Euroclear
Euroclear is a Belgium-based financial services company that specialises in the clearing and settlement of securities transactions, as well as the safekeeping and asset servicing of these securities. It was founded in 1968 as part of J.P. Morgan & Co. to settle trades on the then developing eurobond market. It is one of two European international central securities depositories.
Some of the key events about Euroclear
- 1968Established as a central securities depository to streamline cross-border securities transactions
- 1968Faced criticism for potentially enabling tax evasion through its international securities settlement system
- 1972Introduced the first electronic book-entry settlement system for international securities
- 1985Encountered operational issues during the implementation of a new computerized settlement system
- 1988Launched the first multi-currency settlement system for international bonds
- 2000Merged with Sicovam SA, the French central securities depository, expanding its European presence
- 2001Experienced significant disruptions in its settlement processes following the September 11 attacks
- 2002Implemented a new settlement platform called ESES (Euroclear Settlement of Euronext-zone Securities)
- 2006Acquired CrestCo, the UK and Irish securities settlement system, further expanding its reach
- 2008Criticized for its role in the global financial crisis by facilitating complex financial instruments
- 2009Launched EasyWay, a web-based interface for clients to manage their securities transactions
- 2011Faced regulatory scrutiny over its handling of Iranian assets subject to international sanctions
- 2014Introduced Collateral Highway, a global infrastructure for mobilizing collateral across borders
- 2014Fined $115 million by Belgian authorities for violating money laundering regulations
- 2015Experienced a major technical glitch that disrupted securities settlements across Europe
- 2016Developed and implemented blockchain technology for processing London gold market trades
- 2016Criticized for its involvement in the Panama Papers scandal, facilitating offshore financial activities
- 2018Faced challenges and delays in implementing a new settlement platform called ESES
- 2019Launched SettleNET, a new settlement system for Irish securities following Brexit
- 2020Encountered operational difficulties during the COVID-19 pandemic, affecting settlement processes
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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