BATS Europe, the European trading platform owned by exchange group BATS Global Markets, has selected LCH.Clearnet Ltd, the UK division of European central counterparty (CCP) group LCH.Clearnet, to clear the UK and Swiss securities traded on its platform.
LCH.Clearnet will replace BATS Europe’s existing CCP, European Multilateral Trading Facility (EMCF), for UK and Swiss stocks. EMCF will continue to clear the other stocks traded on the platform.
LCH.Clearnet will clear the trades through its EquityClear service. According to the clearer, its members will benefit from both collateral efficiencies and cost reductions by adding BATS Europe volume to their existing LCH.Clearnet volume.
“Clearing members will benefit from an efficient, high quality, cost-effective offering as we continue to expand our coverage within the rapidly evolving equities market,” said Wayne Eagle, director, equity services, LCH.Clearnet.
BATS Europe was launched in October 2008 and currently trades around 800 of the most liquid European securities.
LCH.Clearnet Ltd is the main clearing house for the London Stock Exchange. LCH.Clearnet SA, the group’s French arm, is the CCP for NYSE Euronext’s European exchanges.