Deutsche Boerse’s buy-in agent, Eurex Securities Transactions Services (Eurex STS), has partnered with Access Fintech’s to create integration between their complementary services for the Central Securities Depositories Regulation (CSDR).
CSDR aims to improve settlement rates in securities markets by imposing punitive measures on firms that fail to settle trades and is due to come into effect in February 2021.
Access Fintech offers a CSDR solution that can allow clients to manage the entire lifecycle of in-scope transactions.
By using the CSDR product in conjunction with its other live settlements product, Access Fintech noted that it can enable clients to manage the regulation’s penalties and buy-ins and more efficiently prevent fails entirely.
Meanwhile, Eurex STS provides a neutral marketplace for buy-ins to be completed when required.
Through the new partnership, mutual clients will be able to manage buy-ins via Eurex STS through the Access Fintech infrastructure, thereby minimising touchpoints, maximising efficiencies and ensuring a robust audit history against impacted trades.
According to a spokesperson, Eurex is aiming to make the communication with its buy-in agent platform as seamless as possible.
“However, while clients will be able to connect to our platform directly, some also require further connectivity choices,” the spokesperson commented.
They continued: “In this respect, we are working with Access Fintech to discuss and analyse the possibility of our two platforms communicating with each other through our application programming interface.”
Pardeep Cassells, head of financial products at Access Fintech, said: “Access Fintech [is] extremely excited in partnering with Eurex STS as the first confirmed buy-in agent, our CSDR offering is completely end-to-end, and Eurex’s position in that is critical."
Cassells affirmed that Access Fintech has the infrastructure to "manage the lifecycle and support any buy-in agents, making clients agnostic to the needs of individual agents, with Eurex being the start of the process".
Elsewhere, Eurex STS recently gained a banking licence from the German Federal Financial Supervision Authority (BaFin), where it currently offers an automated and standardised way to avoid the punitive features of the CSDR settlement discipline regime.
