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ANZ Investment Bank - MeesPierson JV

Document date:  Thu 28 May 1998
Published:  Thu 28 May 1998 00:00:00
Document No:  137741
Document part:  A
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

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ANZ Investment Bank and MeesPierson, a subsidiary of the
Belgian-Dutch Fortis group, today announced the formation of a joint
venture to provide third party derivatives and equity clearing
services for Australian financial markets.

The joint venture, to be known as ANZ MeesPierson Clearing Services,
is the first third party clearing operation in Australia and follows
agreement from the Australian Stock Exchange over the introduction of
the concept.

ANZ MeesPierson Clearing Services will initially provide clearing and
settlement services for proprietary traders. Later in 1998, it will
be extended to cover corporate and institutional investors and
brokers.

MeesPierson already operates third party clearing services in
Amsterdam, London, Frankfurt and Hong Kong where it has developed
sophisticated risk systems and specialist expertise. Third party
clearing has already proven highly successful in Europe where
MeesPierson is one of the leading derivatives clearers in the main
European markets.

ANZ Investment Bank will participate in the joint venture through its
equities arm, ANZ Securities. ANZ's financial strength and global
network together with ANZ Securities' local expertise will provide
the joint venture with significant opportunities.

ANZ Securities Managing Director, Mr Bryan Madden said the joint
venture was an important milestone for financial markets in Australia
which were undergoing dramatic transformation resulting from
electronic trading, the changing regulatory framework and the
outsourcing of services.

"ANZ MeesPierson Clearing Services will provide an efficient
outsourcing solution allowing one daily settlement across all markets
and all transactions, no matter where the original transaction was
executed," Mr Madden said.

"We expect the introduction of a comprehensive third party clearing
service will add to international interest in Australian equities and
boost market liquidity," he said.

For media enquiries, contact:

Paul Edwards 
HEAD OF GROUP MEDIA RELATIONS
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