Budapest
27 September 2016
Reporter: Drew Nicol

SGSS secures T2S mandate for Hungary


Societe Generale Securities Services (SGSS) has won a mandate to connect the Hungarian central securities depository (CSD) with the Target2-Securities (T2S) settlement platform.

Hungary’s Keler CSD will be connected during the fourth migration wave in February 2017.

As a participating non-euro country, SGSS will provide the Hungarian CSD with a single line of liquidity in euro currency to settle its transactions for both domestic and regional clients seeking access to European markets.

SGSS will provide Keler with liquidity provisions in central bank money through Societe Generale’s dedicated cash account in T2S in euro, as well as cash pooling and netting services for securities settlement in multiple T2S markets.

The bank will also manage Keler’s intraday liquidity usage and credit memorandum balances.

According to SSGS, the benefits for Keler include removing fixed costs linked to setting-up and running euro currency liquidity management in T2S and providing instant access to the euro markets in T2S on a pay-as-you-go basis

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