EuroCCP, the pan-European cash equities clearing house, today announced that it has been selected by Equiduct to provide interoperable Central Counterparty (CCP) clearing.
Equiduct is a pan-European trading platform, operated by the regulated market Börse Berlin.
At present Equiduct generally uses incumbent CCPs in the markets in which it operates. EuroCCP will offer interoperable CCP clearing with the incumbents in these markets. Where interoperability with the incumbent CCP is not yet possible, a "preferred" clearing model will be used.
The first phase of interoperable CCP clearing will start in July 2012.
Diana Chan, CEO of EuroCCP, said: "We are delighted to deliver the benefits of interoperable clearing to Equiduct customers. The transformation of the European equities market continues as more trading platforms offer interoperable clearing. The increased competition that follows delivers greater choice and lower costs to trading and clearing firms.
"We are already seeing the impact of interoperable clearing on our business as our low cost, customer focused clearing model is chosen by trading and clearing firms."
Peter Randall, CEO, Equiduct said: "We are at a very important stage in the evolution of our business and so we constantly need to diversify and strengthen the service we provide to our users. In response to a growing customer demand, we are pleased to be able to do this with the launch of interoperable clearing with EuroCCP."
The launch of EuroCCP clearing services on Equiduct is subject to regulatory approval.