December 28, 2017
Vermeg is glad to announce it successfully connected Societe Generale Securities Services (SGSS) to the T2S platform as part of the second phase of the Reform of the Spanish Clearing, Settlement and Registration System, 17 months after releasing the first phase of the Reform.
The Megara suite of modules implemented for Société Générale fully supports all the T2S standards, including settlement of CCP transactions, settlement priorities and linkages with a real-time connection to Iberclear’s new system “ARCO”. Megara also fully supports the new Corporate Action standards according to the Corporate Actions Joint Working Group (CAJWG) among many other functionalities.
The Spanish migration to T2S constituted a challenge for the market players because of the local practices’ peculiarities and complexities. Despite the significant progress made during the phase 1, the Spanish market still retains some unique processes, particularly regarding registration traceability.
Furthermore, Megara manages all the post-reform Spanish market specificities such as the reporting to the Post-Trading Interface (PTI) and the management of Financial Intermediary procedures.
The T2S Go-Live is the outcome of several years of continuous work on multiple market initiatives that acutely revamped the Spanish market landscape. This milestone could not have been achieved without the endeavor and the involvement of accomplished project teams from both parties, working closely to make this project a success.
“The migration of Iberclear Spain and their respective community to live operations on the T2S platform constitutes a major milestone in the transformation of the Spanish securities market. The Go-Live with T2S is an achievement for both Vermeg and Société Générale. Thanks to the connection of the Megara securities processing suite to the single European platform for securities settlement, the bank will benefit from a deeper market harmonization, as well as reduced costs for cross border settlement,” said Khaled Ben Abdeljelil, Executive Director in charge of Financial Markets & Securities Services department at Vermeg. “We look forward to continuing our support for all our Clients to ensure their connection to the T2S platform, as the Eurosystem moves towards a single gateway to access securities, liquidity and payments related services.”
Megara is a comprehensive, modular suite, Swift-certified, covering Securities Post-Trade processing, used by key financial institutions in the Securities Services industry, such as Local and Global Custodians, CSDs, Asset Servicers and major European Central Banks, mainly located in Europe, MENA region, and Latin America.