Euroclear Bank says it will reduce its safekeeping and transaction-settlement fees by Euros 9 million, or an average of 17%, for debt securities from six European markets.
Effective 1 October 2006, the latest round of fee reductions will apply to safekeeping fees for domestic debt securities from Austria, Italy, the Netherlands and Spain, and cross-border settlement fees for Belgian and French securities transactions. Euroclear Bank says clients active in these markets can expect to save as much as 25% due to the new tariff and restructured volume-discount thresholds.
“Frequent tariff reductions have become a Euroclear hallmark,” says Martine Dinne, Chief Executive Officer of Euroclear Bank. “Approximately Euros 30 million in tariff reductions have already been passed on to clients in 2006, in addition to the Euros 45 million rebated in January for business activity in 2005. We remain as committed to providing competitive day-today services and prices as in delivering longer-term client benefits through our platform consolidation and market-practice harmonisation initiatives.”