Austrian clearinghouse Central Counterparty Austria (CCP.A) has launched a real-time service for the clearing of cash market trades.
The newly developed service prepares the CCP for the new regulatory regime for international clearing and risk management. "EMIR (European Market Infrastructure Regulation) has created requirements for capital market infrastructure providers which our former technical and organizational infrastructure would not have been able to meet," says Hubertus Hecht, project manager at Oesterreichische Kontrollbank AG (OeKB), which jointly owns the CCP.A with the Austrian Stock Exchange.
The London Stock Exchange Group (LSEG) will provide the technology to support the new platform.
"The improved workflow offered by the new solution enables us to service all market participants to the best of our abilities. At the same time, we can fulfill our role as central counterparty in a cost-efficient way while minimizing risks," said Wolfgang Aubrunner, managing director of CCP.A. "The new infrastructure solution better supports us in meeting customer demands."
The new infrastructure is supported by the SWIFT communication standard.
"Investors are increasingly focused on markets which provide easy and technically advanced access. This is also true for CCP.A without limitation," continues Aubrunner.
Antoine Shagoury, COO, LSEG said: "Our infrastructure technology will enable the market to benefit from an advanced real-time clearing platform, whilst minimising costs and improving risk management processes for CCP.A. We look forward to developing our partnership and to working with other markets in this fast-growing region."