LCH.Clearnet has begun clearing listed securities on the Oslo Børs and Oslo Axess exchanges in Norway.
Clearing will be offered via LCH.Clearnet’s EquityClear service and will cover equities including ETFs on an interoperable basis with Oslo Børs’ own clearing house, Oslo Clearing.
The deal expands the availability of interoperable clearing to Norway, the first national exchange in the Nordic region offering choice of clearing house for market participants.
Nasdaq OMX offers clearing through interoperable, pan-Europe clearing house EuroCCP, though does not currently use any other interoperable clearers. However, EuroCCP CEO, Diana Chan, told theTRADEnews.com that she hopes to push exchanges that already work with EuroCCP, LCH.Clearnet or X-Clear to offer a fully interoperable service.
Commenting on the Oslo Børs deal, Alberto Pravettoni, global head of repo and exchanges at LCH.Clearnet, said: “This agreement with Oslo Børs is another example of our long-standing commitment to interoperability across the European equities market. Clearing members will benefit from margin off-sets, reduced settlement cost through cross exchange netting and access to our first class risk management and highly competitive pricing structure.”
Oslo Børs said market participants want consolidating in the European clearing market and greater choice to pick clearing services that meet their requirements, which is why it has opted to work with LCH.Clearnet.