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02 April 2008

CSDs start joint venture to improve post-trade efficiency

Seven Central Securities Depositories signed an agreement to establish a joint venture called “Link Up Markets” to improve efficiency and reduce costs of post-trade processing of cross-border securities transactions in Europe, scheduled to be launched in the first half of 2009.


Link Up Markets will facilitate existing European initiatives such as MiFID, the European Code of Conduct on Clearing and Settlement and TARGET2-Securities.


It will establish a common infrastructure allowing for easy implementation of links between CSD markets and introducing efficient cross-border processing capabilities. By connecting to the common infrastructure, each participating CSD has access to the services of the other participating CSD markets across all asset classes (except derivatives). Link Up Markets will absorb any differences in communication standards across the markets, while leveraging the existing infrastructures and processes of CSDs.


The seven CSDs will found Link-Up Capital Markets S.L., a company based in Madrid with Tomas Kindler as Managing Director. Partners include:

- Clearstream Banking AG Frankfurt (Germany)

- Hellenic Exchanges S.A. (Greece),

- IBERCLEAR (Spain),

- Oesterreichische Kontrollbank AG (Austria)

- SIS SegaInterSettle AG (Switzerland)

- VP Securities Services (Denmark)

- VPS (Norway)


Press release

© Clearstream

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