The deployment facilitates SWIFT support for Euroclear’s new Bilateral Repo service.
Asset servicing provider Brown Brothers Harriman (BBH) is working with Euroclear, the Brussels-based international central securities depository (ICSD), to provide SWIFT message transformation and network connectivity for Euroclear’s new Bilateral Repo service, officials say.
“Enabling repo market participants’ connectivity to multiple custodians is a key attribute of this new service and provides highly sought-after depository diversification and resiliency. This launch is a key part of our business strategy focused on developing cutting-edge solutions, working with the market to drive efficiencies for clients,” says Olivier Grimonpont, global head of market liquidity at Euroclear, in a prepared statement.
Euroclear is deploying BBH’s Infomediary Data Solutions (IDS) “to effectively communicate with custodians across inter-dealer markets,” officials say. IDS is a set of data management capabilities intended to “help financial institutions overcome their operating model challenges across their network of providers,” according to the announcement.
The IDS platform is intended to help Euroclear streamline data transfers, standardize information flows across providers, and facilitate flexible data connectivity. “The tool insulates organizations from the distractions of multiple data sources, new data formats, and counterparty changes,” officials say.
“A key objective of our strategy for financial institutions is to share our technology to deliver more effective operating models and enable product expansion,” says Sinéad McIntosh, managing director for financial institutions at BBH, in a prepared statement.
BBH Investor Services’ asset servicing solutions include custody, global tax services, depositary and trustee, accounting, administration, transfer agency, foreign exchange, and securities lending, officials say.
The Euroclear group is comprised of Euroclear Bank, the International CSD, Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden, Euroclear U.K. & International, and MFEX by Euroclear, officials say.
