EuroCCP, the pan-European cash equities clearing house, has successfully launched the new service for the clearing of Spanish stocks it announced on 4 April 2011.
The service went live on 3 May 2011 in response to reforms, known as Title V, which facilitate the trading of Spanish stocks on multilateral trading facilities.
EuroCCP has achieved a 100 per cent settlement success of all trades executed on the first day of the launch of the new service.
Diana Chan, CEO, EuroCCP, commented: "The successful launch of the service is a significant milestone towards the liberalisation of trading in Spanish stocks and further reduction in the cost of trading. The outcome is the result of a strong collaboration with our Spanish partners, our market participants and the trading platforms we support."
Adrian Farnham, Turquoise CEO, said. "We're impressed with the way in which EuroCCP has managed this whole process from beginning to end. And because of our joint support of Title V, and the professional way in which EuroCCP implemented the change, our members can now truly realise the efficiencies and savings of trading Spanish stocks on Turquoise."
Miguel Geraldes, Head of Relationship Management, Iberia, for NYSE Arca Europe and SmartPool, said: "NYSE Euronext congratulates the progress of the Spanish market reform, which will help create a level playing field between market participants in Spain and allow our members to benefit from cost savings when trading in Spanish securities on our lit and dark MTF platforms."