Clearstream says it has implemented on schedule the second phase of the new Automated Daytime Bridge service with Euroclear. The implementation took place over last weekend: 13/14 November 2004.
The Bridge is an electronic communications link to enable securities transactions between counterparties with accounts at Clearstream Banking Luxembourg and Euroclear Bank to settle.
This second phase aims to provide additional improvements in interoperability between the two ICSDs by extending instruction deadlines and allowing same-day Bridge transactions. An additional optional settlement period for Bridge instructions has also been introduced.
The first phase, completed in June 2004, delivered improved settlement efficiency and enabled customers to reduce their costs by having more opportunities to settle Bridge transactions that failed during the overnight process. Phase I also enabled better interaction with domestic markets across different time zones.
“Similar to the first phase, this second phase of implementation of the Automated Daytime Bridge has been completed exactly on schedule and delivers a greater level of interoperability to the marketplace,” says Jeffrey Tessler, the new Clearstream CEO and a Member of the Executive Board of Deutsche Brse Group. “However, our customers still seek further improvements in interoperability between the ICSDs and therefore Clearstream now looks forward to continuing the cooperation with Euroclear to enable this for the good of the market.”