Clearstream promises post-Brexit services continuity
19 October 2017 London
Image: Shutterstock
Clearstream confirmed it will continue to offer stable custody services to its UK-based clients no matter how the Brexit negotiations evolve.
The Deutsche Boerse subsidiary outlined its existential incentive in maintaining and nurturing its existing strong and proven relationships with London-based firms in its monthly transaction data report for September.
Clearstream said it is preparing for Brexit by joining forces with all other entities of Deutsche Börse Group.
Despite the uncertainty that came after the referendum results last year, Clearstream said its main objective through Brexit was to minimise risk of cross-border settlement.
It is unclear how Clearstream and other financial services providers will be able to provide for their UK clients if the current Brexit negotiations fail to yield a viable deal for financial services to operate across the channel after the March 2019 deadline.
Philip Brown, co-CEO of Clearstream Banking, said: "We standardise what is fragmented. Clearstream has supported its clients in tough transitions before, among them the Argentina default and the beginning of the sovereign debt crisis with the restructuring of Greek bonds."
In its data report, Clearstream revealed that its global securities financing outstanding volume drop by 11 percent in September, compared to the same time in 2016.
Volume outstanding fell to €446.8 billion last month from €501.6 billion in 2016.
Year to date volume outstanding was also down 12 percent from €524.4 billion in 2016 to €463.7 billion as of last month.
The Deutsche Boerse subsidiary outlined its existential incentive in maintaining and nurturing its existing strong and proven relationships with London-based firms in its monthly transaction data report for September.
Clearstream said it is preparing for Brexit by joining forces with all other entities of Deutsche Börse Group.
Despite the uncertainty that came after the referendum results last year, Clearstream said its main objective through Brexit was to minimise risk of cross-border settlement.
It is unclear how Clearstream and other financial services providers will be able to provide for their UK clients if the current Brexit negotiations fail to yield a viable deal for financial services to operate across the channel after the March 2019 deadline.
Philip Brown, co-CEO of Clearstream Banking, said: "We standardise what is fragmented. Clearstream has supported its clients in tough transitions before, among them the Argentina default and the beginning of the sovereign debt crisis with the restructuring of Greek bonds."
In its data report, Clearstream revealed that its global securities financing outstanding volume drop by 11 percent in September, compared to the same time in 2016.
Volume outstanding fell to €446.8 billion last month from €501.6 billion in 2016.
Year to date volume outstanding was also down 12 percent from €524.4 billion in 2016 to €463.7 billion as of last month.
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