Burgundy, the Nordic exchange, is working with cash equities clearing house EuroCCP to create an interoperable central counterparty clearing service that will cover the Nordic countries.
The joint effort will be the first of its kind in the region.
Our partnership with Burgundy marks another step to ensuring genuine competition exists in the clearing of Nordic securities, says Diana Chan, CEO of EuroCCP. Todays announcement is particularly significant for the Nordics as Burgundy is introducing effective clearing choice with multiple CCPs in the region.
We have listened to our customers who told us they wanted to be able to choose who they clear with. We expect interoperable clearing to push down overall clearing costs, which is great news for all equity traders operating in the Nordics, says Olof Neiglick, CEO of Burgundy.
In May, Burgundy began offering interoperable clearing with SIX x-clear, the clearing division of SIX Securities Services.
(OS)