Link Up Markets goes live through Clearstream Services

Link Up Markets, the joint venture between 8 European Central […]

April 10, 2009

Link Up Markets, the joint venture between 8 European Central Securities Depositories (CSDs) representing 50% of European securities transactions, successfully launched on March 30, allowing for easy implementation of links between Central Securities Depositories (CSDs). Clearstream Banking Frankfurt (Germany), OeKB (Austria), SIX SIS (Switzerland) and VP (Denmark) started connectivity yesterday. Connectivity of the other CSDs will follow soon.

The Link Up Markets infrastructure – delivered by Clearstream Services and based on two existing standard products of Tata Consultancy Services – was implemented within only 8 months and for investments below Euro 10 millions.

Tomas Kindler, Managing Director of Link Up Markets, said “As promised Link Up Markets is successfully launched on time, only 12 months after the announcement of the joint venture. This achievement underpins our key principle that leveraging existing solutions whenever possible will deliver efficiencies and cost-benefits for the European securities market within the shortest timeframe.”

Link Up Markets is a joint venture between the Central Securities Depositories of Austria (Oesterreichische Kontrollbank), Cyprus (Cyprus Stock Exchange), Denmark (VP), Germany (Clearstream Banking Frankfurt), Greece (Hellenic Exchanges), Norway (VPS), Spain (Iberclear) and Switzerland (SIX SIS).

Link Up Markets aims to contribute to a more integrated and efficient securities market in Europe. By connecting to the Link Up Markets infrastructure, each participating CSD will be able to access the services of the other linked CSD markets. Market participants will receive consistent best-in-class core settlement and custody services by directly accessing so far 8 markets via a single CSD gateway. The solution should allow CSD customers to significantly reduce the gap between domestic and cross-border costs for transactions.

Link Up Markets – the recently founded joint venture of 7 European CSDs to improve
the efficiency of cross-border securities transactions in the post trade area – has
chosen Clearstream Services S.A. to deliver, implement and operate the IT
infrastructure and network for Link Up Markets.

The key principle of Link Up Markets – to leverage efficient existing solutions wherever possible – is also underscored by the fact that Clearstream Services S.A. subcontracted Tata Consultancy Services Luxembourg S.A. for implementation partly based on two of their existing standard products. This allows Link Up Markets to deliver the infrastructure and respective cost-benefits for the market within the shortest timeframe. Link Up Markets is on track for implementation in the first half of 2009.

Clearstream Services S.A., located in Luxembourg with more than 500 IT specialists, has successfully served financial markets customers worldwide -including Clearstream’s 2,500 clients- for over 30 years.

Tata Consultancy Services (TCS) offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its Global Network Delivery Model.

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