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Luxembourg Stock Exchange to set up CCP

11 January 2008  |  4023 views  |  0 Source: Luxembourg Stock Exchange

Following the partnership between the Luxembourg Stock Exchange and Euronext N.V., a subsidiary of NYSE Euronext, and the migration of its securities to the NSC trading platform of NYSE Euronext's European cash markets, the Luxembourg Stock Exchange has chosen to establish a Central Counterparty (CCP) model for clearing and settlement. The CCP project initiated by the Luxembourg Stock Exchange and LCH.Clearnet as CCP, includes a choice of settlement venue for clients at either Euroclear Bank or Clearstream Banking Luxembourg.

As a result, post-trade infrastructure efficiency will be strengthened by the introduction of a Central Counterparty.

The project has already involved a significant level of cooperation between all four parties with respect to the initial studies and the set up of the new post-trade structure.

The clearing and settlement project of the Luxembourg Stock Exchange aims to implement an STP (Straight-Through Processing) model and offer CCP services for the most liquid securities. Straight-through processing will not only allow the Luxembourg market to operate with industry best practices by offering Central Counterparty services; it will also promote growing use of the

Exchange, higher trading volumes and greater liquidity.
Final implementation of the new model is foreseen for 15 March 2008. A common testing period, which will include Trading Members of the Luxembourg Stock Exchange and Clearing Members of LCH.Clearnet, has been set up and began on 7 January 2008.

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