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The Euroclear Board of Directors approved today a further EUR 27 million in annualised tariff reductions at Euroclear Bank, adding to the EUR 78 million implemented earlier this year.
Retroactive to 1 June 2007,the new round of tariff cuts will apply to safekeeping fees for Eurobonds and German debt securities (‘Bunds ’).This is the second tariff reduction for these securities this year.The EUR 11 million in safekeeping fee cuts will also apply to Argentine and Greek debt securities.
In addition,the latest tariff reduction will save Euroclear Bank clients about EUR 16 million in communication fees across all channels.
Frédéric Hannequart,Chairman of the Board of Euroclear Bank,commented: “Frequent tariff reductions have become a Euroclear hallmark.More than EUR 100 million in tariff reductions have now been put in place for our clients ’advantage in 2007,in addition to the EUR 45 million rebated in January for business activity in 2006.Providing clients with value for money everyday is an important part of business priorities.Our programme includes both short-term deliverables through regular tariff reviews and longer-term client benefits through our platform consolidation and market-practice harmonisation initiatives.”
Euroclear is the world ’s largest provider of domestic and cross-border settlement and related services for bond,equity and fund transactions.Market owned and market governed,the Euroclear group includes Euroclear Bank, based in Brussels,as well as Euroclear Belgium,Euroclear France,Euroclear Nederland and CRESTCo,the central securities depositories of Belgium, France,the Netherlands,and the UK and Ireland,respectively.Euroclear recently acquired EMXCo,the UK ’s leading provider of investment-fund order routing.The total value of securities transactions settled by Euroclear is in excess of EUR 450 trillion per annum,while assets held for clients are valued at more than EUR 18 trillion.Euroclear Bank is rated AA+by Standard &Poor ’s and Fitch Ratings.
