ABN AMRO joins EuroCCP for UK equity clearing
10 March 2016 London
Image: Shutterstock
ABN AMRO Clearing Bank is set to consolidate its UK equity clearing with EuroCCP, as of 10 February.
EuroCCP is the largest cash equities central counterparty (CCP) in Europe and ABN AMRO Clearing aims to reduce operational risk by directing all trades in UK stock to EuroCCP, in order to to maximise cross-platform netting.
All cleared trades in the same UK stock with the same settlement date executed on any platform, including LSE, will be netted into one single settlement obligation.
EuroCCP has been providing CCP services to Stock Exchange’s SETS and SETSqx order books since October 2015 on an interoperable basis with LCH.Clearnet Ltd. and SIX x-clear.
“Over the last 10 years ABN AMRO Clearing has supported innovative market initiatives that have brought more competition and resulted in extended functionality for all market participants”, says James Egan, chief commercial officer of ABN AMRO Clearing in Europe.
Diana Chan, CEO of EuroCCP, added: "Thanks to market demand, as much as 65 percent of European equity trades can now be cleared with a choice of CCPs, ahead of MiFID II mandating trading platforms to give CCPs access to their trade feeds.”
EuroCCP is the largest cash equities central counterparty (CCP) in Europe and ABN AMRO Clearing aims to reduce operational risk by directing all trades in UK stock to EuroCCP, in order to to maximise cross-platform netting.
All cleared trades in the same UK stock with the same settlement date executed on any platform, including LSE, will be netted into one single settlement obligation.
EuroCCP has been providing CCP services to Stock Exchange’s SETS and SETSqx order books since October 2015 on an interoperable basis with LCH.Clearnet Ltd. and SIX x-clear.
“Over the last 10 years ABN AMRO Clearing has supported innovative market initiatives that have brought more competition and resulted in extended functionality for all market participants”, says James Egan, chief commercial officer of ABN AMRO Clearing in Europe.
Diana Chan, CEO of EuroCCP, added: "Thanks to market demand, as much as 65 percent of European equity trades can now be cleared with a choice of CCPs, ahead of MiFID II mandating trading platforms to give CCPs access to their trade feeds.”
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