London Stock Exchange welcomes Euroclear tariff changes
The London Stock Exchange today welcomes Euroclear UK & Ireland’s (EUI) decision to remove the gross charge for the netting of London Stock Exchange trades.
The Exchange estimates this will save its customers in the region of £10m in the next year in lower post trade costs for their SETS business.
Kevin Milne, Director of Post Trade Services said:
“We are very pleased that EUI has removed the gross charge for netting SETS trades. In addition to our own ongoing tariff cuts, this move will further reduce the overall cost of trading for our major clients and level the playing field with our competitors.
“We would like to thank EUI for their constructive approach in working with us and our customers on this issue. We remain committed to working with all parties to continue to bring down the cost of post trade services.”
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Notes to editors:
About London Stock Exchange Group:
London Stock Exchange Group is Europe's leading diversified exchange business, incorporating Borsa Italiana and the London Stock Exchange. With over 500 member firms and more than 3,000 companies quoted across its markets, the Group operates the largest and most liquid equity marketplace in Europe.
The London Stock Exchange itself is the world's most international exchange with more than 600 overseas companies from over 70 countries. These figures include international companies quoted on the Alternative Investment Market (AIM), the London Stock Exchange's growth market, and the world's most successful market for small and medium sized enterprises with over 1,200 companies.
The Group offers trading in a wide range of instruments, holding the number one position in the trading of exchange-traded products (ETFs and ETCs) and through its interest in MTS, is Europe’s leading platform for the trading of fixed income products. Through the Order Book for Retail Bonds and Mercato Telematico delle Obbligazioni (MOT) the Group also offers a comprehensive range of UK and European corporate and government bond trading services. Its Italian Derivatives Exchange Market (IDEM) sees over €2.5 billion worth of trading every day and through EDX London the Group provides a facility for the trading of Scandinavian and Russian equity derivatives.
London Stock Exchange Group also offers post-trade services such as netting, clearing and settlement on an efficient and competitive basis. These include services from Monte Titoli, the Central Securities Depository for all Italian financial instruments, and Cassa di Compensazione & Garanzia (CC&G), which in July 2009 was granted Recognised Overseas Clearing House (ROCH) status by the FSA to operate in the UK.
Now with the recent acquisition of MillenniumIT, the Group also encompasses a leading developer of low cost high performance trading platforms and financial markets software serving both the industry and the Group's own businesses.