21 October 2017
Find out more

EuroCCP to clear LSE trades

20 May 2014  |  1874 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 www.vasco.comvisit www.atos.netvisit www.innotribe.com

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
9868 views comments | 22 tweets | 26 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8929 views comments | 13 tweets | 10 linkedin
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
8596 views comments | 17 tweets | 19 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8021 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7677 views comments | 10 tweets | 22 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job