Friday March 15 2013
News Source: Global Exchanges
Focus: UCITS
Type: General
Country: European Union
The two largest pan-European cash equities clearing houses, EMCF and EuroCCP, have announced plans to combine their strengths and capabilities by forming a new entity that will deliver greater efficiencies and sustainable competition to the pan-European market place. The combined firm will provide best practices in a number of important areas, including risk management, technology, settlement and client service.
Current owners of EMCF – ABN AMRO Clearing Bank and NASDAQ OMX – and current owner of EuroCCP – The Depository Trust & Clearing Corporation (DTCC) – along with BATS Chi-X Europe, have entered into a memorandum of understanding to become equal shareholders in the new combined clearing house. Upon execution of the definitive agreements, the transaction is expected to complete if the necessary regulatory approvals are received.
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