Clearstream provides triparty service
24 September 2014 Luxembourg
Image: Shutterstock
Triparty agent Clearstream is to provide Eurosystem triparty collateral pledge services to participants, following the European Central Bank (ECB) creating cross-party triparty services on 29 September.
The changes will improve access to Eurosystem liquidity by enabling the allocation of ECB-eligible collateral held in third countries to national banks of a cross-border basis.
The cross-border triparty collateral management services will be introduced under the Correspondent Central Banking Model (CCBM) and will be provided by both Clearstream鈥檚 international central securities depository (ICSD) and its central securities depository (CSD) in Germany.
Stefan Lepp, Clearstream executive board member in charge of global securities financing, said: 鈥淭hanks to these changes of the ECB, customers can benefit from automated triparty allocation by Clearstream to their home central banks.鈥�
The changes will improve access to Eurosystem liquidity by enabling the allocation of ECB-eligible collateral held in third countries to national banks of a cross-border basis.
The cross-border triparty collateral management services will be introduced under the Correspondent Central Banking Model (CCBM) and will be provided by both Clearstream鈥檚 international central securities depository (ICSD) and its central securities depository (CSD) in Germany.
Stefan Lepp, Clearstream executive board member in charge of global securities financing, said: 鈥淭hanks to these changes of the ECB, customers can benefit from automated triparty allocation by Clearstream to their home central banks.鈥�
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