LCH.Clearnet has announced the launch of interoperable clearing across 17 countries for Turquoise, a pan-European equity trading platform acquired by the London Stock Exchange (LSE) in 2010.
Wayne Eagle, executive director, Equity Services at LCH.Clearnet, said, “The introduction of interoperable clearing for Turquoise is a truly positive development for the European Equities market. Choice of clearer allows customers to select the clearing house that best meets their requirements and results in lower costs and greater efficiencies. With EquityClear’s highly competitive pricing structure and robust risk management standards, we are confident that customers will recognise the benefits of choosing LCH.Clearnet.”
The move follows other announcements from exchanges shifting to an interoperability model including Chi-X Europe, BATS Europe and UBS' multi-lateral trading facility (MTF).
Adrian Farnham, CEO of Turquoise said, “We are pleased that LCH.Clearnet are part of this initial phase in building a fully interoperable clearing model, one which will allow members of Turquoise to decide which clearing house they want to use. We very much believe interoperability will help drive post trade efficiencies in the European cash equity market.”
