Wragge Lawrence Graham & Co has advised longstanding client Euroclear on its agreement with the US's Depository Trust & Clearing Corporation (DTCC) to develop a joint collateral processing service.

The joint venture, between two of the largest post-trade services providers in the world, will help develop and streamline margin settlement processes and enhance access to securities collateral worldwide, improving the stability of financial markets.

Wragge Lawrence Graham & Co's multi-discipline team was led by corporate partner Richard Goold (who, in June this year, was named in Financial News' first Fintech40, a list of the forty most influential people in Europe's thriving FinTech industry), working closely with partner Peter Hall from the firm's Commercial, IT and Outsourcing team and corporate associate Sam Brown.

Other specialists within the team included fellow partners: Bernardine Adkins (EU law and competition); Jonathan Chamberlain (employment); Lee Nuttall (corporate and corporate tax); director Penny Sanders (financial services regulation); associates Samuel Beighton (EU law and competition); Caron Gosling (employment); and Jocelyn Paulley (commercial and projects).

The newly created company, DTCC-Euroclear Global Collateral Ltd, will be UK-based with its ownership and governance being shared equally between DTCC and Euroclear. Its operations are still subject to regulatory approvals.

Richard Goold said: "We are thrilled to have advised Euroclear on such a large and important transaction, one that I am sure will be welcomed by financial institutions globally.

"The majority of financial institutions buying and selling securities around the world will currently utilise the services provided by either Euroclear or DTCC to help facilitate these trades.

"The strategic decision between these two industry giants to join forces will pay dividends as it will take the best from each service provider, creating the ultimate single major FinTech platform from which to supply a much more streamlined and robust service. It's an exciting prospect and one my team and I are very pleased to have been involved with."

Sofie Van de Velde, Legal Division, Euroclear said: "The Wragge Lawrence Graham & Co team was very responsive and always provided concrete advice, often at short notice.

"Despite the size of the team, the service was seamless and their experience of regularly advising on multi-jurisdictional transactions contributed greatly to this successful end result. We thank Richard and his colleagues; they are a great team to work with and we look forward to working with them again in the future."