Clearstream Banking Frankfurt (CBF) completes the migration to TARGET2 allowing clients increased cash management efficiency and day-time cash clearing processes.
TARGET2 is a uniform platform, which enables efficient Europe-wide payment transactions in Euros and interlinking participating national central banks as well as the European Central Bank.
In addition Deutsche Bundesbank and CBF extended their Self Collateralisation service from night time until 10:00 a.m. on 17 November thus providing an additional time frame for funding CBF’s daytime settlement with central bank liquidity.
Also Clearstream will help customers to improve efficiency and reduce costs of post-trade processing of cross-border securities transactions in Europe within Link Up Markets, a joint venture by eight leading Central Securities Depositories.
The successful migration to TARGET2 demonstrates Clearstream’s commitment to raising the level of market efficiency and to addressing the needs of our national and international customer base, says Andreas Wolf, CEO, CBF Executive Board. Additionally market participants will benefit from this implementation when they use CBF for the access to Link Up Markets (1) in 2009.
L.D.