Euroclear group’s Single Platform Programme
This section of the website is currently being reviewed. Please read Tim Howell's message below for more details.Dear Client,
As the new Chief Executive Officer of Euroclear, I am keenly aware of your interest in knowing where we stand with our programme of asset-servicing harmonisation and consolidation for clients of the Euroclear group.
This letter provides an update on the status of the programme and the approach we will take for implementation.
Our objectives of delivering service improvements and cost savings to our clients through increased standardisation, harmonisation and consolidation remain unchanged. However, the financial environment is evolving rapidly, largely driven by the regulatory community. To operate effectively in such an environment, we need to be more agile and follow a more evolutionary approach, giving priority to short-term benefits and functional improvements. Therefore, we are adapting our Single Platform Custody plan to deliver tangible benefits to you as soon as possible, at lower cost and with less project risk.
The Common Communication Interface (CCI) remains the cornerstone of our strategy to provide you with a single entry point to all Euroclear group products and services. The CCI will be rolled out progressively across the group. It will gradually replace the different communication channels that you currently need to maintain by a single channel, thereby reducing your costs. The CCI Single Gateway will ease your transition to access our new harmonised services, as the co-existence of legacy and new infrastructure will be invisible to you. We invite you to make the transition to CCI at your own pace.
Asset servicing enhancements will be delivered to you in phases, with a strong focus on ISO-compliant and flexible reporting, as well as quality and timely information provision. These enhancements will increase your corporate action straight-through processing (STP) rates across markets, better support your corporate actions processes and help you manage your intra-day cash balances more effectively. The Appendix to this letter gives you a brief overview of our roll-out plans.
We are confident that this approach will substantially improve the way asset servicing is managed within the Euroclear group, serving as a cornerstone to further improve our corporate action services, such as voting. It will allow you to further streamline your back-office operations and reduce both costs and risks.
We are intensely focused on gearing the outcome of the Single Platform programme to serve the needs of our clients now and in the future.
Flexibility and agility are key to meeting the needs of a changing marketplace. We welcome your feedback and will continue to work closely with our clients and stakeholders (including the Euroclear operating companies).
Many thanks for your continued trust and confidence.
Yours sincerely,
Tim Howell
