Interoperability Updates

 

EUROCCP is producing a mailing to inform its participants, partners and prospects of the progress of the interoperability project. You will find below a copy of these mails.

14 February 2012:

Please find below our progress update on interoperability:

      • EuroCCP is pleased to announce that its market share on Chi-X Europe and BATS Europe is now over 40%*.
      • EuroCCP clearing transaction volumes have trebled since the launch of full four-way interoperability on 6 January.
      • A number of clearing participants who have selected EuroCCP as their CCP of choice are still in the process of consolidating their activity with EuroCCP, and we expect our volumes to keep increasing over the coming weeks.
      • We are actively working on the NASDAQ OMX Nordic interoperability project and have filed our application with Nordic and UK regulators. We have delivered a joint CCP presentation on the project at a NASDAQ OMX roadshow in the Nordic region end of January. Please see presentation on EuroCCP website http://www.euroccp.co.uk/leadership/overview_interoperability.php

We are very grateful of the continued support of our participants.

Please note that these interoperability updates are also posted on Twitter (@euroccp) and as a EuroCCP Linked In group discussion.

Your relationship manager will be happy to answer any questions or comments you may have.

(*) EuroCCP market share calculation is based on data publicly available on BATS Europe website.

9 January 2012:

Please find below our progress update on interoperability:

      • EuroCCP is pleased to confirm the successful introduction of full interoperable clearing on the Chi-X Europe and BATS Europe platforms on Friday 6 January.
      • The migration of the additional trade flow was undertaken without any impact on EuroCCP’s netting process or client reporting, and its matching ratio remained at optimal levels.
      • EuroCCP’s volume of cleared transactions increased by 54% above December’s daily average.
      • Clearing volumes are expected to increase still further as participants continue to consolidate their activity on the Chi-X Europe and BATS Europe platforms and as market volumes fully recover from the year-end period.

Please note that these interoperability updates are also posted on Twitter (@euroccp) and as a EuroCCP Linked In group discussion.

Your relationship manager will be happy to answer any questions or comments you may have.

3 January 2012:

Please find below our progress update on interoperability:

      • EuroCCP will clear on the BATS Europe and Chi-X Europe platforms on an interoperable basis with EMCF on 6 January 2012, following receipt of regulatory approval.
      • As you know, five major participants have publicly announced their strategic support of EuroCCP and several more have subsequently confirmed their intention to concentrate their activity with EuroCCP.
      • EuroCCP is focusing on delivering clearing services with NASDAQ OMX and Burgundy in 2012.
      • In addition, EuroCCP continues its dialogue with participants, industry bodies and the other CCPs to offer clearing services and interoperability on other venues in the near future.
      • Participants wishing to discuss the consolidation of their clearing activity on the BATS Europe and Chi-X Europe platforms are invited to contact the EuroCCP Relationship Management Team (euroccp_crm@euroccp.co.uk). The Account Administration Team (euroccpaa@dtcc.com) is also available to accommodate your documentation and testing requirements.

EuroCCP would like to express its gratitude to all its participants for their support and commitment during 2011 and looks forward to working closely with them in 2012.

Please note that these interoperability updates are also posted on Twitter (@euroccp) and as a EuroCCP Linked In discussion.

Your relationship manager will be happy to answer any questions or comments you may have.

Week closing 14 October:

Please find below our progress update on interoperability.

      • EuroCCP is now successfully clearing and processing interoperable trades executed on both BATS Europe and UBS MTF.
      • EuroCCP is on track to support full interoperability for Turquoise in November 2011, for BATS Europe and Chi-X Europe in January 2012 and for Nasdaq OMX Nordic in April 2012, pending regulatory approval.
      • Participants will be able to test full interoperability on BATS Europe and Chi-X Europe from the 14th of November onward.

Please note that these interoperability updates are also posted on Twitter (@euroccp) and as a EuroCCP Linked In group discussion.

Your relationship manager will be happy to answer any questions or comments you may have.

Week closing 2 September:

Please find below our progress update on interoperability.

          • EuroCCP has been successfully processing fully interoperable transactions on UBS MTF during August and continues to do so with 100% predictability that orders matched on UBS MTF will clear via the traders' choice of CCP.
          • We are working with Chi-X and EMCF in preparation for the roll-out of interoperability scheduled in January 2012.

Please note that these interoperability updates are also posted on Twitter (@euroccp) and as a EuroCCP Linked In group discussion.

Your relationship manager will be happy to answer any questions or comments you may have.

Week closing 5 August:

As you know, EuroCCP clearing of BATS Europe and UBS MTF is now operating successfully and volumes are growing.

We would like to thank you for your continuous support and assure you that we continue to work hard to extend competitive clearing to other trading platforms. We are working with industry participants, industry bodies and the other CCPs to clarify the timescales required for the delivery of interoperability on other venues.

Future updates will be provided as and when we have significant news but should you have any questions about EuroCCP's efforts please do not hesitate to contact your relationship manager.

Please note that our Interoperability updates are also posted on Twitter (@euroccp) and as a EuroCCP Linked In group discussion.

Week closing 29 July:

Please find below our weekly progress update on interoperability go live.

          • EuroCCP launched its interoperable clearing service on BATS Europe and on UBS MTF.
          • The launch was a great success. EuroCCP cleared a significant number of sides on BATS Europe on 29 July and has continued to maintain that volume. We expect clearing volume to keep increasing over the coming weeks as further participants get ready to join the service.

Please note that these weekly interoperability updates are also posted on Twitter (@euroccp) and as a EuroCCP Linked In group discussion.

Your relationship manager will be happy to answer any questions or comments you may have.

Week closing 22 July:

Please find below our weekly progress update on interoperability go live.

          • On 22 July, EuroCCP received the authorisation from the UK's Financial Services Authority to clear for BATS Europe and UBS MTF under interoperable arrangements. This is the final milestone before the actual launch on 29 July.
          • We are continuing to work closely with BATS Europe and UBS MTF in preparation for the switch into production.
          • As announced last Friday, EuroCCP new fee schedule is now available on our website at http://www.euroccp.co.uk/docs/EuroCCP_Fee_Schedule_07_2011.pdf. This includes information on our fee cap at 230,000 sides per day.
          • We would like to remind you that our testing environment remains available 24/7, even during the launch period. Please feel free to contact the EuroCCP Account Administration team (euroccpaa@dtcc.com) to accommodate your testing requirements.

Please note that these weekly interoperability updates are also posted on Twitter (@euroccp) and as a EuroCCP Linked In group discussion.

Your relationship manager will be happy to answer any questions or comments you may have.

Week closing 15 July:

Please find below our weekly progress update on interoperability go live.

BATS Preferred Interoperable Clearing Service

          • We continue to work closely with BATS Europe;  The launch is still on track for 29 July, pending regulatory approval.
          • Participant testing is progressing well. Please feel free to contact the EuroCCP Account Administration team (euroccpaa@dtcc.com) to accommodate your testing requirements.

UBS MTF

          • We are working  closely with UBS MTF with the intention to be ready to clear on 29 July, subject to regulatory approval.
          • Questions on the MTF or request for assistance to test  with the trading platform may be addressed  to Jean- Philippe Minet, at UBS: jean-philippe.minet@ubs.com,  Tel: +44 (0)20 7568 9557.
          • The EuroCCP testing environment is available 24/7;  If you do not wish to test with the trading platform, EuroCCP can simulate test trades upon request. Please feel free to contact the EuroCCP Account Administration team (euroccpaa@dtcc.com) to accommodate your testing requirements.

Please note that these weekly interoperability updates are also posted on Twitter (@euroccp) and as a EuroCCP Linked In group discussion.

Your relationship manager will be happy to answer any questions or comments you may have.

Week closing 8 July:

Please find below our weekly progress update on interoperability go live.

          • We remain on track for a launch on 29 July, pending regulatory approval.
          • Two of our participants have completed testing. A third participant has been set-up to start testing. Please feel free to contact the EuroCCP Account Administration team (euroccpaa@dtcc.com) to accommodate your testing requirements.

Please note that these weekly interoperability updates are also posted on Twitter (@euroccp) and as a EuroCCP Linked In group discussion.

Your relationship manager will be happy to answer any questions or comments you may have.

Week closing 1 July:

Please find below our weekly progress update on interoperability go live.

          • We continue to make strong progress and remain on track for a launch on 29 July, pending regulatory approval. The multi-party Dispute Resolution process was submitted to the FSA this week.
          • Although it is only six weeks since the BATS Europe announcement, five firms have indicated they will be ready and will choose EuroCCP. We anticipate more soon - discussions are well advanced with a number of other members.
          • A second participant has been set-up to start testing. Please feel free to contact EuroCCP Account Administration team (euroccpaa@dtcc.com) to accommodate your testing requirements.

Please note that these weekly interoperability updates are also posted on Twitter (@euroccp) and as a EuroCCP Linked In group discussion.

Your relationship manager will be happy to answer any questions or comments you may have.

Week closing 24 June:

Please find below our weekly progress update on interoperability go live.

          • EuroCCP is pleased to announce a new fee structure which will be effective from the launch of the Preferred Interoperable Clearing Service. The main change in the fee structure consists of free clearing fees for volumes over 230,000 sides a day, which means that participants will benefit from a daily clearing fee cap of €4,300. Please see http://www.euroccp.co.uk/news_centre/press/2011/fee_reduction.php
          • We have received further confirmation from participants indicating the selection of EuroCCP as their preferred CCP.
          • Participant testing is making good progress. Please feel free to contact EuroCCP Account Administration team (euroccpaa@dtcc.com) to accommodate your testing requirements.
          • The UK and Swiss regulators have confirmed that all three CCPs will receive notification for interoperating on BATS Europe at the same time.

Please note that these weekly interoperability updates are also posted on Twitter (@euroccp) and as a EuroCCP Linked In group discussion.

Your relationship manager will be happy to answer any questions or comments you may have.

Week closing 17 June:

Following BATS Europe announcement on 27 May of the upcoming launch of the Preferred Interoperable Clearing Service, we are pleased to provide you with further information on EuroCCP readiness for the launch of this new service.

          • The new service is scheduled to launch late July 2011, pending regulatory approval.
          • We are pleased to announce that a number of clearing participants have already indicated the selection of EuroCCP as their preferred CCP.
          • The testing environment is available to Participants any time and one of our participants is currently actively testing. Please feel free to contact EuroCCP Account Administration team (euroccpaa@dtcc.com) to accommodate your testing requirements
          • EuroCCP is in compliance with all the legal and regulatory requirements and is expecting a non-objection letter from FSA once closer to launch date.

 A description of how the Preferred CCP Service works and its benefits is attached.

Participants wishing to elect EuroCCP as the "preferred CCP" are invited to sign the Platform Extension letter and provide an Updated Account Set Up Package.

Going forward, EuroCCP will provide you with a weekly update on the status of progress of this project.

We fully appreciate that choosing a "preferred CCP" is a critical strategic decision, and we are happy to provide whatever assistance you may require.