Societe Generale Securities Services (SGSS) broker-dealer clearing and settlement subsidiary, Parel, has extended its relationship with LCH EquityClear service for another two years.
With the renewal, Parel will continue to provide straight-through delivery versus payment (DvP) settlement services to LCH, as well direct access to the pan European settlement platform TARGET2 Securities (T2S).
Parel provides clearing and settlement services to markets in Belgium, France and the Netherlands (ESES markets), and provides direct access to the UK’s CREST settlement platform operated by Euroclear.
“We are very pleased to be extending our relationship with LCH for the provision of settlement services for the ESES markets. LCH is a key client for our business and we are delighted that they have placed their trust in us for an additional two years”, said Thibaud de Luze, CEO, Parel.
LCH EquityClear, the mainland European equities clearing house, has been a client of SGSS’s Parel since 2015. According to a statement, Parel was selected by LCH for its tailored settlement offering adapted for the clearing house’s technical requirements.
“Our work with Parel will enable us to continue to offer a streamlined settlement process for market participants clearing equities in Belgium, France and the Netherlands,” added Bruce Kellaway, global head of RepoClear, EquityClear and collateral, LCH.