Source: The Order Machine
The Order Machine (TOM) has chosen leading European central counterparty European Multilateral Clearing Facility (EMCF) to act as Central Counterparty Clearing (CCP) provider for its alternative trading platform. The role of a CCP is important to support the activities of multiple market participants on the TOM platform.
This appointment follows TOM's application for licence from the Dutch Financial Markets Authority (AFM) to launch services as an MTF. Once the MTF permit has been granted, other market participants including banks and/or liquidity providers will be able to join the TOM platform.
Henk Wim van Arem, TOM Director says: "In EMCF we have chosen a partner that is trusted by our other technology supplier Nasdaq OMX. Above all, EMCF is a leader in this field in Europe".
Jan Booy, CEO of EMCF added: "TOM is an important and pioneering initiative that is rightfully attracting a lot of attention. We at EMCF are proud to be part of this new partnership in which we have once again been chosen as CCP provider."