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CHAPTER FIVE | GOING GLOBAL
In 1995, DTC had formed an alliance with the Brussels-based Society for Worldwide Interbank Financial Telecommunications (SWIFT) cooperative, which provided international trade confirmations based on DTC’s Institutional Delivery (ID) System. At the time, DTC’s and NSCC’s main London competitor, Thomson, was selling their OASYS Global services to SWIFT throughout Europe and Asia. It would soon be abundantly clear that aligning with Thomson would prove better for the industry than competing. Thomson was already well entrenched in Europe and had faced DTC in the United States since the early 1970s. Canada and the United Kingdom in the 1980s were DTCC’s first forays into international, followed by links with Germany, Singapore and Japan. Other links over the years included Switzerland, Italy, Brazil, Hong Kong, Peru, Chile and, most recently, Mexico. Not all attempts at globalization were successful, however. In 2001, Nasdaq acquired the European Association of Securities Dealers Automated Quotations exchange. The newly rebranded Nasdaq Europe asked DTCC to set up a central clearinghouse for its securities there. This would be an ambitious undertaking, as the clearing and settlement structure in Europe
After having successfully expanded into Europe, in 1997, the DTC and NSCC London operation hosted its first conference on US Settlement and Clearance. (Photo by Julius_Silver courtesy of Pixabay.)
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