GETMatched Europe, the European dark pool owned by global market maker GETCO, is to offer interoperable central counterparty clearing (CCP) via pan-European clearer EuroCCP, subject to regulatory approval.
European securities trades executed on GETMatched, a crossing network operated by GETCO Execution Services, the firm’s client services unit, can be cleared by either EuroCCP, LCH.Clearnet or SIX x-clear – GETMatched’s existing CCPs – once the new arrangement goes live.
“We are committed to creating an as efficient trading environment as possible for our clients. Widening the interoperable service on GETMatched through the addition of EuroCCP as a central clearer will provide our clients with greater choice and so further enhance their trading experience on our platform,” said Virginie Saade, head of GETCO Execution Services.
GETMatched Europe is a centrally cleared crossing network which matches liquidity-seeking client orders from eligible counterparties with passive orders posted by GETCO Europe Limited (GEL) on an anonymous basis. As sole market maker on the platform, GEL provides liquidity to clients through provision of two-sided quotes at their European Best Bid Offer price or better. According to GETCO, fill rates on marketable orders across European stocks are around 27%.
“There is continued industry demand for competitive clearing through interoperability and the greater efficiency and lower costs it delivers to market participants,” Diana Chan, CEO, EuroCCP, said, adding that clearing choice “is a vital step in transforming the competitiveness of the European equities trading landscape”.
EuroCCP recently announced a merger with rival pan-European cash equities clearing house EMCF which is currently undergoing shareholder approval.
EuroCCP, a unit of US post-trade utility the Depository Trust and Clearing Corporation (DTCC), provides central counterparty services for a range of European securities trading venues including BATS Chi-X Europe, Burgundy, Equiduct, NYSE Arca Europe, SIGMA X MTF, SmartPool, Turquoise and UBS MTF.