Brussels
15 March 2017
Reporter: Drew Nicol

Euroclear to enter US equity clearing space


Euroclear is on the cusp of gaining access to providing limited clearing for US equities.

The US Securities and Exchange Commission (SEC) has agreed to an information sharing arrangement with the National Bank of Belgium (NBB)—where Euroclear is headquartered—thereby enabling it to refer to the NBB for Euroclear’s registration information and fast-track the bank’s entrance into the US market.

The SEC initially approved Euroclear’s application to modify its exemption from registration to clear US equities in December 2016.

The SEC and the NBB added an addendum to their 2001 Understanding Regarding An Application of Euroclear Bank for an Exemption under US Federal Securities Laws to allow for Euroclear’s new US business lines.

The president of this exemption was set when the SEC originally allowed Euroclear’s predecessor to provide clearing services for US government securities in 1998.

Paul Leder, director of the SEC’s office of international affairs, said: “This addendum will expand the signatories’ ability to cooperate and exchange information related to Euroclear Bank and augment the SEC’s oversight of Euroclear Bank’s activities under its exemption order.”

More Industry 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
Gen II exceeds $175 billion in assets under administration
23 February 2018 | New York | Reporter: Becky Butcher
Gen II Fund Services has revealed that its assets under administration have exceeded $175 billion
RSA implements SimCorp Dimension
22 February 2018 | Alabama | Reporter: Becky Butcher
The Retirement Systems of Alabama has successfully completed the implementation of SimCorp Dimension
Confluence partners with ICE Data Services
22 February 2018 | Pittsburgh | Reporter: Becky Butcher
Confluence and ICE Data Services have teamed up to help asset managers meet compliance with SEC Modernization and other regulatory reporting requirements
Around half in the industry have seen no real effect of Brexit, according to Augentius’ annual global survey
Euroclear reports strong 2017 operating performance
19 February 2018 | Brussels | Reporter: Jenna Lomax
Euroclear’s fund assets under custody grew 13 percent as Euroclear continued to utilise its international exchange traded funds model
Minium, IBM and Promontory release joint white paper
19 February 2018 | London | Reporter: Jenna Lomax
The white paper says business should explore new geographies refocus on new businesses and invest in new technologies
ASX sees 5.1 percent profit in 2017
16 February 2018 | Sydney | Reporter: Jenna Lomax
The Australian Stock Exchange (ASX) saw its net profit after tax increase 5.1 percent to $230.5 million in its half-year results ending 31 December 2017
More Industry news