SGSS will provide settlement services on behalf of LCH.Clearnet in the Belgian, French and Dutch markets through its direct membership with Euroclear.
The clearing house thus benefits from SGSS’s continuous processing through one single entry point with straight-through delivery versus payment (DVP) for efficient, cost-effective settlement and direct access to the highly efficient and secure ESES settlement platform.
SGSS has stated that LCH.Clearnet made the decision based on SGSS’s local presence and settlement expertise, notably in European markets, as well as for its ability to provide “comprehensive and customised” settlement adapted to the central clearing party’s specific technical requirements
“We are pleased to be providing a single point of access to settlement services for the ESES market, demonstrating our ability to deliver indispensable local expertise alongside broad settlement coverage and efficient processing,” said Guillaume Heraud, global head of business development for financial institutions and brokers at SGSS.
“SGSS is strengthening its value proposition to ensure that clients benefit from tailored services which meet their specific requirements in an evolving environment in Europe.”
Cecile Nagel, global head of equities at LCH.Clearnet, added: “LCH.Clearnet is committed to driving efficiencies in the clearing of European equities and the agreement with SGSS is a further demonstration of this.”
“Through SGSS, we will be able to streamline our settlement processes in Belgium, France and the Netherlands, delivering benefits for our members and their customers.”