After winning clearing mandates from European trading platforms BATS Europe and NYSE Arca Europe and signing a memorandum of understanding to clear for Chi-X this week, UK clearing house LCH.Clearnet Ltd has been appointed to clear for broker-backed MTF Turquoise.
Through its EquityClear service, LCH.Clearnet will clear stocks traded by Turquoise from 15 European countries on an interoperable basis with the platform’s existing clearer, EuroCCP. Turquoise, which made its debut in August 2008 and formally launched the following month, now offers trading in over 1,600 European securities on its integrated lit and dark market.
“We strongly support interoperability as a means of bringing down the overall cost of trading for all market participants and look forward to working with both LCH.Clearnet and EuroCCP to offer our members some of the most efficient clearing and settlement arrangements in European equities trading,” said Turquoise CEO Eli Lederman in a statement.
Diana Chan, CEO of EuroCCP, added, “We fully support offering market participants a choice of which CCP they want to use.
Competitive clearing and interoperating with other CCPs is embedded in EuroCCP’s agreements with all the trading venues we clear for. We look forward to other incumbent CCPs following our example.”
LCH.Clearnet Ltd is the UK arm of the LCH.Clearnet group and is the main clearing house for the London Stock Exchange. LCH.Clearnet SA, the group’s French arm, clears for NYSE Euronext’s European exchanges.