The French arm of European clearing house LCH.Clearnet has started operating on a new cash equity trading platform to help it better serve multiple markets and provide greater efficiencies to members.
LCH.Clearnet SA clears transactions executed on regulated investment exchanges NYSE Euronext, Bourse de Luxembourg, Equiduct and SecFinex, NYSE Euronext's stock lending platform. The new system replaces the legacy system that had been in use at since January 2001.
According to LCH.Clearnet SA, the new platform, will allow the firm to process a higher number of trades, facilitate the development of new and innovative solutions and provide economies of scale for exchanges, with one platform serving multiple markets.
The firm also claims that implementation of the new platform allowed it reduce its fees at the start of the year. On 1 January, LCH.Clearnet SA moved from a proportionate value-based fee model to a charge of €0.05 for equity trades.
“Our new platform drastically reduces our IT run costs and has supported the fee reductions implemented earlier this year, whilst enhancing LCH.Clearnet SA's high quality clearing services with leading-edge technology,” commented LCH.Clearnet SA CEO Christophe Hémon. “This is part of our on-going commitment to provide an even more competitive offering; a compelling combination of cost effective pricing, clearing expertise and time-to-market service.”