Euroclear up 6%
The value of settlements through the Euroclear system rose to $23.3trn (e22.1trn) in the first half of 1999. This rise of 6% gave Euroclear a 76% share of the cross border settlement business it handles with Cedel, the other international central securities depository. Almost 70% of transactions Eurclear settled were in euros. “The new currency has already exceed the record for turnover for the combined settlement activity in the 11 legacy currencies during the same period in 1998,” says Euroclear.