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Bats Europe appoints LCH.Clearnet for UK and Swiss stock clearing

05 May 2009  |  1740 views  |  0 Source: LCH.Clearnet

LCH.Clearnet Ltd (LCH.Clearnet) has been appointed as a second central counterparty (CCP) for Bats Europe, a fast-growing European multilateral trading facility (MTF) owned by BATS Global Markets.

LCH.Clearnet will clear UK and Swiss securities traded on BATS Europe through its EquityClear service. Members will benefit from both collateral efficiencies and cost reductions generated by the addition of BATS Europe volume to their existing LCH.Clearnet volume.

BATS Europe currently supports trading in approximately 800 of the most liquid securities from countries including the UK, France, Holland, Germany, Italy, Belgium, Switzerland, and Nordic countries. In April, BATS Europe achieved one-day market share records for the FTSE 100 (3.90% on 28 April), CAC40 (4.16% on 16 April) and Amsterdam AEX (3.80% on 15 April).

Wayne Eagle, Director, Equity Services, LCH.Clearnet commented: "To be selected by BATS Europe demonstrates the quality and reliability of our service. Clearing members will benefit from an efficient, high quality, cost-effective offering as we continue to expand our coverage within the rapidly evolving equities market."

Mark Hemsley, Chief Executive Officer, BATS Europe, commented: "With the appointment of LCH.Clearnet as a CCP for BATS Europe, we are pleased to deliver on our plan to offer BATS Europe participants a choice in clearing as has been our intention since formation. We look forward to supporting further developments in CCP interoperability in Europe."

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