Europe’s two largest settlement houses have overcome difficulties to enhance an interoperability agreement aimed at improving the flow of much-needed collateral around the financial system.

Euroclear and Clearstream, Europe's two largest international central securities depositories, have made long-awaited improvements to a collateral agreement known as 'the Bridge'. The move aims to speed up the transfer of collateral between the securities depositories, but the plan had encountered delays and problems in 2014.