Clearnet, the first pan-European central counterparty for Euronext, has launched International Users' Committees (IUCs) to consult and communicate with members on the company's strategic priorities and operational processes.
Clearnet clears all trades on a net basis made on electronic exchange Euronext. It also clears trades for other providers, particularly debt securities and repos.
The participants of the IUCs are high-level representatives from major companies involved with clearing funds. They come from Belgium, the Netherlands, France and the UK, where Clearnet operates.
Two IUCs have already been created. One is dedicated to cash equity and derivatives, the other to bond and repo business. Each committee will meet about four times a year.
All existing local committees dealing with the migration of the Clearing 21 system will be maintained during the transition period. Clearing 21 is already in use in Paris and will be rolled out to Amsterdam and Brussels.
The first IUC, dedicated to equity and derivative business, met in Paris on Monday, July 9. At the meeting, Clearnet presented its structure and main projects. Plans to set up a Mutual Clearing Fund were discussed and agreed.
The fund will offer individual deposits and equity capital (mixed financial structure approach).
The first meeting of the bond and repo committee will be in September while the second equity and derivatives committee is planned for mid-October.