EuroCCP creates facility for trading and clearing post-Brexit
18 March 2019 Amsterdam
Image: Shutterstock
EuroCCP, Aquis Exchange, Cboe Europe Equities and Turquoise have developed a facility that will enable customers to continue with their trading and clearing activity post-Brexit.
EuroCCP has obtained the necessary regulatory approvals to provide post-trade services to the EU-based entities of Aquis Exchange, Cboe Europe Equities and Turquoise.
It is expected that the EU-based entities of the three trading venues will offer market participants the ability to trade in EU-listed securities following Brexit.
Meanwhile, their UK-based trading venues for the trading of UK and Swiss-listed securities will continue to operate.
EuroCCP will activate the clearing arrangements in EU-listed securities as soon as the new EU-based venues are ready to go live.
In order to ensure a smooth go-live, EuroCCP is seeking to have all new clearing memberships in place prior to the go-live date agreed with the new venues, which currently remains at 1 April 2019.
Cécile Nagel, CEO of EuroCCP, said: “While the uncertainty continues and despite the increasing likelihood that there may be a delay to Brexit, we are still focused on our preparations in case the UK leaves the EU on 29th March.”
“In addition to today’s announcement, we have also successfully on-boarded six new EU-based entities acting as clearing members, together with more than 10 new EU-based trading members.”
She added: “Our work with all market participants has intensified in recent weeks as we set up and operate the new memberships, to secure frictionless pre- and post-trading activity in EU-based and UK-based products after Brexit.”
EuroCCP has obtained the necessary regulatory approvals to provide post-trade services to the EU-based entities of Aquis Exchange, Cboe Europe Equities and Turquoise.
It is expected that the EU-based entities of the three trading venues will offer market participants the ability to trade in EU-listed securities following Brexit.
Meanwhile, their UK-based trading venues for the trading of UK and Swiss-listed securities will continue to operate.
EuroCCP will activate the clearing arrangements in EU-listed securities as soon as the new EU-based venues are ready to go live.
In order to ensure a smooth go-live, EuroCCP is seeking to have all new clearing memberships in place prior to the go-live date agreed with the new venues, which currently remains at 1 April 2019.
Cécile Nagel, CEO of EuroCCP, said: “While the uncertainty continues and despite the increasing likelihood that there may be a delay to Brexit, we are still focused on our preparations in case the UK leaves the EU on 29th March.”
“In addition to today’s announcement, we have also successfully on-boarded six new EU-based entities acting as clearing members, together with more than 10 new EU-based trading members.”
She added: “Our work with all market participants has intensified in recent weeks as we set up and operate the new memberships, to secure frictionless pre- and post-trading activity in EU-based and UK-based products after Brexit.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
