Intesa Sanpaolo Goes Live With Euroclear Single CSD
Euroclear today announced that Intesa Sanpaolo has joined its Single CSD platform which provides access to the ECB’s Target2Securities (T2S) ecosystem.
T2S is the European securities settlement platform which offers centralised settlement in central bank money across all European securities markets. The intention of T2S is to reduce European fragmentation, creating a single integrated settlement model, making securities settlement more efficient, while delivering cost reductions through scale savings.
The Euroclear Single CSD model provides access to T2S settlement allowing clients to operate their account with or without a third party asset servicing agent. The Single CSD model currently covers the Euroclear Settlement of Euronext-zone securities (ESES) markets, Belgium (including government debt), the Netherlands, France, Germany, Spain, Italy with other T2S markets to be gradually rolled out.
Stefano Favale, Head of Global Transaction Banking, Corporate and Investment Banking, Intesa Sanpaolo Group said: “We are delighted to have reached, in close partnership with Euroclear, this important milestone as a result of our successful collaboration aimed at evolving and extending the services for our clients. At Intesa Sanpaolo, this is our constant focus.”
Brigitte Daurelle, CEO of ESES added: “We are extremely pleased to welcome Intesa Sanpaolo onto our Single CSD platform which will provide an efficient gateway to Eurozone liquidity for international investors.”
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