European Multilateral Clearing Facility (EMCF), a pan-European clearing service, has reported a significant increase in volumes, citing growth in multilateral trading facility (MTF) activity and the introduction of central counterparty clearing to the Nordic region.
EMCF’s daily clearing volume exceeded 2.6 million trades for the first time on 21 October, and clearer expects the monthly average for October to be 2 million trades a day. Its average daily clearing volume in 2008 was 600,000 transactions.
EMCF is the central counterparty (CCP) for MTFs
Chi-X Europe, BATS Europe, Nasdaq OMX Europe, Quote MTF and Burgundy. It is also the provider of the mandatory CCP service covering large-cap stocks on exchange group Nasdaq OMX’s three Nordic bourses, launched on 9 October.
“EMCF is proud to be at the heart of these two fundamental shifts in the European trading landscape – the adoption of full CCP clearing in the Nordics and the growing importance of multilateral trading facilities, as both of these changes provide more efficiency to the post-trade environment, leading to more liquidity and cost advantages for our clients and for the European equities market in general,” said Jan Booij, CEO, EMCF in a statement.
EMCF is majority owned by Fortis Bank Nederland and Nasdaq OMX.