CHAPS welcomes NT aboard

CHAPS Clearing Company Ltd has welcomed Northern Trust aboard as a shareholder and direct participant.

Northern Trust is the second new member to sign up so far in 2016, following Societe Generale’s decision to join in February; it brings the total number of direct participants to 24.

CHAPS settles high value, time-dependent sterling payments securely in real time. As a major financial market infrastructure, over the last few years it has worked closely with the Bank of England, through its tiering critieria, to reduce the systemic risk posed by having a large number of indirect participants processing high values of payments via a small number of direct participants.