Source: EuroCCP
European Central Counterparty N.V. (EuroCCP) has completed the consolidation of its constituent businesses, EuroCCP Limited and EMCF N.V., creating the largest cash equities clearer in Europe.
Diana Chan, CEO of EuroCCP, said: "The migration of 20 Clearing Participants and six trading platforms within seven weeks illustrates the technical and operational ease with which access to platforms and interoperability can be implemented when parties collaborate."
The six platforms - Equiduct, GetMatched, NYSE Arca, Smartpool, Sigma X and UBS MTF - are now connected to EuroCCP and increase netting possibilities for Clearing Participants. The combination of EMCF and EuroCCP has provided Clearing Participants with overall annual savings in excess of EUR 10 million through reduced settlement costs, volume discounts on clearing fees and elimination of one set of connectivity and interoperability costs.
Diana Chan continued: "We are clearing for 16 trading platforms; this reach makes a positive difference to our clients' clearing related costs. For example, 50 per cent of their settlement costs have been cut where they previously needed to settle with two different CCPs."
Diana Chan added: "Our goal is to continue to help market participants drive down costs by securing access and clearing trades from more platforms."