Euroclear Bank is to be the sole settlement provider for US-listed equity trades on pan-European multilateral trading facility (MTF) Turquoise.
A deal between Euroclear Bank and Turquoise’s central counterparty, EuroCCP, means all trades in US stocks on the MTF will be settled on behalf of clients in any of 54 settlement currencies it offers.
Robert Barnes, chief executive of Turquoise, said: “Turquoise already offers its customers access to 18 European markets through a single connection. Today’s announcement increases the geographic diversification of the markets we offer to our customers and makes the process of trading US names – as well as in a European time zone – easier than ever.”
Turquoise clients will not need to make any adjustments to access Euroclear’s settlement service.
Euroclear already offered settlement for depository receipts with Turquoise and EuroCCP for US equities and the latest expansion of the services offers full trade, clearing and settlement on US stocks.