EUROPE - SIS SegaInterSettle, the Swiss settlement system, and its UK partner, CRESTCo, have started co-operation to offer cross-border securities settlement in pan-European exchange trading. As a result, it will be possible to settle all European blue chips on the same terms as domestic securities, a step forward for the partners in The Settlement Network (TSN).

UK CRESTCo clients will have access to the international markets serviced by SIS on the same terms as for domestic UK securities, while Swiss clients will be gaining direct low-cost access to the UK securities market via the SIS interface.

Services will be based at a single locality, without the duplication of development costs, and the real-time link between the two systems will allow synchronisation of settlements.

"Our strategy aims to make The Settlement Network the first-choice settlement facility in pan-European equities trading," says SIS CEO Heinz Haeberli.

The Settlement Network (TSN) was launched in March 2000 by SIS SegaInterSettle and CREST to provide a single process for the settlement of cross-border securities trading in Europe.

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