Clearstream will expand the number of markets and products on offer within its TARGET2 Securities (T2S) Investor CSD, with the aim to provide a full European custody service under the model.
The Investor CSD service, which provides a single access point for banks to access the pan-European settlement platform, will expand in early 2019 to include the Greek market, and will also broaden its offering in France to include French Registered Shares from February, as well as covering the Eurobond market in the second half of the year.
The markets currently included under Clearstream’s Investor CSD model are Austria, Belgium, France, Italy, Luxembourg and the Netherlands.
The expansion follows the recent organisational restructure after Clearstream combined its sales, relationship management and client services activities into one joint division.
It also promoted Thilo Derenbach, its former general manager of the Clearstream Banking London office, to become head of Investor CSD and European custody product.
“By growing the number of markets and trade flows connected to our solution and enhancing our product offering around market specifics, we want to ensure further efficiency gains, liquidity and funding benefits for our customers and further increase the cross-border settlement activity in T2S,” said Derenbach.
Clearstream has been on a path of significantly expanding its custody coverage around the world through a number of local custody deals.
In October, it signed two sub-custody mandates, one in Romania with Societe Generale Securities Services and one in Colombia with BNP Paribas Securities Services.