Why did this very important international player decide to become our customer? The most important issue for them, which consequently triggered their choice of CSD, was that they would be able to benefit from the standardised functionality and interface that we offer.
EuroCCP is a major player in the securities market and they currently provide clearing services in 18 European markets. In addition to EuroCCP, two other CCPs, the Swiss Six X-Clear and London based LCH.Clearnet are participating in the VPS settlement as central counterparties.
Having the new CCP as a customer has already proved beneficial. Fewer transactions are failing, which again leads to an improved settlement rate in our systems. Bjorn Svensson, Head of Nordic Markets at EuroCCP, has given us very positive feedback. After just two months of operation he says: “The settlement rate has improved significantly since EuroCCP started to use the broker account with auto partialling. We strongly encourage others to follow and switch on their auto partialling to further improve the settlement rate in the Norwegian market”
Erik Westerling, Infrastructural Liason Manager at EuroCCP, was following the entire process closely before they finally decided to open an account with us. The following sums up his conclusion: “As part of our strategy to connect directly to all CSDs where EuroCCP settles transactions, we decided to also open our own account at VPS. The operational part of the set-up was very well supported by VPS which helped us to activate our account in a very short timeframe”