The European Multilateral Clearing Facility (EMCF) has announced a reduction in clearing fees for the third time since March 2007.
The Fortis-owned subsidiary offers central counterparty services for equity trading on exchanges and other trading venues. The EMCF has seen the total number of cleared Chi-X transactions increase substantially since it was introduced to the market in March 2007.
For markets in France, Finland, Germany, the Netherlands and Sweden, the fee will drop 26% from €0.19 to €0.14. For Switzerland, the fee will decrease from €0.02 to €0.08 and in the UK fees will drop 20% from €0.15 to €0.12. For internalised trades, a new fee of €0.03 will also become applicable.
The changes will come into effect on 1 May. The EMCF believe that these reductions mean that they should remain over 50% cheaper than other European clearing houses.
“We are determined to bring fair market prices to all participants in order to substantially grow the clearing business,” comments Jan Booij, managing director of EMCF, adding that at no point would this be at the cost of compromising its reliability as a central party. “The non-exclusive partnership between EMCF and Chi-X continues to flourish based on the simple principles of price competition and quality of service, “ he added.