Euroclear says turnover rises 14%

BELGIUM – The value of the securities transactions settled by clearing and settlement company Euroclear in 2002 rose by 14% in 2002 – though the value of securities held in custody slipped.

Euroclear, currently under fire from the Fair & Clear group of agency banks, said that its turnover, measured as the value of securities transactions settled, rose 14% to 238.9 trillion euros in 2002, from 209.9 trillion euros in 2001. The number of netted transactions rose to 129 million from 127 million.

But the value of securities held in custody by the firm fell to 10.6 trillion euros at the end of the year from 11.3 trillion euros a year before.

Transactions in euros accounted for 56% of turnover while sterling deals took 36%.

“We’re particularly pleased with the year’s results as we move forward with our plans to deliver new avenues of choice in securities settlement and related services,” said Euroclear chief executive Pierre Francotte.

It said that the rise in turnover and transactions “suggests that a growing portion of the settlement business is being directed to the Euroclear group”.

Euroclear’s fund transaction platform FundSettle added more than 3,000 funds in the year and the number of transactions processed rose by more than 500%.

The results come as the European Commission is set to review a new report on clearing and settlement in the European Union. The second Giovannini report aims to improve the efficiency of the system by removing barriers and improving integration.

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