26 September 2017
Find out more

LCH.Clearnet agrees competitive clearing deals

07 May 2009  |  13630 views  |  0 Stock market quotes

Just days after revealing swinging price cuts, LCH.Clearnet has stepped up the pressure on rivals by agreeing new competitive clearing offerings for European MTFs Bats Europe, Chi-X, Turquoise and Nyse Arca Europe.

The new agreements will see LCH.Clearnet going head to head with incumbent clearers EMCF at Chi-X and Bats, and EuroCCP at Turquoise and Nyse Arca.

Earlier this week LCH.Clearnet moved to slash its cash equity clearing fees by a third for the Nyse Euronext, Bourse de Luxembourg, Equiduct and SmartPool markets beginning in July. This was swiftly followed by a seven per cent average reduction in tariffs on EquityClear, which is used in the London markets.

The moves are a boost to brokers and EU parliamentarians who have long complained about the cost of clearing in European equities trading.

Hirander Misra, COO, Chi-X Europe says the introduction of competitive clearing should "ensure competition and efficiency at the lowest possible frictional cost".

At Turquoise, LCH.Clearnet will work not only with EuroCCP, but also Swiss clearer x-clear, following the agreement of an interoperability pact between the latter two platforms late Thursday. LCH.Clearnet already competes against x-clear in the London market following the LSE's introduction of competitive clearing in September last year.

Separately, LCH.Clearnet announced plans to begin clearing over-the-counter iron ore swaps, a development which should provide a boost to the nascent spot market and signal a move away from reliance on the traditional system of annual price benchmarking.

The new product complements the clearer's existing OTC Freight service.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

LCH.Clearnet slashes clearing costs

LCH.Clearnet slashes clearing costs

01 May 2009  |  8449 views  |  0 comments
DTCC calls off LCH.Clearnet merger

DTCC calls off LCH.Clearnet merger

29 April 2009  |  11110 views  |  0 comments
LCH.Clearnet recruits BarCap's Joe Reilly to lead SwapClear

LCH.Clearnet recruits BarCap's Joe Reilly to lead SwapClear

07 April 2009  |  10998 views  |  0 comments
LSE pulls out of LCH.Clearnet consortium

LSE pulls out of LCH.Clearnet consortium

13 March 2009  |  8560 views  |  0 comments
LCH.Clearnet to open New York office

LCH.Clearnet to open New York office

11 March 2009  |  6886 views  |  0 comments
LCH.Clearnet mulls buying out investors - FT

LCH.Clearnet mulls buying out investors - FT

05 March 2009  |  5784 views  |  0 comments
LCH.Clearnet to develop eurozone clearing house for credit default swaps

LCH.Clearnet to develop eurozone clearing house for credit default swaps

13 February 2009  |  10963 views  |  0 comments
SIX- x-clear and EMCF to offer competitive clearing

SIX- x-clear and EMCF to offer competitive clearing

03 February 2009  |  8446 views  |  0 comments
UBS to switch clearing to SIS X-Clear

UBS to switch clearing to SIS X-Clear

03 December 2008  |  8153 views  |  0 comments
Liffe to self-clear from Q1 next year

Liffe to self-clear from Q1 next year

31 October 2008  |  8465 views  |  0 comments
LCH.Clearnet eyes forex markets

LCH.Clearnet eyes forex markets

16 October 2008  |  10812 views  |  0 comments
Nasdaq OMX buys stake in EMCF

Nasdaq OMX buys stake in EMCF

16 October 2008  |  8569 views  |  0 comments
Fortis' clearing subsidiary EMCF passes into state control

Fortis' clearing subsidiary EMCF passes into state control

06 October 2008  |  8978 views  |  0 comments
LSE pursues competitive clearing model

LSE pursues competitive clearing model

24 September 2008  |  9295 views  |  0 comments
LCH.Clearnet backs down on SIS x-clear access

LCH.Clearnet backs down on SIS x-clear access

10 March 2008  |  8155 views  |  0 comments

Related company news

 

Related company information

BNP Paribas Fortis

Related blogs

Create a blog about this story (membership required)
visit www.sibos.comvisit www.ncr.comvisit www.vasco.com

Top topics

Most viewed Most shared
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
12251 views comments | 16 tweets | 30 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
8853 views comments | 34 tweets | 46 linkedin
hands typing furiouslyBlockchain is a new way of thinking?
7565 views 2 | 10 tweets | 1 linkedin
German central bank flags DLT weaknessesGerman central bank flags DLT weaknesses
7303 views comments | 17 tweets | 19 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job