Nasdaq OMX selects clearing provider for pan-European platform

Exchange operator Nasdaq OMX Group will use Fortis’s European Multilateral Clearing Facility (EMCF) to clear trades executed on its new pan-European trading platform.
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Exchange operator Nasdaq OMX Group will use Fortis’s European Multilateral Clearing Facility (EMCF) to clear trades executed on its new pan-European trading platform.

Settlement on the platform will be handled domestically. All trades will settle in the underlying domestic system and accordingly will have settlement fungibility with trades on the primary market.

“From the start of the European Multilateral Clearing Facility we have shown a strong determination to substantially grow the clearing businesses,” said Jan Booij, managing director of EMCF, in a statement. “The collaboration with the Nasdaq OMX Group is additional evidence of our strategy, which is based on the simple principles of reliability, price competition and quality of service. Servicing the Nasdaq OMX Pan European Market will bring the benefits of netted settlements and margins based on netted positions to our customers active on multiple trading venues.”

The Nasdaq OMX Pan European Market is scheduled to open in September 2008 and will trade approximately 300 of the most actively traded European blue chip shares.

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