Euroclear to enter US equity clearing space
15 March 2017 Brussels
Image: Shutterstock
Euroclear is on the cusp of gaining access to providing limited clearing for US equities.
The US Securities and Exchange Commission (SEC) has agreed to an information sharing arrangement with the National Bank of Belgium (NBB)鈥攚here Euroclear is headquartered鈥攖hereby enabling it to refer to the NBB for Euroclear鈥檚 registration information and fast-track the bank鈥檚 entrance into the US market.
The SEC initially approved Euroclear鈥檚 application to modify its exemption from registration to clear US equities in December 2016.
The SEC and the NBB added an addendum to their 2001 Understanding Regarding An Application of Euroclear Bank for an Exemption under US Federal Securities Laws to allow for Euroclear鈥檚 new US business lines.
The president of this exemption was set when the SEC originally allowed Euroclear鈥檚 predecessor to provide clearing services for US government securities in 1998.
Paul Leder, director of the SEC鈥檚 office of international affairs, said: 鈥淭his addendum will expand the signatories鈥� ability to cooperate and exchange information related to Euroclear Bank and augment the SEC鈥檚 oversight of Euroclear Bank鈥檚 activities under its exemption order.鈥�
The US Securities and Exchange Commission (SEC) has agreed to an information sharing arrangement with the National Bank of Belgium (NBB)鈥攚here Euroclear is headquartered鈥攖hereby enabling it to refer to the NBB for Euroclear鈥檚 registration information and fast-track the bank鈥檚 entrance into the US market.
The SEC initially approved Euroclear鈥檚 application to modify its exemption from registration to clear US equities in December 2016.
The SEC and the NBB added an addendum to their 2001 Understanding Regarding An Application of Euroclear Bank for an Exemption under US Federal Securities Laws to allow for Euroclear鈥檚 new US business lines.
The president of this exemption was set when the SEC originally allowed Euroclear鈥檚 predecessor to provide clearing services for US government securities in 1998.
Paul Leder, director of the SEC鈥檚 office of international affairs, said: 鈥淭his addendum will expand the signatories鈥� ability to cooperate and exchange information related to Euroclear Bank and augment the SEC鈥檚 oversight of Euroclear Bank鈥檚 activities under its exemption order.鈥�
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