Overview

 

European Central Counterparty Ltd. (EuroCCP) is a London-based subsidiary of The Depository Trust & Clearing Corporation (DTCC) formed to provide clearing and settlement services for Turquoise, a new pan-European trading platform established by nine major global investment banks.

While EuroCCP is wholly owned by DTCC, it has a separate board of directors which govern its activities. Turquoise established its own trading, clearing and settlement services to provide a low-cost alternative to existing markets, which were mostly focused in a single country in Europe. EuroCCP is expected to begin operations when the new Turquoise trading platform is ready.

EuroCCP will be using Citigroup to provide settlement services through its existing network throughout Europe, and EuroCCP is making extensive use of DTCC’s 30 years of experience to design and run its applications for clearing and settlement of trades done in Europe.

About DTCC

DTCC, through its subsidiaries, provides clearing, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks.

DTCC's depository provides custody and asset servicing for 2.8 million securities issues from the United States and 107 other countries and territories, valued at $36 trillion. In 2006, DTCC settled more than $1.5 quadrillion in securities transactions.

DTCC operates through six subsidiaries - each of which serves a specific segment and risk profile within the securities industry:

  • National Securities Clearing Corporation (NSCC)
  • The Depository Trust Company (DTC)
  • Fixed Income Clearing Corporation (FICC)
  • DTCC Deriv/SERV LLC
  • DTCC Solutions LLC
  • EuroCCP Ltd.

DTCC's joint venture company, Omgeo, has 6,000 customers in 42 countries and plays a critical role in institutional post-trade processing, acting as a central information management and processing hub for brokers, investment managers and custodian banks.