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Movement behind the scenes

The SGSS model in the region follows Societe Generale’s footprint and is being developed against a backdrop of T2S, the harmonized settlement platform for securities in the eurozone. The European Central Bank Governing Council recently agreed the migration plan of CSDs to the new platform which includes a number of markets in the region.

“The potential for further development in the region's financial infrastructure regularly generates rumours and even news stories.”

At the current time there will be four migration waves, starting in June 22 2015 with the first wave migration including the Depozitarul Central which is the Romanian CSD. The second wave is currently not scheduled to involve any markets in the region but the third wave, which will take place on September 12 2016, will include KELER (Hungary), and Oesterreichische Kontrolbank (Austria).

The fourth wave will take place on February 6 2017 with the migration of Centralny depozitar cennych papierov SR (Slovak Republic), Eesti Vaartpaberikeskus (Estonia), Centralna klirinsko depotna (Slovenia) and Lietuvos centrinis vertybiniu popieriu depozitoriumas (Lithunania).

The potential for further development in the region's financial infrastructure regularly generates rumours and even news stories. A recent report on Bloomberg, for instance, noted how the Warsaw Stock Exchange and the Vienna Bourse are in the very early stages of discussing a merger that would create a hub for equities trading and initial share offerings in Central and Eastern Europe.

The talks come after years of competition between the two for influence in the region. Vienna expanded by buying the bourses in Ljubljana and Prague in 2008 and Budapest in 2004, beating Warsaw’s bid for Prague.

While Vienna and Prague had one initial public offering apiece since 2011, Warsaw attracted 41 as it lured companies by offering access to Poland’s cash-rich pension and mutual funds. The Warsaw Stock Exchange, central Europe’s biggest equity market, lists about 438 companies on its main market, with a combined value of about 168bn. The combined domestic market capitalisation of Vienna, Prague, Budapest and Ljubljana was 130bn at the end of January.

As the region is a strategic development zone for SGSS, the bank offers extensive coverage with 11 markets including the largest Russia. As a consequence, the SGSS network in the geography relies primarily on the Bank’s subsidiaries who are leading wholesale banks in their local markets, providing a large range of services and the best interfaces with local markets. The network provides the best of local expertise and market knowledge by serving local clients (including in many locations retail clients) and the benefits of having international experience as a multi-local custodian for risk management, operational efficiency and client service.

SGSS can leverage synergies with other business lines (the Investment Bank for example) to serve clients and benefit from the highest level of integration and influence in each of the different markets where it is located.

mathilde.guerin@sgss.socgen.com



Key Facts

  • T2S harmonised settlement platform progress
  • Four migration wave details unveiled
  • Warsaw, Vienna merger discussions
Mar
2017
SGSS strengthens its coverage team across Southern Europe
SGSS has appointed Lucrezia Brucoli as Head of Coverage to support business development across Southern Europe.
Appointments
SGSS has appointed Lucrezia Brucoli as Head of Coverage to support business development across Southern Europe.
en/newsroom/news/news/news/sgss-strengthens-its-coverage-team-across-southern-europe/
Feb
2017
Quarterly Financial Information
2016: HEALTHY GROWTH IN GROUP NET INCOME
Results
2016: HEALTHY GROWTH IN GROUP NET INCOME
en/newsroom/news/news/news/quarterly-financial-information-2/
Jan
2017
SGSS in Italy launches Synapse, a new service to support fund distribution
Societe Generale Securities Services in Italy (SGSS S.p.A.) launches SYNAPSE, a new service to support fund distribution...
Jan
2017
SGSS strengthens its Coverage, Marketing and Solutions team
SGSS has appointed Matthew Davey as Managing Director and Head of Business Solutions to reinforce its service offering...
Appointments
SGSS has appointed Matthew Davey as Managing Director and Head of Business Solutions to reinforce its service offering for institutional investors, asset managers, financial intermediaries and corporates.
en/newsroom/news/news/news/sgss-strengthens-its-coverage-marketing-and-solutions-team/
Dec
2016
Altana Wealth Limited selects SGSS in Ireland for its UCITS fund structure
Altana Wealth Limited in the United Kingdom has appointed Societe Generale Securities Services (SGSS) in Ireland to...
Nov
2016
Vatel Capital appoints SGSS to provide custody, depositary bank and valuation services
Introduced by the Finance Law in 2007, FIP Corse is a local investment fund of which 70% of its assets are invested in...
SGSS
Introduced by the Finance Law in 2007, FIP Corse is a local investment fund of which 70% of its assets are invested in small and medium-size enterprises on the French island of Corsica. The purpose of FIP Kallisté Capital n°9 is to invest in Corsican SMEs whose main activities are in the tourism, renewable energy, health and dependency, agro-food or business...
en/newsroom/news/news/news/vatel-capital-retient-sgss-pour-fournir-des-services-conservation-banque-depositaire-valorisation/
Nov
2016
SFIL appoints SGSS for global custody services
SFIL, the leading French local public sector and export financing agency, and CAFFIL, a French specialized credit...
SGSS
SFIL, the leading French local public sector and export financing agency, and CAFFIL, a French specialized credit institution (société de crédit foncier), have mandated Societe Generale Securities Services (SGSS) to provide global custody services for their public sector assets in Europe. This extends an existing mandate for valuation services with SFIL in...
en/newsroom/news/news/news/sfil-appoints-sgss-for-global-custody-services/
Nov
2016
Eurotunnel retains SGSS for its issuer services
Eurotunnel has appointed Societe Generale Securities Services (SGSS) to provide shareholder services which include share...
SGSS
Eurotunnel has appointed Societe Generale Securities Services (SGSS) to provide shareholder services which include share registry services, centralised financial services and shareholder meeting services for its 27,000 registered shareholders in France and the United Kingdom.
en/newsroom/news/news/news/eurotunnel-retains-sgss-for-its-issuer-services/
Nov
2016
Quarterly Financial Information
Q3 16: Sound Commercial And Financial Performance