London Stock Exchange to add additional CCP to SETS and SETSqx order books

  • EuroCCP will  become third provider of clearing services for SETS and SETSqx order books
  • Reaffirms commitment to drive efficiencies across trade cycle
  • Follows successful completion of migration of post trade feed to CCPs in June 2014
  • Move in line with LSEG’s unique open-access model

 

London Stock Exchange today announces that it will add European Central Counterparty N.V (EuroCCP) as a provider of CCP services to its SETS and SETSqx order books. The move, which is subject to regulatory approval, is expected to take place in March 2015. EuroCCP will become the third provider of clearing services alongside LCH.Clearnet Ltd and SIX X-Clear. 

London Stock Exchange was one of the first trading venues to implement interoperability when it introduced competitive clearing for SETS in 2008. Since then it has remained firmly committed to driving efficiencies for its members across the trading cycle. In June 2014, London Stock Exchange successfully completed the migration of its post trade feed from Euroclear UK & Ireland (EUI) to central counterparties, bringing it in line with the model used by Multilateral Trading Facilities (MTFs). This has enabled members to derive benefits from cross venue netting, reducing the number of settlement obligations and ultimately fees.

Nicolas Bertrand, Head of Equity and Derivatives Markets, London Stock Exchange Group said: “The addition of EuroCCP as a third provider of clearing services for trades executed on London Stock Exchange’s main electronic order book reaffirms our commitment to offering choice to its members, helping to drive efficiencies across the trading cycle. London Stock Exchange first introduced interoperability between clearing providers back in 2008 and the expansion of this further confirms the Group’s unique position as a truly open-access infrastructure provider.”

 

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