22 February 2017
Visit experienceinfosys.com

EuroCCP to clear LSE trades

20 May 2014  |  1677 views  |  0 Source: EuroCCP

European Central Counterparty N.V. (EuroCCP), the largest cash equities central counterparty in Europe, announced today that it will be clearing trades executed on London Stock Exchange (LSE).

Firms using EuroCCP to clear UK equities trades executed on Aquis, BATS Chi-X, Equiduct, GETMatched, Sigma-X, SmartPool, Turquoise and UBS MTF will be able to direct LSE trades to EuroCCP and save at least 50% on settlement costs. Through cross-platform netting by EuroCCP, all trades in the same UK stock, regardless of where they are executed, can be netted with LSE trades into one single settlement obligation.

In April EuroCCP became the first authorised CCP for equities under the European Market Infrastructure Regulation (EMIR). EuroCCP's risk management framework, operating model and technology meet the safety standards required by EMIR.

Diana Chan, CEO of EuroCCP, said, "Many market participants have been waiting to have more choice in where they clear trades executed on London Stock Exchange. The addition of EuroCCP to the central counterparties already available will bring the benefits of more competition together with reduced costs."

EuroCCP will start clearing LSE trades after legal, connectivity and operational arrangements have been finalized among the relevant parties and regulatory approvals have been received. Interoperability arrangements are already in place between EuroCCP and the incumbent clearers for LSE, LCH.Clearnet Ltd. and SIX x-clear AG.

Cross-platform netting of UK equities by CCPs has been possible since 2013 for trades executed on multilateral trading facilities and it is expected that LSE trades can also be cross-platform netted starting in Q3 2014. 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.comvisit dh.com

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
18833 views 11 comments | 56 tweets | 92 linkedin
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
9890 views comments | 49 tweets | 67 linkedin
hands typing furiouslyBlockchain Technology
9284 views 0 | 8 tweets | 1 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
8852 views comments | 19 tweets | 15 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
7568 views comments | 37 tweets | 33 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job