LCH.Clearnet to clear for Turquoise
First Published Friday, 8 May 2009 from Automated Trader : Automated Trading News
Turquoise appoints LCH.Clearnet to offer clearing
Eli Lederman, CEO, Turquoise, commented: "We strongly support interoperability as a means of bringing down the overall cost of trading for all market participants."
Through its EquityClear service, LCH.Clearnet will clear stocks traded by Turquoise from 15 European countries on an interoperable basis with EuroCCP. Formally launched in September 2008, the platform now offers trading in over 1,600 European securities on its integrated lit and dark market.
Wayne Eagle, Director Equity Services said: “The addition of Turquoise to our broad range of trading venues underscores our dedication to add value and security to the European equities market. Our EquityClear service offers a highly-competitive pricing structure which encourages higher volumes as they translate into lower clearing fees.”
Diana Chan, CEO at EuroCCP, said, "We fully support offering market participants a choice of which CCP they want to use. Competitive clearing and interoperating with other CCPs is embedded in EuroCCP's agreements with all the trading venues we clear for. We look forward to other incumbent CCPs following our example."
Eli Lederman, CEO at Turquoise, commented: “Turquoise is dedicated to continuing to deliver high quality execution and differentiated value throughout the trading process. We strongly support interoperability as a means of bringing down the overall cost of trading for all market participants, and look forward to working with both LCH.Clearnet and EuroCCP to offer our members some of the most efficient clearing and settlement arrangements in European equities trading.”
- LCH.Clearnet announces new Chairman
The Board of LCH.Clearnet Group Limited has announced the appointment of Jacques Aigrain as non-executive chairman. Mr Aigrain will replace Chris Tupker, who has been chairman since July 2006 and who announced his intention to step down in September 2009.
Commenting on the appointment Chris Tupker, chairman, LCH.Clearnet said: “Jacques’ wealth of experience in the financial sector will be a great asset to the company and the markets it serves as LCH.Clearnet continues to work with its users to develop its leading position in clearing markets internationally.”
He continued: “My four years at LCH.Clearnet have been both exciting and challenging. Last year’s capital restructuring was the final step in a three year programme to align ownership and usership more closely and the group is now positioned well for the future.”...continued - Turquoise's TQ Lens extended to UK stocks
David Lester, Chief Executive Officer, Turquoise: "TQ Lens represents an innovative solution to the fragmentation of non-displayed liquidity." Turquoise has announced that TQ Lens, its liquidity aggregation and order routing service, has been extended to include UK stocks.
Launched in August 2009, TQ Lens routes and distributes non-displayed orders to networks of connected liquidity partners, which include Bank of America Merrill Lynch, CA Cheuvreux, Citadel Securities, Citi, Deutsche Bank, and Nomura, whilst also providing access to the liquidity of non-displayed MTFs.
This extension of TQ Lens enables members to trade UK listed securities in the same way as stocks from 16 other main European markets, gaining centralised, neutral and anonymous access to sources of non-displayed liquidity....continued - Automated Trader Updates
Atrium Network and BATS announced Multicast PITCH data feed, Fixnetix offered direct market data feed and trading access to Burgundy, and Turquoise and EuroCCP introduced trading and clearing services for Hungary and the Czech Republic....continued
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- Turquoise
