Euroclear and Goldman Sachs
March 28, 2019

Euroclear is declining to comment formally on the implications of a story in the Financial Times that it has appointed Goldman Sachs to investigate liquidity options that could result in an initial public offering or other sale. The record shows, though, that Chairman Marc Antoine Autheman reported the appointment on its March 11 investor day.

There is little doubt that Euroclear has surprised market watchers in recent times with its increasing transparency, in terms of results announcements and the holding of open days twice a year. Grizzled veterans are not the only ones interpreting this as classic preparation for a sale.

The reality is that Euroclear, 50 years old this year, has been a user-owned and user-governed institution from the moment it came into the world and that a good number of its bank customer-owners need to raise capital.

Those who have already taken the obvious route of selling the family silver might now be exploring the contents of the battered family sofa to see what kinds of loose change might be found there. For banks who need to raise cash and who have a stake in Euroclear, it makes clear sense.

Euroclear has indicated that it will issue an update in the second half of 2019.





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Euroclear is declining to comment formally on the implications of a story in the Financial Times that it has appointed Goldman Sachs to investigate liquidity options that could result in an initial public offering or other sale. The record shows, though, that Chairman Marc Antoine Autheman reported the appointment on its March 11 investor day.

There is little doubt that Euroclear has surprised market watchers in recent times with its increasing transparency, in terms of results announcements and the holding of open days twice a year. Grizzled veterans are not the only ones interpreting this as classic preparation for a sale.

The reality is that Euroclear, 50 years old this year, has been a user-owned and user-governed institution from the moment it came into the world and that a good number of its bank customer-owners need to raise capital.

Those who have already taken the obvious route of selling the family silver might now be exploring the contents of the battered family sofa to see what kinds of loose change might be found there. For banks who need to raise cash and who have a stake in Euroclear, it makes clear sense.

Euroclear has indicated that it will issue an update in the second half of 2019.



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