Euroclear is pleased to announce that it will launch a new service for Singapore Government Securities (SGS) early in 2004. The move completes Euroclear’s coverage of Singaporean securities, which already encompasses corporate debt, equities, warrants and investment funds. Euroclear Bank has serviced Singaporean securities since 1991, when it created a link for equities – operated by DBS Bank – to the Central Depository Private Ltd. (CDP).
Launch of the new service will involve the creation of a link to the Monetary Authority of Singapore’s Electronic Payment System (MEPS), which will be operated by Euroclear’s local agent in Singapore, DBS Bank Ltd. The expectation is that the link – the first for SGS between MAS and any national or international central securities depository – will further boost the liquidity of these instruments by making them accessible to a wide range of international trading counterparties.
“Singapore has one of the world’s fastest-growing economies and we are very pleased that our clients will soon be able to settle all of their Singaporean securities transactions with us,” said Wim Claeys, Managing Director, Operations and Network Management, Euroclear Bank. “As Asian debt markets continue to expand, Euroclear intends to work closely with local providers to offer a complementary, low-cost service.”