Tuesday October 22 2013
News Source: Global Exchanges
Focus: Other
Type: General
Country: European Union
Link: http://www.oft.gov.uk/OFTwork/mergers/decisions/2013/ABNAmro#.UmY3HBCrzVs
EMCF and EuroCCP have announced that the Office of Fair Trading (OFT), the UK`s consumer and competition authority, has recommended an unconditional clearance for the two clearing houses to combine to form a new pan-European cash equities clearing house that builds on the strengths of both firms.
In March 2013, EMCF and EuroCCP announced plans to combine their strengths and capabilities to form a new entity, to be called EuroCCP N.V, that will deliver greater efficiencies and sustainable competition to the pan-European market place. The deal was formally referred voluntarily to the OFT in August 2013.
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, will be equal shareholders in the new combined clearing house.
The transaction is now expected to complete as soon as all other regulatory approvals for the new shareholders have been received.
Click on the above link for more details.