CBF cash clearing services complete migration to Target2

20 November 2008

Clearstream Banking Frankfurt (CBF), a European post-trading services company, has announced that it has completed the moving of its cash clearing services to uniform platform Target2.

The organization, which is a subsidiary of the Deutsche Borse Group, claimed that the migration will benefit market participants who are using CBF in order to gain access to Link Up Markets in the new year.

Link Up Markets is a system designed to cut costs and increase efficiency in the European post-trade sector by enabling cross-boarder securities transactions between eight major securities depositories on the continent.

Andreas Wolf, CBF's chief executive, commented: "The successful migration to TARGET2 demonstrates Clearstream's commitment to raising the level of market efficiency and to addressing the needs of our national and international customer base."

CBF's parent company Deutsche Borse is one of the world's largest exchange operators, employing well over 3,000 people in offices across the US, Europe, the Middle East and the Asia-Pacific region.

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