NEW YORK and BRUSSELS (Feb. 9, 2004) -- Euroclear, the world's largest settlement system for domestic and international securities transactions, and Radianz, the leading provider of shared market communications infrastructure for the global financial services industry, today announced the signing of a renewed, three-year, multimillion dollar (Euro) contract.
Under the terms of the agreement, Euroclear will continue to use Radianzâs shared-market infrastructure to connect customers around the world to the wide range of settlement and other securities services provided by Brussels-based Euroclear Bank and Paris-based Euroclear France.
Euroclear and Radianz first began working together in 2000 and todayâs announcement expands upon their relationship, further highlighting Radianzâs ability to provide direct access to financial applications across the straight-through processing (STP) chain, including those used in the back-office environment.
Michael Pilkington, managing director and head of Corporate Technology at Euroclear, said: "By utilizing Radianzâs infrastructure, our clients are offered the opportunity to leverage their connectivity to access multiple services--while providing them with a choice of efficient and cost-effective means of connectivity. We look forward to sharing with our clients the service enhancements that Radianz will provide over the next three years, as it builds upon its experience in the settlement sector." Radianzâs infrastructure now connects 10,000 financial services sites worldwide and 120 providers of financial services, including Euroclear, on a shared infrastructure designed specifically to meet the needs of the financial services industry.
Chris Church, Radianzâs executive vice president and head of Global Sales and Marketing said, "Our agreement will help accelerate the transition toward a shared market infrastructure for clearing and settlement services. Settlement infrastructure consolidation, with Euroclear the clear leader in this effort, will ultimately increase overall efficiency and reduce cost throughout the post-trade processing environment."
Sang Lee, manager, Securities and Investment Practice at Celent Communications, a financial services research firm, added: "The back-office remains an area where companies continue to look for ways to further drive down operating costs; and by utilizing a shared network for clearing and settlement, companies can reduce the complexity inherent in operating a global back-office network."
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