Clearing

Clearing for trades on futures exchange operator IntercontinentalExchange’s European subsidiaries will migrate to ICE Clear Europe from LCH.Clearnet on the weekend of 13 and 14 September – a month later than previously announced and almost two months later than its initial expectations.

A study published by EuroCCP, the clearing counterparty for new European multilateral trading facility Turquoise, claims that it offers the lowest costs for clearing in Europe, based on tariffs disclosed by all service providers.

Eurex Clearing has enhanced its over-the-counter (OTC) clearing offering. As of 1 July 2008, it will introduce a multilateral trade registration (MTR) facility and a new deal-based pricing structure for equity options.

Euroclear, the European settlement services provider, has signed a ‘Memorandum of Understanding’ to acquire the Nordic Central Securities Depository (NCSD) from Nordea, SEB, Svenska Handelsbanken and Swedbank.

Nasdaq OMX has said that its decision to use the European Multilateral Clearing Facility (EMCF) for its pan-European platform was steered by Chi-X’s decision to use the same service.

Exchange operator Nasdaq OMX Group will use Fortis’s European Multilateral Clearing Facility (EMCF) to clear trades executed on its new pan-European trading platform.

ICE Clear Europe, a new clearing service being set up by derivatives exchange group IntercontinentalExchange (ICE), has been accredited as a UK Recognised Clearing House by the UK Financial Services Authority (FSA).

The Brazilian Clearing and Depository Corporation (CBLC) has signed a memorandum of understanding (MoU) with Euroclear and has been in partnership talks with settlements provider Omgeo.

Connor, Clark & Lunn Financial Group (CC&L), a Canadian multi-boutique asset management firm, has signed up to use Omgeo Central Trade Manager (Omgeo CTM).

SmartPool, NYSE Euronext’s new European block trading platform, has taken an important step towards its planned launch later this year.