Clearstream, BNP Paribas Sign T2S Agreement
Firms cooperating on asset-servicing model for European settlement platform.
T2S is a pan-European project that will handle the settlement of substantially all European securities denominated in participating central bank currencies.
Under the model, Clearstream, an international central securities depository (ICSD), will connect to T2S through its German CSD, while BNP Paribas will handle asset servicing on a local level for Belgian, Dutch and French markets.
"We are delighted to confirm our partnership with BNP Paribas Securities Services for an asset servicing model that will combine Clearstream's global settlement expertise with local market know-how," says Berthold Kracke, head of business management at Clearstream. "Once T2S has gone live, our customers will benefit from a one-stop shop solution that goes beyond settlement services. Banks decide on their T2S partners now - our proposal is on the table."
Clearstream will further develop this model with other custodian banks to expant its market coverage.
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