EuroCCP wins new approvals
March 18, 2019

EuroCCP, the equities clearinghouse, says it has obtained the necessary regulatory approvals to provide post-trade services to the EU-based entities of Aquis Exchange, Cboe Europe Equities and Turquoise.

It says that working together they have developed a facility that will enable customers to continue with their trading and clearing activity post-Brexit. Specifically, it is expected that the EU-based entities of the three trading venues will offer market participants the ability to trade in EU-listed securities following Brexit, while continuing to operate their UK-based trading venues for the trading of UK and Swiss-listed securities. EuroCCP will activate the clearing arrangements in EU-listed securities as soon as the new EU-based venues are ready to go live.

"While the uncertainty continues and despite the increasing likelihood that there may be a delay to Brexit, we are still focused on our preparations in case the UK leaves the EU on March 29," said Cécile Nagel, Chief Executive Officer of EuroCCP.

She continued: "In addition to today's announcement, we have also successfully on-boarded six new EU-based entities acting as clearing members, together with more than ten new EU-based trading members. Our work with all market participants has intensified in recent weeks as we set up and operate the new memberships, to secure frictionless pre- and post-trading activity in EU-based and UK-based products after Brexit."

In order to ensure a smooth go-live, EuroCCP is seeking to have all new clearing memberships in place prior to the go live date agreed with the new venues, which currently remains as April 1.

As of end 2018, EuroCCP calculates that it was able to access close to 90 percent of European equities markets and achieved a share of over 30 percent of clearing in this competitive environment.

 





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EuroCCP, the equities clearinghouse, says it has obtained the necessary regulatory approvals to provide post-trade services to the EU-based entities of Aquis Exchange, Cboe Europe Equities and Turquoise.

It says that working together they have developed a facility that will enable customers to continue with their trading and clearing activity post-Brexit. Specifically, it is expected that the EU-based entities of the three trading venues will offer market participants the ability to trade in EU-listed securities following Brexit, while continuing to operate their UK-based trading venues for the trading of UK and Swiss-listed securities. EuroCCP will activate the clearing arrangements in EU-listed securities as soon as the new EU-based venues are ready to go live.

"While the uncertainty continues and despite the increasing likelihood that there may be a delay to Brexit, we are still focused on our preparations in case the UK leaves the EU on March 29," said Cécile Nagel, Chief Executive Officer of EuroCCP.

She continued: "In addition to today's announcement, we have also successfully on-boarded six new EU-based entities acting as clearing members, together with more than ten new EU-based trading members. Our work with all market participants has intensified in recent weeks as we set up and operate the new memberships, to secure frictionless pre- and post-trading activity in EU-based and UK-based products after Brexit."

In order to ensure a smooth go-live, EuroCCP is seeking to have all new clearing memberships in place prior to the go live date agreed with the new venues, which currently remains as April 1.

As of end 2018, EuroCCP calculates that it was able to access close to 90 percent of European equities markets and achieved a share of over 30 percent of clearing in this competitive environment.

 



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