Wednesday March 18 2015
News Source: Global Exchanges
Focus: Trading Rules
Type: General
Country: European Union
Link: http://www.euroccp.com/content/euroccp-clear-london-stock-exchange-trades
European Central Counterparty (EuroCCP) has announced that it will be clearing trades executed on London Stock Exchange. EuroCCP is the largest cash equities central counterparty in Europe.
Firms using EuroCCP to clear UK equities trades executed on Aquis, BATS Chi-X, Equiduct, GETMatched, Sigma-X, SmartPool, Turquoise and UBS MTF will be able to direct LSE trades to EuroCCP and save at least 50% on settlement costs. Through cross-platform netting by EuroCCP, all trades in the same UK stock, regardless of where they are executed, can be netted with LSE trades into one single settlement obligation.
EuroCCP will start clearing LSE trades after legal, connectivity and operational arrangements have been finalized among the relevant parties and regulatory approvals have been received. Interoperability arrangements are already in place between EuroCCP and the incumbent clearers for LSE, LCH.Clearnet Ltd. and SIX x-clear AG.
Click on the link above for further details.