Turquoise expands clearers with EMCF

Turquoise, the pan-European equities platform owned by the London Stock Exchange, has added EMCF as its fourth central counterparty.

Turquoise, the pan-European equities platform owned by the London Stock Exchange (LSE), has added EMCF as its fourth central counterparty (CCP).

EMCF joins Turquoise’s incumbent clearer EuroCCP, LCH.Clearnet, which was recently bought by the LSE, and SIX x-clear, in the list of CCPs that members can choose from when clearing trades. The LSE has also said it plans to offer CC&G, the Italian clearer it acquired as part of its purchase of Borsa Italiana in 2007, but has yet to set a date for its inclusion.

Interoperability will let Turquoise’s members reduce clearing costs as they achieve netting efficiencies from consolidating flow through one CCP.

“We are delighted to be able to offer Turquoise clients the chance to clear with EMCF and we are pleased to be taking this step towards wide-spread interoperability in Europe,” said Adrian Farnham, CEO Turquoise.

Turquoise now joins dual multilateral trading facility (MTF) BATS Chi-X Europe, which implemented four-way interoperability at the start of this year. Nordic MTF Burgundy is due to offer a choice of clearers from May, while domestic market Nasdaq OMX Nordic was due to go live with interoperability this month but decided to delay the scheme because of regulatory uncertainty. Other national exchanges, including Deutsche Börse and NYSE Euronext, have yet to commit to interoperability, although the latter did hint that it could be ready to expand the clearers it offers as part of a post-trade revamp announced at the end of March.

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