CLEARED TERM DBV INITIATIVE FORMALLY LAUNCHED AT BANK OF ENGLAND SEMINAR

The sterling repo initiative to introduce a new Cleared Term DBV service was formally launched at a seminar hosted by the Bank of England. This joint initiative was initially instigated by the LMMA and sterling repo market participants and LCH.Clearnet and Euroclear. The project is well under way and scoping and policy work has been on-going since January 2013, co-ordinated by a dedicated sub-committee of the Bank of England’s Money Market Liaison Group chaired by Ian Fox of Lloyds Banking Group.

Built and operated by LCH.Clearnet and settled via enhancements to Euroclear’s CREST system, the new service will significantly reduce market operational risk and settlement credit needs, further increasing the resilience and efficiency of this critical market.

Details of the new service were presented to attendees of the seminar and will now be rolled out to wider market participants in good time to allow impacted institutions to start preparations for changes to front-to-back-office systems and process changes that will be needed to ensure a smooth migration.

The seminar was hosted by Chris Salmon, Executive Director Banking & Payment Services, Bank of England. Speakers included Andrew Hauser, Head of Sterling Markets at the Bank, Ian Fox (Lloyds Banking Group), David Nicholas (Euroclear), Nigel Bradley (LCH.Clearnet), Toby Davies (Bank of England) and Ian Mair, Chairman of the LMMA, who gave the closing address.

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