In the News
Euro CCP and Omgeo to create clearing system
Further evidence of rising demand for clearing following the financial crisis is emerging as two leading providers of post-trade services unveil a new clearing mechanism for asset managers and hedge funds.
The Impact of MiFID on Europe's Execution Landscape: Pre-Trade and Post-Trade Implications
Sixteen months after the Markets in Financial Instruments Directive (MiFID) came into force, Bob Currie evaluates implications of the Directive for market efficiency and standards of investment protection.
Preserving Financial Stability Amid the Storm: Liquidity and Capital Management in Volatile Market Conditions
Bob Currie reviews policy lessons that can be drawn from the global financial crisis and implications for supervising capital and liquidity adequacy.
Balance of Power
Europe's securities industry is transforming itself at breakneck speed into a much more competitive arena. But is the post-trade world moving fast enough to keep up?
Turquoise trade feed - August 2008
In August 2008, Turquoise, in conjunction with European Central Counterparty Limited ('EuroCCP') and Citibank N.A. London ('Citibank'), will introduce pan-European trading and Central Counterparty ('CCP') arrangements for trades executed on the Turquoise platform.
Europe urged to adopt US clearing model
Attempts by Brussels to persuade exchange clearers in Europe to lower tariffs by establishing links with each other will take too long and a US-backed solution should be used instead, according to the chief executive of Euro CCP, the European unit of the largest US post-trade services provider.
Smartpool appoints clearing and settlement partners: EuroCCP & LCH Clearnet
SmartPool, a pan-European electronic block trading platform created by NYSE Euronext, HSBC and BNP Paribas has today announced that it has selected EuroCCP and LCH.Clearnet SA as its clearing and settlement service providers.
Response to LSE's Proposed Settlement Netting Service (PDF)
EuroCCP welcomes the LSE's invitation to interested parties to comment on its settlement netting service as described in the consultation document of 29 January 2008.
The Grey Areas of Project Turquoise
Stock exchanges, like water companies, used to be dull entities; always a steady flow of business, but no one was ever expected to make a fortune by owning them. How times have changed — for both bourses and utilities.
Devil in the Details on Best Execution
Liquidity fragmentation may well lead to a reduction in execution costs post-MiFID, but any perceived gains could be wiped out by the costs of clearing and settlement. Do traders appreciate the challenge, cost and complexity of clearing and settlement in a post-MiFID landscape of multiple liquidity venues? If not, they should, since it’s a fundamental requirement of Article 21 and achieving best execution.
LSE Rival Moves Nearer to Reality
Attempts by a group of investment banks to set up Project Turquoise – a pan-European trading platform that will rival the London Stock Exchange (LSE) – have moved a step nearer to fruition with the appointment of EuroCCP to provide clearing and settlement services.
Top Investment Banks Step Up Plans for Rival Exchange to LSE
Project Turquoise, the pan-European share-trading platform, announced yesterday that it had appointed America's Depository Trust & Clearing Corporation (DTCC) to process trades over the planned rival to Europe's stock exchanges.
DTCC to Handle Turquoise Settlement
A group of leading investment banks intent on setting up a pan-European trading platform to rival the likes of the London Stock Exchange and NYSE-Euronext on Wednesday appointed a company to provide settlement services for the new venture.