Clearstream and Deutsche WertpapierService Bank (dwpbank) have teamed up for the settlement of securities following the implementation of T2S.
The agreement will see dwpbank utilise Clearstream’s T2S service once it is rolled out on market-by-market basis as of March next year.
Clearstream’s T2S service aims to help market participants reduce the complexity and costs of their market connections through centralised access to the T2S market, international markets and global markets.
Philip Brown, co-CEO at Clearstream Banking, explained the firm has been developing innovative services for T2S in close cooperation with its clients.
“Our partnership with dwpbank shows that this strategy is paying off. Our post-T2S model allows dwpbank to fully profit from the advantages that T2S offers – from settlement and asset servicing to improved liquidity and collateral management,” he said.
Markus Neukirch, COO of dwpbank, added: “It is of great importance to strengthen dwpbank’s network in order to further improve our service range to our customers.”
Clearstream said dwpbank will also benefit from the firm’s local market partner model, which combines its settlement expertise with market knowledge from local agents.