EuroCCP interoperable clearing now live on Equiduct
First Published 9th July 2012
Equiduct launches interoperable clearing services With EuroCCP
Diana Chan, CEO, EuroCCP
"As interoperability is adopted across trading venues and market participants see the cost savings that result from competitive clearing."
EuroCCP, the pan-European cash equities clearing house, has announced that its interoperable Central Counterparty (CCP) clearing is now live on Equiduct.
Equiduct is the latest trading platform to embrace interoperability in Europe.
To date Equiduct has used incumbent CCPs in the markets in which it operates. EuroCCP now offers interoperable CCP clearing with the incumbents in these markets. Where interoperability with the incumbent CCP is not yet possible, a "preferred" clearing model will be used.
Diana Chan, CEO of EuroCCP, said: "As interoperability is adopted across trading venues and market participants see the cost savings that result from competitive clearing, the European trading landscape is transforming."
"But six months on from the launch of full interoperability, we are really just at the end of the beginning. It is only when interoperating CCPs get equivalent access to all the trading venues they clear for, that trading firms will see the full benefits of true competition", said Diana Chan.
"The positive impact of the launch of competitive clearing is being felt right across Europe and we have seen a growing demand for it from our customers", said Peter Randall, CEO, Equiduct. "They will benefit from the greater security of having the choice of more than one CCP and in turn reduced funding and settlement costs."