SIX will consolidate fund processing with Clearstream’s Vestima platform.
The agreement will enable greater opportunities for real-time collateral mobilisation, as well as straight-through processing across asset classes.
Jeffery Tessler, the former Clearstream CEO who has been a part of the executive board since 2004, will step down in July.
The deal allows Clearstream to expand its funds services to include management of distribution contracts and data processing.
The new account will bring around 80% of the custody and settlement volume of T2S markets onto Clearstream’s Investor CSD services.
The move comes over three years after Clearstream opened its Cork business following the acquisition of Citco Global Securities Services.
Clearstream will work with the University of Luxembourg to research how AI and natural learning processing (NLP) can enhance automation.
The OneClearstream collateral management service allows assets to be moved across its domestic and international CSD.
Partnership will expand access to the China Interbank Bond Market through the Bond Connect scheme.
Deutsche WertpapierService Bank will implement Clearstream’s T2S services as it is rolled out on a market-by-market basis.