Link Up Markets, the joint venture between seven CSDs to improve efficiency and reduce costs of post-trade processing of cross-border securities transactions in Europe, has chosen SWIFT as its connectivity provider. The solution will be based on SWIFT's interactive messaging service InterAct.
Four CSDs have already committed to piloting their connectivity to Link Up Markets via SWIFT within the first half of 2009: IBERCLEAR (Spain), Oesterreichische Kontrollbank AG (Austria), SIX SIS Ltd - former SIS SegaInterSettle AG - (Switzerland) and VP Securities Services (Denmark).
Their participation has been driven by the added benefit of reusing their existing SWIFT infrastructure, in this way easing the task of connecting to the new service and leveraging their investment in SWIFT.
Tomas Kindler, managing director of Link Up Markets, said: "We are delighted to announce the choice of SWIFT as a network provider for Link Up Markets. As the decision by four CSDs to pilot connectivity via SWIFT shows, SWIFT is an integral part of our solution, offering choice to the participating CSDs."
Alain Raes, Chief Executive of EMEA, SWIFT, said: "Link Up Markets will make a major contribution to the progress of European harmonisation, and we are very pleased to have reached this agreement with the four CSDs."
The selection of SWIFT as a communication channel for Link Up Markets further extends SWIFT's major contribution to improving harmonisation of clearing and settlement across Europe. In collaboration with its customers, SWIFT is committed to helping the industry streamline post-trade processing in Europe in order to increase efficiency, reduce costs, and improve the competitiveness of the European financial marketplace.
