26 March 2017
visit nextgenbanking.co.uk

EuroCCP completes consolidation with EMCF

09 April 2014  |  1128 views  |  0 Source: EuroCCP

European Central Counterparty N.V. (EuroCCP) has completed the consolidation of its constituent businesses, EuroCCP Limited and EMCF N.V., creating the largest cash equities clearer in Europe.

Diana Chan, CEO of EuroCCP, said: "The migration of 20 Clearing Participants and six trading platforms within seven weeks illustrates the technical and operational ease with which access to platforms and interoperability can be implemented when parties collaborate."

The six platforms - Equiduct, GetMatched, NYSE Arca, Smartpool, Sigma X and UBS MTF - are now connected to EuroCCP and increase netting possibilities for Clearing Participants. The combination of EMCF and EuroCCP has provided Clearing Participants with overall annual savings in excess of EUR 10 million through reduced settlement costs, volume discounts on clearing fees and elimination of one set of connectivity and interoperability costs.

Diana Chan continued: "We are clearing for 16 trading platforms; this reach makes a positive difference to our clients' clearing related costs. For example, 50 per cent of their settlement costs have been cut where they previously needed to settle with two different CCPs."

Diana Chan added: "Our goal is to continue to help market participants drive down costs by securing access and clearing trades from more platforms."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57244 views comments | 15 tweets | 35 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
9117 views comments | 42 tweets | 25 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8726 views comments | 23 tweets | 37 linkedin
Westpac wants to take over your messaging keyboardWestpac wants to take over your messaging...
7164 views comments | 4 tweets | 10 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
7149 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job