European Central Counterparty NV (EuroCCP) said it completed the consolidation of EuroCCP Limited and EMCF NV, creating the largest cash equities clearer in Europe.

“The migration of 20 Clearing Participants and six trading platforms within seven weeks illustrates the technical and operational ease with which access to platforms and interoperability can be implemented when parties collaborate,” Diana Chan, CEO of EuroCCP, said,

The six platforms – Equiduct, GetMatched, NYSE Arca, Smartpool, Sigma X and UBS MTF – are now connected to EuroCCP and increase netting possibilities for clearing participants. EuroCCP said the combination of EMCF and EuroCCP provided clearing participants with overall annual savings in excess of 10 million euros through reduced settlement costs, volume discounts on clearing fees and elimination of one set of connectivity and interoperability costs.

Chan added: “We are clearing for 16 trading platforms; this reach makes a positive difference to our clients’ clearing related costs. For example, 50% of their settlement costs have been cut where they previously needed to settle with two different CCPs.”

Chan said the group's goal was to continue helping market participants drive down costs by securing access and clearing trades from more platforms.

Eurex Clearing said the Federal Financial Supervisory Authority, BaFin, had authorised it as a clearing house in accordance with the European Market Infrastructure Regulation (EMIR), making it the fourth European group to get approval in recent days.

Eurex Clearing released a study that it said showed sell- and buy-side participants alike can substantially lower their capital and funding cost by actively pooling clearing business on an integrated cross-product CCP, with as much as 4-5 billion euros of incremental cost benefits to the European financial community.

Adam Cox reports

Earlier this week, we heard from several executives on ways to be innovative on the operational side. In the second of our two-part series, we hear from them again on transparency, measurement, organisational issues as well as what they’re working on right now.

 

KDPW_CCP said the Polish Financial Supervision Authority had authorised it as a clearing house, confirming it fulfils all requirements under the EU Regulation EMIR.

SIA, in partnership with Colt, said it won the tender to connect Deutsche Bundesbank to TARGET2-Securities (T2S), the new centralised European platform for the settlement of domestic and cross-border securities transactions.