Europe’s biggest brokers welcomed last week’s announcements on interoperability between central counterparties (CCP) but admit it is only the first step towards an efficient clearing model for the pan-European market.
Burgundy, a multilateral trading facility for Nordic securities, has chosen European Multilateral Clearing Facility (EMCF) as its central counterparty (CCP), and is looking to add other clearers as the platform develops.
This summer will see the launch of yet another pan-European multilateral trading facility, Quote MTF, a Hungarian-based platform that will offer liquidity from third-party market-makers from launch.
European Multilateral Clearing Facility (EMCF), the Dutch-regulated central counterparty that clears trades for three UK-regulated MTFs, has been granted recognised overseas clearing house (ROCH) status by the UK’s regulator, the Financial Services Authority.
The average daily value of equity trades on the London Stock Exchange's (LSE) electronic order books fell 60% to £6.2 billion in January 2009 from the record average daily value reported in January 2008.
French broker CA Chevreux has started offering its institutional investor clients access to firms listed on the Saudi Arabian stock market (Tadawul) through swap products.
Instinet Europe’s chief executive has claimed that many of MiFID’s benefits “are illusory to the end-investor”, despite the agency broker reporting that it had achieved an average of 5.72 basis points of price improvement for clients in Q4 2008.
US dark pool trading more than doubled in 2008, according to an analysis by boutique agency brokerage Rosenblatt Securities.
Exchange group Nasdaq OMX and the Osaka Securities Exchange (OSE), Japan’s largest derivatives exchange, have signed a memorandum of understanding with the intent of forming a strategic partnership.
Turquoise, a pan-European multilateral trading facility (MTF) backed by nine investment banks, aims to expand clients’ clearing options once its current trading system upgrades make it Europe’s fastest alternative trading venue.