European post-trading industry undergoing major transformation
LISBON - 30 May 2013– Interbolsa, a subsidiary of NYSE Euronext and Central Securities Depository (CSD) for the Portuguese market, has chosen the global provider SWIFT to connect to Target2Securities (T2S), hence placing itself in the forefront of the European post-trading transformation.
By choosing SWIFT, a provider of financial communications for more than 10,000 banking organisations, securities institutions and corporate customers in 21 countries, Interbolsa is ready to start working on the adaptation of its IT systems to the T2S platform in order to go live in March 2016.
Target2-Securities (T2S) is the new IT platform managed by the Eurosystem which, starting in 2015, will provide physical and financial settlement in central bank money.
“Interbolsa has ensured that Portugal is efficiently positioned and integrated in the global financial market, enhancing in this way the attractiveness of our market which is at the service of issuers, financial institutions, investors, and the Portuguese economy in general. The decisions Interbolsa has made with respect to the T2S project are an important step that enables the company to continue serving the market with the highest standards to which its stakeholders have been accustomed”, stated Luís Laginha de Sousa, CEO of NYSE Euronext Lisbon.
Interbolsa has been recently recognised by the Sub-Group on Corporate Actions do Target2-Securities, a group from the European Central Bank specialising in corporate events, for its best practices in post-trading, taking a lead position among its peers with respect to the harmonisation and conformity of the Portuguese market with the international recommendations for the processing of corporate events. Previously Interbolsa had been ranked among the five top European CSDs in the harmonisation of matching procedures.