Eurex CCP is new clearinghouse for SL-x
23 September 2013 Frankfurt
Image: Shutterstock
Eurex Clearing will act as the clearinghouse for securities borrowing and lending transactions executed via SL-x’s (patents pending) electronic trading platform.
SL-x plans to launch the new platform in Q4 2013 in 17 European equity markets.
From the outset, Eurex Clearing will offer central clearing for SL-x’s securities borrowing and lending transactions in Belgian, Dutch, French, German and Swiss stocks. In these initial five markets SL-x’s platform aims to include approximately 2,000 stocks and exchange-traded funds that represent over 90 percent of these markets’ stock on loan.
Eurex Clearing’s lending CCP started in November 2012 and covers equities, fixed income, and ETFs.
SL-x’s platform offers social networking technology with negotiation and operational capabilities for hard-to-borrow, special, and general collateral stocks that preserve current market structure. SL-x and Eurex Clearing are working on the extension of the CCP service to other major European equity markets.
“We are very pleased to further expand distribution for the lending CCP by working with SL-x. Our lending CCP is widely recognised as industry leading and the first to preserve the special structure of the lending market."
"It helps banks to reduce the amount of capital they require to run their borrowing and lending businesses, enables them to improve operational efficiency, and reduces counterparty credit risk”, said Thomas Book, CEO of Eurex Clearing.
SL-x’s chief executive officer, Peter Fenichel, said: “We are delighted that Eurex Clearing will be able to offer our clients central clearing from day one of our launch later this year. This agreement is an important step for both businesses on the way to providing CCP-backed SBL transactions.”
SL-x plans to launch the new platform in Q4 2013 in 17 European equity markets.
From the outset, Eurex Clearing will offer central clearing for SL-x’s securities borrowing and lending transactions in Belgian, Dutch, French, German and Swiss stocks. In these initial five markets SL-x’s platform aims to include approximately 2,000 stocks and exchange-traded funds that represent over 90 percent of these markets’ stock on loan.
Eurex Clearing’s lending CCP started in November 2012 and covers equities, fixed income, and ETFs.
SL-x’s platform offers social networking technology with negotiation and operational capabilities for hard-to-borrow, special, and general collateral stocks that preserve current market structure. SL-x and Eurex Clearing are working on the extension of the CCP service to other major European equity markets.
“We are very pleased to further expand distribution for the lending CCP by working with SL-x. Our lending CCP is widely recognised as industry leading and the first to preserve the special structure of the lending market."
"It helps banks to reduce the amount of capital they require to run their borrowing and lending businesses, enables them to improve operational efficiency, and reduces counterparty credit risk”, said Thomas Book, CEO of Eurex Clearing.
SL-x’s chief executive officer, Peter Fenichel, said: “We are delighted that Eurex Clearing will be able to offer our clients central clearing from day one of our launch later this year. This agreement is an important step for both businesses on the way to providing CCP-backed SBL transactions.”
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