Iberclear chooses SWIFT to connect to T2S
Financial messaging provider SWIFT said that Iberclear, the central securities depository (CSD) in Spain and a BME Group subsidiary, will use SWIFT’s Value Added Network (VAN) solution to connect to the European securities settlement engine TARGET2 Securities (T2S). It is also taking advantage of further value-added services from SWIFT.
According to the announcement, made at the Sibos 2013 conference in Dubai, Iberclear intends to go live on T2S connecting via the SWIFT VAN in February 2017.
Jesús Benito, chief executive officer (CEO) of Iberclear, said: “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, CEO for Europe, the Middle East and Africa (EMEA) and Asia Pacific, SWIFT, added: “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.