SWX Swiss Exchange, together with Clearstream, Euroclear and SIS, announced today that starting 13 April 2004 exchange participants will have a wide range of choice for the settlement of German Pfandbriefe and Jumbo-Pfandbriefe transactions executed on the exchange. Participants may choose to settle these transactions with counterparties having accounts at Clearstream, Euroclear Bank or SIS SegaInterSettle, as they currently choose for Eurobond transactions.
Heinrich Henckel, CEO of SWX Swiss Exchange, commented: "By extending freedom of choice with respect to settlement location to our participants, we are convinced that this new arrangement is an important achievement which reduces settlement complexities and increases the degree of straight-through processing of Pfandbriefe transactions."
This new development moves Europe one step further in becoming a fully integrated, interoperable marketplace.