Key milestone achieved for Euroclear
20 October 2010 Brussels
Image: Shutterstock
Euroclear has just launched a key element of
its communications infrastructure consolidation programme - the Common
Communications Interface (CCI) - in Euroclear Bank, the international
central securities depository (CSD). The CCI will serve as the single
access point for clients of all Euroclear international and national CSDs
to transmit and receive transaction settlement, safekeeping, collateral
management and related information.
The CCI is a fully secure communications channel supporting ISO-compliant
messaging for transaction instructions and reporting, involving more than
300,000 different securities from over 40 markets. It can be accessed via
two established network providers, BT and SWIFT, ensuring the security and
integrity of all client data at all times.
Tim Howell, Chief Executive Officer of Euroclear, stated: "The Common
Communications Interface is an important part of our strategy to reduce
infrastructure fragmentation and complexities in post-trade transaction
processing. Clients can expect to make sizeable savings in communications
costs, and achieve greater processing efficiencies, as a result of using
one communications interface to reach multiple Euroclear entities and an
unrivalled number of counterparties. As Euroclear delivers more elements of
its strategic programmes, adapted to provide short-term benefits that are
of greatest importance to clients when they need them, the CCI will become
the single entry point to all Euroclear group products and services."
Paul Bodart, Executive Vice President and head of EMEA Operations for The
Bank of New York Mellon, said: "We are testing Euroclear's CCI now and plan
to make the switch. In addition to accessing vital information, the CCI
will allow The Bank of New York Mellon to transmit and receive more
messages than what we currently do through EUCLID, Euroclear Bank's
existing communications channel. We look forward to leveraging the benefits
of CCI as Euroclear rolls out new initiatives, such as TaxGenix, via the
CCI."
"SWIFT welcomes the launch of Euroclear's Common Communications Interface.
By offering all Euroclear group customers a single, standardised interface,
the CCI will make a significant contribution to increasing processing
efficiency and reducing fragmentation and cost in the European post-trade
landscape," said Alain Raes, SWIFT CEO for Europe, Middle East and Africa.
"This major milestone complements several of SWIFT's strategic goals,
providing customers with harmonised market access using ISO standards,
minimising the cost of their communication channels and
easing integration with back-office systems. We will continue to work
closely with Euroclear to ensure that customers can fully benefit from the
consolidation of its infrastructure."
Stephen Lomas, Global Head Custody & Clearing, Direct Securities Services
at Deutsche Bank, said: "Deutsche Bank is the first Euroclear client to use
the CCI to connect to Euroclear's ESES platform for the Belgian, Dutch and
French markets in secure messaging services mode. We are committed to
providing a first-rate service to our clients by closely working together
with central securities depositories like Euroclear in order to leverage,
for example, more efficient connectivity developments. Our experience with
the CCI is beneficial in that regard."
Andy Nicholson, President of Global Banking & Financial Markets, BT, said:
"We are delighted to see Euroclear's CCI initiative moving forward. BT
continues to work closely with Euroclear to make more services and products
available to clients over the CCI. By using BT's global managed
infrastructure for the financial community to access all Euroclear
services, clients can expect a first-rate, secure communications solution
at competitive prices."
Over time, the CCI will consolidate and standardise all proprietary formats
and more than 15 communications networks currently used by Euroclear group
clients. By using just one communications interface, clients will be able
to simplify their network, communications and maintenance set-ups. The CCI
already provides access to the consolidated transaction-processing platform
for the Belgian, Dutch and French markets called ESES (Euroclear Settlement
of Euronext-zone Securities). Access to Euroclear UK & Ireland via the CCI
will commence in 2011.
its communications infrastructure consolidation programme - the Common
Communications Interface (CCI) - in Euroclear Bank, the international
central securities depository (CSD). The CCI will serve as the single
access point for clients of all Euroclear international and national CSDs
to transmit and receive transaction settlement, safekeeping, collateral
management and related information.
The CCI is a fully secure communications channel supporting ISO-compliant
messaging for transaction instructions and reporting, involving more than
300,000 different securities from over 40 markets. It can be accessed via
two established network providers, BT and SWIFT, ensuring the security and
integrity of all client data at all times.
Tim Howell, Chief Executive Officer of Euroclear, stated: "The Common
Communications Interface is an important part of our strategy to reduce
infrastructure fragmentation and complexities in post-trade transaction
processing. Clients can expect to make sizeable savings in communications
costs, and achieve greater processing efficiencies, as a result of using
one communications interface to reach multiple Euroclear entities and an
unrivalled number of counterparties. As Euroclear delivers more elements of
its strategic programmes, adapted to provide short-term benefits that are
of greatest importance to clients when they need them, the CCI will become
the single entry point to all Euroclear group products and services."
Paul Bodart, Executive Vice President and head of EMEA Operations for The
Bank of New York Mellon, said: "We are testing Euroclear's CCI now and plan
to make the switch. In addition to accessing vital information, the CCI
will allow The Bank of New York Mellon to transmit and receive more
messages than what we currently do through EUCLID, Euroclear Bank's
existing communications channel. We look forward to leveraging the benefits
of CCI as Euroclear rolls out new initiatives, such as TaxGenix, via the
CCI."
"SWIFT welcomes the launch of Euroclear's Common Communications Interface.
By offering all Euroclear group customers a single, standardised interface,
the CCI will make a significant contribution to increasing processing
efficiency and reducing fragmentation and cost in the European post-trade
landscape," said Alain Raes, SWIFT CEO for Europe, Middle East and Africa.
"This major milestone complements several of SWIFT's strategic goals,
providing customers with harmonised market access using ISO standards,
minimising the cost of their communication channels and
easing integration with back-office systems. We will continue to work
closely with Euroclear to ensure that customers can fully benefit from the
consolidation of its infrastructure."
Stephen Lomas, Global Head Custody & Clearing, Direct Securities Services
at Deutsche Bank, said: "Deutsche Bank is the first Euroclear client to use
the CCI to connect to Euroclear's ESES platform for the Belgian, Dutch and
French markets in secure messaging services mode. We are committed to
providing a first-rate service to our clients by closely working together
with central securities depositories like Euroclear in order to leverage,
for example, more efficient connectivity developments. Our experience with
the CCI is beneficial in that regard."
Andy Nicholson, President of Global Banking & Financial Markets, BT, said:
"We are delighted to see Euroclear's CCI initiative moving forward. BT
continues to work closely with Euroclear to make more services and products
available to clients over the CCI. By using BT's global managed
infrastructure for the financial community to access all Euroclear
services, clients can expect a first-rate, secure communications solution
at competitive prices."
Over time, the CCI will consolidate and standardise all proprietary formats
and more than 15 communications networks currently used by Euroclear group
clients. By using just one communications interface, clients will be able
to simplify their network, communications and maintenance set-ups. The CCI
already provides access to the consolidated transaction-processing platform
for the Belgian, Dutch and French markets called ESES (Euroclear Settlement
of Euronext-zone Securities). Access to Euroclear UK & Ireland via the CCI
will commence in 2011.
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