Euroclear, a Belgium-based provider of domestic and cross-border settlement and related services for bond, equity, derivatives and fund transactions, has chosen BT’s managed security solutions, powered by BT Counterpane, to provide security monitoring and management services.
According to BT, its Managed Security systems enable protection of companies’ critical information assets and infrastructure. BT, initially, will provide security monitoring capabilities to Euroclear that will enable real-time monitoring, correlation and analysis of Euroclear’s security infrastructure and critical applications.
Following the introduction of BT’s security monitoring solution, Euroclear will be able to track the performance of its security infrastructure as well as access daily, monthly and weekly reports. It can generate fully customized reports through BT’s web portal.
The Euroclear group includes Euroclear Bank, based in Brussels, and the national central securities depositories Euroclear Belgium, Euroclear France, Euroclear Nederland and Euroclear UK & Ireland. It also owns EMXCo, a provider of investment-fund order routing in the UK.
According to company, it has over 2,000 professional financial institutions as clients in over 80 countries with assets held for clients valued at more than E19 trillion. The group settles E560 trillion worth securities transactions per annum.
Euroclear’s initial term of the contract with BT is three years.
Wim Claeys, executive director at Euroclear, said: Managing security systems requires specialist skills, thus we look forward to broadening our relationship with BT in this respect. Safeguarding client transaction processing, data and securities holdings, is a high priority for us; we are confident that BT’s managed security systems will move us even closer to zero-tolerance levels.