Clearnet has postponed its November target date for the implementation of C21 as the new clearing platform for cash markets in Brussels until 1 March, 2002.
The new target date will give the European clearing house, its members and all related providers extra time to prepare for the new platform, after the migration of the Amsterdam cash market to NSC trading software in October 2001, says Clearnet.
The migration of the participants in Brussels to C21 is the first step in a bid to deliver a single clearing platform for all Clearnet members on their cash transactions.
The Clearing 21 central counterparty platform allows the processing of transactions from all markets in real time using a single tool and enables multilateral netting of positions. Clearing 21 is already used on US derivative markets and on derivative and cash markets in Paris.