Sourcing Deal Focuses on Improving Cost and Efficiency of Securities Transaction Settlement
BRUSSELS; May 25, 2004 – Accenture (NYSE: ACN) has signed an agreement with Euroclear under which Accenture will provide application development sourcing services to Euroclear. These services will support Euroclear’s plans to consolidate platforms on which a wide range of European domestic and cross-border trades are settled.
Euroclear, the world’s largest provider of domestic and cross-border settlement and related services for bond, equity and fund transactions, has selected Accenture as one of two strategic sourcing partners to support its efforts to make settlement of cross-border securities transactions less expensive and more efficient.
Although the details of the project are still being finalized, Accenture will help Euroclear build a new platform that will host its Single Settlement Engine. This new platform will process cross-border trades from clients located in more than 80 countries and domestic trades from clients in Belgium, France, Ireland, the Netherlands and the UK.
“We are increasing our investment in systems in order to consolidate the Euroclear group’s different settlement platforms,” said Ignace R. Combes, Deputy Chief Executive Officer of Euroclear. “Accenture gives us the application-development resources we need to meet our objectives in a flexible and effective way. We have chosen Accenture as one of two partners based on a competitive selection process that highlighted Accenture’s expertise and project leadership in the securities processing business and, in particular, their strong track record in delivering large market-infrastructure projects."
“Despite ongoing consolidation, the European securities-transaction processing landscape for cross-border trades is fragmented and inefficient,” said Daniel Gillet, managing partner of Accenture’s Financial Services practice in the Benelux region. “Euroclear ‘s business model will create a more effective and efficient capital market in Europe and will benefit all of the market’s participants. Accenture is pleased to contribute our IT project-leadership skills as well as our deep experience in the capital markets sector to help Euroclear realize its vision.”
Accenture’s Financial Services Operating Group serves banks, insurers and the capital markets industry, including three out of the largest five exchanges, four of the five largest global custodians, 17 of the top 20 securities firms and 80 of the top 100 asset managers
Euroclear is the world’s largest provider of domestic and cross-border settlement and related services for bond, equity and fund transactions. Market owned and market governed, the Euroclear group comprises Euroclear Bank, based in Brussels, as well as Euroclear France, Euroclear Nederland and CRESTCo, the central securities depositories of France, the Netherlands, and the UK and Ireland, respectively. The total value of securities transactions settled by Euroclear is in excess of EUR 250 trillion per annum, while assets held for clients are valued at more than EUR 12 trillion. Euroclear Bank is rated AA+ by Standard & Poor’s and Fitch. More information about Euroclear is available at www.euroclear.com.
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills, and technologies to help clients improve their performance. With approximately 90,000 people in 48 countries, the company generated net revenues of US$11.8 billion for the fiscal year ended Aug. 31, 2003. Its home page is www.accenture.com.