi's Global Transaction Services to Serve as EuroCCP's
Settlement Agent


    LONDON, April 18 /Xinhua-PRNewswire/ -- The Depository
Trust & Clearing 
Corporation, a leading provider of clearance, settlement
and information 
services, announced today that its EuroCCP subsidiary has
been selected to 
provide a clearance and settlement solution for Turquoise.
Turquoise is a 
consortium of seven major financial institutions that are
working to develop 
a new pan-European trading platform.     

    EuroCCP will provide all clearing, settlement and risk
management
services to Turquoise. Citi's global transaction services
business will serve
as EuroCCP settlement agent. This partnership recognizes
Citi's extensive
pan-European securities network and its strong links with
the European
central securities depositories.

    This decision follows a request for proposal (RFP)
process that has been
under way for a number of months and involved a rigorous
review of proposed
alternative post-trade solutions.

    DTCC has a well-earned reputation for certainty and
reliability, and more
than 30 years experience in clearing and settling virtually
all equity and
fixed income trading in the U.S. Last year, DTCC cleared
and settled more
than US$1.5 quadrillion in securities transactions. In
addition, they provide
post-trade services to the OTC derivatives market on a
global basis. EuroCCP
will build upon DTCC's extensive experience and technology
know-how as a
central counterparty (CCP).

    "We are delighted that EuroCCP has been selected
to support Turquoise,"
said Donald F. Donahue, DTCC president and CEO. "We
have a long history of
providing clearing and settlement solutions across the
industry and a strong
track record of helping customers lower transaction costs,
reduce risk and
improve efficiency. Over the coming months, we will be
working very closely
with Turquoise and we're confident that we can deliver this
highly scalable,
central counterparty platform within the timeframes
required."

    "DTCC is well-known in the global financial
services market, and they
presented a well-thought out proposal to the
consortium," said a Turquoise
spokesperson. "The face of financial services is
becoming much more global in
nature, and as old barriers break down in Europe under
MiFID and other
directives, the landscape is becoming much more
competitive. We believe
EuroCCP and Citi's global transaction services business
will help Turquoise
to succeed as a new, low-cost, pan-European platform that
can build the
necessary liquidity to make it a major contender against
existing trading
venues."

    "We are very pleased to partner with EuroCCP as
settlement agent for
Turquoise," said Clive Triance, Chief Operating
Officer for Securities and
Fund Services, Europe, Middle East, and Africa at Citi.
"Citi has settlement
capabilities in over 80 markets globally, including all the
European markets
covered by Turquoise. Our established relationships with
the European central
securities depositories will ensure local settlement
efficiency. We look
forward to working with EuroCCP in supporting this exciting
new trading
venue."

    How the new platform will work

    EuroCCP will accept trades from the Turquoise trading
platform and these
trades will then be netted on trade date. EuroCCP will
guarantee trades upon
receipt and validation. For all trading members of
Turquoise that are not
clearing members of EuroCCP, these trades will be handled
through general
clearing member relationships.

    EuroCCP will apply risk-based margining, with
appropriate levels of
margin collected on a daily basis. Any unsettled
obligations will be
marked-to-market each day.

    Citi's global transaction services business will
process EuroCCP's
settlement instructions for delivering and receiving
securities and related
payments in various currencies through its local securities
network.

    EuroCCP will be a UK Recognised Clearing House (RCH),
headquartered in
London. DTCC is in the process of filing an application
with the Financial
Services Authority (FSA) to receive such recognition in
time for the
Turquoise launch date. EuroCCP will be operated on an
"at-cost" basis, and
any excess revenues collected beyond the cost to support
the operation will
be refunded to participant members.

    The seven investment banks behind Turquoise are Credit
Suisse, Deutsche
Bank, Goldman Sachs, Morgan Stanley, Merrill Lynch, Citi
and UBS, who
together generate around half of Europe's equity order
traffic.

    About DTCC

    The Depository Trust & Clearing Corporation (DTCC),
through its
subsidiaries, provides clearance, settlement and
information services for
equities, corporate and municipal bonds, government and
mortgage-backed
securities and over-the-counter derivatives. In addition,
DTCC is a leading
processor of mutual funds and insurance transactions,
linking funds and
carriers with their distribution networks. DTCC's
depository provides custody
and asset servicing for 2.8 million securities issues from
the United States
and 100 other countries and territories, valued at $36
trillion. Last year,
DTCC settled more than US$1.5 quadrillion in securities
transactions. DTCC 
Has operating facilities in multiple locations in the
United States and 
overseas. For more information on DTCC, visit
http://www.dtcc.com .

    About Citi

    Citi, the leading global financial services company,
has some 200 million
customer accounts and does business in more than 100
countries, providing
consumers, corporations, governments and institutions with
a broad range of
financial products and services, including consumer banking
and credit,
corporate and investment banking, securities brokerage and
wealth management.
Citi's major brand names include: Citibank, CitiFinancial,
Primerica, Citi
Smith Barney and Banamex. Additional information may be
found at
http://www.citigroup.com or http://www.citi.com .







    For more information, please contact:

     Stuart Z. Goldstein of DTCC
     Tel:   +1-212-855-5470 or +1-609-203-5220
     Email: sgoldstein@dtcc.com

     Patrick Donovan of Citigate Dewe Rogerson 
     Tel:   +44-20-7282-2915
     Email: patrick.donovan@citigatedr.co.uk

     Jeanette Volpi of Citi
     Tel:   +44-20-7986-2809
     Email: jeanette.volpi@citigroup.com

PR
Post your Comment
Name:
Title:
Mail:
URL:
Color:
Comment:
pass: emoji:Vodafone絵文字 i-mode絵文字 Ezweb絵文字
trackback
この記事のトラックバックURL:
[19503] [19502] [19501] [19500] [19499] [19498] [19497] [19496] [19495] [19494] [19493
«  BackHOME : Next »
広告
ブログ内検索
カウンター

忍者ブログ[PR]