Operations

 

Clearing

Clearing for Platforms/Exchanges

EuroCCP began operations in August 2008, initially clearing for Turquoise. EuroCCP now clears trades in more than 6,000 equities issues for the following trading venues:

  • Turquoise, a pan-European multilateral trading facility (MTF) established by nine major investment banks;
  • SmartPool, an exchange-led, European dark pool for block trading established by the NYSE Euronext, HSBC, BNP Paribas and J.P. Morgan;
  • NYSE Arca Europe, an MTF that operates in 11 European markets;
  • Pipeline Financial Group Limited, a pan-European block trading and specialist algorithmic trading platform with sell-side and buy-side users.

Additionally, EuroCCP has entered into a Memorandum of Understanding with NASDAQ OMX to provide clearing services for its exchanges in Copenhagen, Helsinki and Stockholm.

As a growing number of MTFs and exchanges offer their users a choice of clearers, EuroCCP expects to extend its services to additional venues.

 
 
CCP Innovations

EuroCCP is continually expanding the reach and benefits of its clearing services to additional instruments and to new market segments and participants.

In October 2009 EuroCCP began clearing trades in the most liquid listed Depositary Receipts. Turquoise is the first MTF to offer trading in Depositary Receipts cleared through EuroCCP. In February 2010 EuroCCP launched clearing for European-listed Exchange-Traded Currencies (Currency ETCs), and in April 2010 it launched clearing of US Securities. View the lists of ISINs.

EuroCCP and Omgeo are jointly developing a pan-European equities central counterparty clearing service for OTC equity institutional client transactions, which until now have not enjoyed CCP risk protections and cost efficiencies. The service will focus initially on hedge fund activity, routing hedge fund/prime broker equity trades from trade matching through central counterparty netting and on to settlement finality.

 
 
Settlement Agent

Citi's Global Transaction Services acts as EuroCCP's settlement agent. Citi offers the extensive, multinational securities network and the strong links with European central securities depositories necessary to support EuroCCP's pan-European central counterparty services.