EuroCCP, an equities clearinghouse, has obtained the necessary regulatory approvals to provide post-trade services to the EU-based entities of Aquis Exchange, Cboe Europe Equities and Turquoise.
Working together, Aquis Exchange, Cboe Europe Equities, Turquoise and EuroCCP have developed a facility that will enable customers to continue with their trading and clearing activity post-Brexit. Specifically, it is expected that the EU-based entities of the three trading venues will offer market participants the ability to trade in EU-listed securities following Brexit, while continuing to operate their UK-based trading venues for the trading of UK and Swiss-listed securities. EuroCCP will activate the clearing arrangements in EU-listed securities as soon as the new EU-based venues are ready to go live.
“While the uncertainty continues and despite the increasing likelihood that there may be a delay to Brexit, we are still focused on our preparations in case the UK leaves the EU on 29 March,” says Cécile Nagel (pictured), Chief Executive Officer of EuroCCP. “In addition to today’s announcement, we have also successfully on-boarded six new EU-based entities acting as clearing members, together with more than 10 new EU-based trading members. Our work with all market participants has intensified in recent weeks as we set up and operate the new memberships, to secure frictionless pre- and post-trading activity in EU-based and UK-based products after Brexit.”
In order to ensure a smooth go-live, EuroCCP is seeking to have all new clearing memberships in place prior to the go live date agreed with the new venues, which currently remains as 1st April 2019.
As of end 2018, EuroCCP was able to access close to 90 per cent of European equities markets and achieved a share of over 30 per cent of clearing in this competitive environment.