Euroclear initiated the first phase of its effort to consolidate five European group settlement platforms into one with the launch of its Single Settlement Engine.
The platform consolidation, Euronext says, will being in more than EUR 300 million in market savings. Euronext went live with SSE Monday and will continue being launched in phases throughout 2006.
“We are delivering on our promise to create a ‘domestic market for Europe’ where cross-border settlement and custody will be as low in cost and ink as in domestic markets,” says Pierre Francotte, Euronext chief executive officer.
Euronext also says the launch of SSE will be “largely invisible” to clients and will not affect client use of existing services.