Pan-European equity clearinghouse EuroCCP is set to provide clearing services to the Euronext Oslo Growth Market from next month.
EuroCCP said it expects to go live clearing for the Oslo Bors growth market segment from 28 June. All trades executed on the in the Norwegian growth market and cleared by EuroCCP will be reported with the MIC in the daily CIF files, and member testing will be supported from 2 June.
The move comes ahead of the upcoming September launch of a new derivatives exchange in Europe by Cboe Global Markets, EuroCCP’s new parent company following its acquisition in July last year.
With the addition of EuroCCP as a subsidiary, Cboe set out its plans to launch a new derivatives market known as Cboe Europe Derivatives in July. ABN Amro Clearing, Goldman Sachs and Morgan Stanley were then recently confirmed as the first participants to back the new exchange that EuroCCP will provide clearing services for.
EuroCCP also underwent a leadership reshuffle in April in a move that the clearinghouse said would help it transition into a multi-asset clearinghouse ahead of the new exchange launch.
As part of the reshuffle, EuroCCP’s chief risk officer since 2008, Arnoud Siegmann, was appointed chief operating officer while Jonathan Tran, who joined EuroCCP in 2018 from LCH, replaced Siegmann as chief risk officer. Elsewhere, Ed Hughes was appointed chief technology officer.
“Firms not currently active in European markets are excited by the prospect of a transparent, efficient, lit pan-European equity derivatives market, which will help to unlock its true potential and grow the market overall,” said Ade Cordell, president of Cboe NL, in an April statement.