Although MiFID focuses primarily on trade execution services, Willy Van Stappen of Equiduct believes that new execution platforms need to take full account of the reality of the current clearing and settlement (C&S) environment if they are to provide a competitive end-to-end trading service.
In the latest of the series of Equiduct sponsored white papers, Van Stappen sets out the most efficient C&S solutions for cross-border trades, and stresses the need for market participants to be able to select the most appropriate C&S location, whether in their capacity as an intermediary or as an execution venue such as an SI.
The white paper is aimed at helping investment firms identify the most appropriate and efficient C&S model for their business. The paper looks at three key scenarios: where a central counterparty is available, where no central counterparty is available, and the requirements for Multilateral Trading Facilities or regulated markets partnering with a central counterparty or a custodian acting as a settlement agent.
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