Deutsche Bank has been appointed the U.K. settlement agent for BGC Brokers, one of the world’s largest interdealer brokers, for transactions carried out through CREST, the Euroclear operated U.K. settlement platform.
The appointment comes after BGC migrated its sterling Certificates of Deposit money market instruments, government bonds and U.K. equities to Deutsche Bank in the first quarter of this year.
For BGC, the appointment of Deutsche Bank as its settlement agent means it has consolidated all of its U.K activities, whereas previously it was spread across multiple custodians.
“This is a very significant transaction for our franchise as it underlines the growing momentum we have with U.K. broker-dealer clients,” says Rafael Moral, head of Deutsche Bank’s Investor Services.
“Furthermore our successful partnership approach positions us well to attract similar OTC securities settlement mandates going forward.”
BGC Appoints Deutsche Bank as UK Settlement Agent
Deutsche Bank has been appointed the U.K. settlement agent for BGC Brokers, one of the world’s largest interdealer brokers, for transactions carried out through CREST, the Euroclear operated U.K. settlement platform.