Euroclear group's turnover increased in 15% during 2000, according to figures released by the organisation today. These annual results confirm the group's position as the world's largest settlement system for domestically and internationally traded bonds and equities. The value of the securities transactions settled by the group in 2000 amounted to e95,457bn compared with e82,935bn in 1999.
The largest growth came from Euroclear Bank whose share of cross-border transaction settlements is estimated to have exceeded 80% in 2000 compared with 77% at the end of 1999. The average daily triparty outstanding of the bank rose to e47bn in 2000, an increase of 38% from the e34bn recorded for 1999.
On the other hand, the turnover for Euroclear France in 2000 was 5% lower than in the previous year, decreasing from e39,292bn to e37,509bn. According to the group, the reason behind these figures has to be found in the fact that, in general, the average value of bonds transactions were substantially larger than equity transactions.
The surge in the value of French equity transactions did not compensate for the slower market activity in French bonds. However, Euroclear France dealt with more than 600 requests last year, 15% more than in 1999.
"Our performance in 2000 has exceeded expectations for both Euroclear Bank and Euroclear France," says Pierre Francotte, CEO of Euroclear Bank and president of Euroclear France. "These results, and in particular our market gains, provide tangible confirmation that we are pursuing the right course by continuing to roll out new service enhancements and fee reductions at a steady pace.
"At the same time we are working pragmatically with other partners to provide the market with a true pan-European solutions for both bonds and equities."