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by Judy Inosanto

Related Information

  • EuroCCP Web site
  • EuroCCP / SWIFT Link Provides Guarantee for Prime and Executing Brokers

  • A panel of 50 market leaders and experts voted EuroCCP Best Clearing House for the 2010 Financial News Awards for Excellence in Trading and Technology Europe.

    “We are honored to be recognized by our industry with this distinguished award,” said Diana Chan, CEO of EuroCCP. “Since our launch, EuroCCP has been focused on delivering the best customer experience. Being voted by a panel of independent industry experts as the ‘Best Clearing House’ is a great tribute to the dedication of the EuroCCP team in customer service, quality, operational excellence, responsiveness and innovation. Our heritage shows that we can be relied upon to deliver safety and efficiency. We differentiate through our service excellence and by making complex issues simple.”

    EuroCCP, a wholly-owned subsidiary of DTCC incorporated in the U.K., was launched in August 2008 to provide pan-European equity clearing services for multilateral trading facilities such as Turquoise. Early in the following year, it won the mandate to clear for the NASDAQ OMX national stock exchanges in Denmark, Finland and Sweden. EuroCCP has added SmartPool, NYSE Arca Europe and Pipeline Financial to the growing list of trading platforms it supports. Securities in 19 markets, including more than 5,000 equities issues in Europe, U.S. issues and 120 listed depository receipts, are cleared by EuroCCP

    Efficient pan-European clearing solution

    Since EuroCCP arrived on the clearing scene in Europe, offering the economies of scale already achieved in the U.S. market to European participants, other CCPs have reacted by lowering their fees by as much as 90%. As a result, market participants have saved in excess of €300 million in fees paid to CCPs during the last two years.

    Bringing safety and efficiency to OTC equity trades

    EuroCCP considers that its work is not yet done. It is now working on extending clearing services beyond organized execution venues and stock exchanges.

    It is working with Omgeo and SWIFT – providers of overthe- counter (OTC) trade affirmation and matching services – to clear equity trades executed over the counter. With this new service, institutional investors’ executing brokers, prime brokers and custodians could channel the executed trades through Omgeo or SWIFT to EuroCCP for clearing. The parties to the trade are not only protected from counterparty risk but also benefit from netting, which reduces operational complexity and settlement costs. @