Clearstream and Euroclear Further Upgrade the Daytime 'Bridge'

Euroclear Bank and Clearstream Banking Luxembourg have jointly announced a further round of improvements to the automated daytime ‘Bridge’ between the two international central securities depositories (ICSDs). The upgrade follows the completion of daytime Bridge improvements introduced in March 2007. This second phase of enhancements are designed to significantly improve Bridge interoperability by raising settlement efficiency for the ICSDs’ respective clients and enhancing opportunities for same-day transaction settlement and securities financing across the Bridge. Specifically, the ICSDs claim that this second wave of improvements to the daytime Bridge will increase settlement opportunities, particularly for trades settling on T+0, with the addition of five new file exchanges of settlement-related information (from 10 to 15 times per day), provide more timely and frequent transaction-repair and fail-management information to clients as a result of 10 new exchanges of transaction matching files (from 20 to 30 times per day) and further extend instruction deadlines, with the mandatory deadline moving to 13:00 CET from 12:30, the optional delivery versus payment deadline moving to 15:00 CET from 14:40 and introducing an additional free of payment optional deadline at 16:00 CET.

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