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Speaking during the international securities conference Sibos in Toronto on Thursday, Bellegarde, a member of the management committee of NYSE Euronext and group executive vice president and head of European execution, said: "At this stage we don't want to change anything regarding the settlement layer. We want clients to have the choice to settle where they want, and for them to be able to keep their assets in the central securities depository of choice." Bellegarde assuaged the fears saying the new group would allow clients choice, which would include using Clearstream, Euroclear or any other national central securities depository or new central securities depository that may emerge.
Bellegarde said that clearing was a "different" issue from settlement, because users can gain major efficiencies by pooling the collateral required to clear trades in a single clearing pool. However, new regulations which are still being drafted may yet force the new group to offer users a range of clearers as well.
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