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UBS Investment Bank opts for Clearstream as ICSD

Thursday, 06 June 2013

UBS Investment Bank will transfer its Investment Bank portfolio to International Central Securities Depository (ICSD) Clearstream. After an 18 month assessment, the Swiss bank will transfer the majority of its investment bank business from Euroclear to Clearstream, which already services UBS’ Wealth Management business. Both parties will now begin working together on the transfer of assets, with the phased migration planned for late 2013."

A Clearstream statement says the key decision criteria included “strategic fit, flow consolidation and global securities financing services” which includes Clearstream’s Global Liquidity Hub for securities lending, borrowing and collateral management services. Jeffrey Tessler, chief executive officer of Clearstream, says the decision by UBS confirms Clearstream’s business strategy is going in the right direction. “The entire market is under unprecedented regulatory and commercial pressure and we are working hard to offer our customers the right solutions so that they can position themselves well for the future, such as via improved collateral management services," explains Tessler. "We are pleased UBS sees the value in our proposal and look forward to an even deeper partnership with UBS Group.”
Ulrich Hoffmann, UBS head of group operations, says the decision to appoint Clearstream as UBS’ primary ICSD helps create synergies across the UBS Group. “This is consistent with our Group Operations’ strategy to further simplify, align, and consolidate our network and post trade processing, across all business divisions where possible,” he says. 

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