Iberclear chooses SWIFT to connect to T2S
Dubai, 18 September 2013 – SWIFT, the financial messaging provider for more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories, today announced at Sibos that Iberclear, the Central Securities Depository in Spain and a BME subsidiary, will use SWIFT’s Value Added Network (VAN) solution to connect to T2S. It is also taking advantage of further value-added services from SWIFT.
Iberclear intends to go live on T2S connecting via the SWIFT VAN in February 2017.
Jesús Benito, CEO of Iberclear, says: “We are focused on offering post-trade solutions that provide our community with the highest levels of security, stability and scalability. We are confident that SWIFT is the right T2S connectivity solution for us, bringing unmatched benefits in terms of resilience, price, proven infrastructure and re-use of expertise.”
Alain Raes, Chief Executive, EMEA and Asia Pacific, SWIFT, comments: “We are delighted that Iberclear has decided to leverage SWIFT to connect to T2S, and we thank Iberclear for its confidence that SWIFT’s is the most reliable, cost effective and strategic solution for T2S connectivity.”
The objective of T2S is to facilitate post-trading integration by offering core, neutral, harmonised and commoditised delivery-versus-payment settlement in central bank money in substantially all securities in Europe. SWIFT’s VAN solution will enable T2S participants to connect to the T2S platform for the secure exchange of business information, in ISO 20022 format, with the highest resilience, at the best price and with the least upfront cost.
SWIFT has also created a full suite of services to support its customers – both those connecting directly and those that will be indirect participants – in the transition to T2S, starting from analysis, and progressing through implementation, testing and migration, all the way to live operations. These services leverage SWIFT's unparalleled track record of managing technical platform migrations and securities market infrastructure initiatives.
They also draw on SWIFT's unrivalled expertise in the ISO 20022 standards underpinning T2S communications.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 financial institutions and corporations in 212 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
For more information, please refer to our website www.swift.com or contact:
Tel: +32 2 655 3377
Iberclear, a BME subsidiary, is the Spanish central securities depository (CSD) which is in charge of both the Register of Securities, held in book-entry form, and the Clearing & Settlement of all trades from the Spanish Stock Exchanges, the Public Debt Market, the AIAF Fixed Income Market, and Latibex – the Latin American stock exchange denominated in Euros. To achieve this, Iberclear uses 2 Technical platforms – SCLV and CADE, which allows participants to benefit from technical solutions, such as a high level of automated procedures and a high grade connection to Iberclear.
For more information
+34 91 589 12 86