Link Up Markets, the joint venture between eight European Central Securities Depositories (CSDs) representing 50% of European securities transactions, successfully launched on March 30.
The hope is that market participants will receive consistent best-in-class core settlement and custody services by directly accessing markets via a single CSD gateway. The solution should allow CSD customers to significantly reduce the gap between domestic and cross-border costs for transactions.
Clearstream Banking Frankfurt (Germany), OeKB (Austria), SIX SIS (Switzerland) and VP (Denmark) have already started connectivity. Cyprus (Cyprus Stock Exchange), Greece (Hellenic Exchanges), Spain (Iberclear) and Norway (VPS) are also part of the venture.
The Link Up Markets infrastructure delivered by Clearstream Services and based on two existing standard products of Tata Consultancy Services – was implemented within eight months and cost just under EUR10 million.
Tomas Kindler, Managing Director of Link Up Markets, said As promised Link Up Markets has successfully launched on time, only 12 months after the announcement of the joint venture. This achievement underpins our key principle that leveraging existing solutions whenever possible will deliver efficiencies and cost-benefits for the European securities market within the shortest timeframe.