EuroCCP, the pan-European cash equities clearing house, today announces that it has been selected by Getco to provide interoperable central counterparty (CCP) clearing to its trading platform, GETMatched Europe.
GETMatched is the centrally cleared crossing network owned and operated by GETCO Execution Services, the client services arm of GETCO, a leading global market maker. GETMatched matches brokers' orders with passive flow from GETCO's European market making operation.
EuroCCP will offer interoperable CCP clearing in European securities traded on GETMatched as soon as regulatory approval has been received. EuroCCP will interoperate with LCH. Clearnet Ltd. and SIX x-clear on the GETMatched platform.
Diana Chan, CEO, EuroCCP, said, "The partnership with GETCO is a natural extension of EuroCCP's presence in Europe. There is continued industry demand for competitive clearing through interoperability and the greater efficiency and lower costs it delivers to market participants.
"We would like to see even more trading venues follow GETCO's example and expand the choice of CCPs offered to their users. We believe this is a vital step in transforming the competitiveness of the European equities trading landscape."
Virginie Saade, Managing Director, Head of GETCO Execution Services, said, "We are committed to creating an as efficient trading environment as possible for our clients. Widening the interoperable service on GETMatched through the addition of EuroCCP as a central clearer will provide our clients with greater choice and so further enhance their trading experience on our platform."