European Central Counterparty will soon begin clearing trades on the London Stock Exchange.
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 London Stock Exchange trades to EuroCCP and save at least 50 percent on settlement costs.
All trades in the same UK stock can now be netted with a London Stock Exchange trade into a single settlement obligation.
EuroCPP will begin clearing London Stock Exchange trades once legal and operational arrangements have been finalised.
Diana Chan, CEO of EuroCCP, said: “The addition of EuroCCP to the central counterparties already available will bring the benefits of more competition together with reduced costs.”
In December 2013, EuroCCP merged with EMFC, forming Europe’s largest cash equities central counterparty.
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