Clearstream’s Vestima+ attracts BBVA as key new customer
Clearstream announced that Banco Bilbao Vizcaya Argentaria (BBVA) has signed up to implement the innovative new investment service called Vestima+. BBVA is Spain’s biggest bank and has been a strong proponent of the open architecture model that is a key element of Clearstream’s new service. Clearstream launched the Vestima+ service as planned on 24 January 2005.
The Vestima+ service is targeting the costly order processing difficulties within the industry and delivers a new form of market infrastructure that delivers high straight-through processing (STP) rates and enables participants to choose their own post-trade infrastructure. Through using the Vestima+ service BBVA foresees direct operational efficiency benefits.
The service is initially targeting the differing needs of each of Europe’s main domestic markets beginning with France and Germany and the international market centered in Luxembourg and Ireland, and will provide a single solution for multiple fund markets.
Numerous market participants have opted to adopt Vestima+ as the flexibility enables selection of their preferred settlement routes and custody providers. The key evolution is the order-routing platform that delivers high STP rates and enables customers to settle delivery-versus-payment (DVP) from their existing accounts wherever they are located.
Roberto Vicario, Deputy General Manager, BBVA stated, “Clearstream’s Vestima+ service is the only available solution that meets our STP needs with high flexibility. It will enable us to speed up our time to market by using an easy to implement hub for our international fund distribution business. We see the benefits accruing from increased STP rates close to 100 percent and a reduction of the multiplicity of bilateral connections to a continually increasing number of fund management companies.”
Volker Potthoff, Managing Director Banking & Custody Services at Clearstream added, “We welcome BBVA as a fund distributor joining our new Vestima+ fund service. We strongly believe that the fund market needs the same level of automation, security in settlement and traceability that other securities markets enjoy. By combining our Vestima+ flexibility with customer’s existing systems, we are enabling our customers to reach that goal and maximise the benefits.”
Yolande Theis and Graham Cope will be happy to answer questions from the news desks: phone +352 243 31500
Media Contact
More Information:
http://www.deutsche-boerse.comAll latest news from the category: Business and Finance
This area provides up-to-date and interesting developments from the world of business, economics and finance.
A wealth of information is available on topics ranging from stock markets, consumer climate, labor market policies, bond markets, foreign trade and interest rate trends to stock exchange news and economic forecasts.
Newest articles
Superradiant atoms could push the boundaries of how precisely time can be measured
Superradiant atoms can help us measure time more precisely than ever. In a new study, researchers from the University of Copenhagen present a new method for measuring the time interval,…
Ion thermoelectric conversion devices for near room temperature
The electrode sheet of the thermoelectric device consists of ionic hydrogel, which is sandwiched between the electrodes to form, and the Prussian blue on the electrode undergoes a redox reaction…
Zap Energy achieves 37-million-degree temperatures in a compact device
New publication reports record electron temperatures for a small-scale, sheared-flow-stabilized Z-pinch fusion device. In the nine decades since humans first produced fusion reactions, only a few fusion technologies have demonstrated…
