London
27 July 2015
Reporter: Stephanie Palmer

Euroclear extends UK settlement day


Euroclear UK & Ireland has extended its settlement day for direct participant banks to 6pm.

The securities depository operates the CREST settlement system in the UK and Ireland, including the Channel Islands and Isle of Man.

The extension of the settlement day comes after a review by the Bank of England, and intends to align the CHAPS and CREST settlement day with the business hours of participants.

It will allow for greater flexibility, as banks will be able to set later transaction deadlines. It could include high-value payments and balance sheet investment and funding decisions.

John Trundle, CEO of Euroclear UK & Ireland, said: “There is a growing global trend for financial services to be available for longer business hours. We are pleased to help the payments industry offer longer hours, in particular by facilitating the collateral movements which support their payments activity.”

The change is expected to come in to effect in summer next year.

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Tom Carey takes on new role at Broadridge
16 January 2018 | New York | Reporter: Zsuzsa Szabo
Broadridge Financial Solutions has appointed Tom Carey to head up the firm’s new international business Broadridge International
Raymond James selects Red Deer for MiFID II
16 January 2018 | London | Reporter: Jenna Lomax
Raymond James Investment Services has chosen Red Deer’s research valuation management solution to adhere to MiFID II
SWIFT and CSDs join forces on proxy voting DLT
15 January 2018 | Brussels | Reporter: Jenna Lomax
SWIFT and seven CSDs have partnered to explore how distributed ledger technology could be implemented in proxy voting and for digital assets
Saxo Bank appoints CCO
15 January 2018 | London | Reporter: Jenna Lomax
Bunce will begin his new role in February 2018 and will report to Kim Fournais, CEO and founder
HSBC creates head of innovation role for blockchain actions
15 January 2018 | London | Reporter: Jenna Lomax
Nabi will be responsible for establishing and managing initiatives across HSS — focusing on technology as well as digital and data solutions
Northern Trust acquires technology resources from Citadel
12 January 2018 | Chicago | Reporter: Jenna Lomax
Citadel has agreed to give Northern Trust the software development rights for Omnium, a software solution, along with an undisclosed number of development staff
Lombard Risk share prices soars after Vermeg takeover offer
12 January 2018 | London | Reporter: Zsuzsa Szabo
Dutch financial software provider Vermeg has set its sights on acquiring Lombard Risk with a £52.08 million cash for shares offer
More news