Six Securities Services and Clearstream will use Swift's value-added network (VAN), in order to connect to the Target2-Securities (T2S) platform, the communications provider has announced.
Six will go live with the connection to T2S in the first wave of migration in 2015, while Clearstream is scheduled for the third wave in 2016.
"Clearstream selected Swift to connect to T2S because, having utilized 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," says Mark Gem, member of the Clearstream executive board.
The platform is a pan-European service, operated by the European Central Bank, that aims to harmonize settlement in central bank money across most securities in Europe. Two providers of VAN services have been approved by the T2S project, one being Swift, with the other being SIA-Colt.
"As the only current provider of international central securities depository services joining in wave one, we are demonstrating our commitment to offering our community the highest levels of service in the T2S environment," says Thomas Zeeb, CEO at Six Securities Services. "Swift's connectivity solution for T2S is the right foundation for our offering, bringing the resilience, reliability and competitive pricing we need."
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