ECMF and EuroCCP Complete Merger

Cash equities clearing houses EMCF and EuroCCP have completed their merger to become Europe's largest cash equities central counterparty, after signing a sale and purchase agreement this past July.
By Jake Safane(2147484770)
Cash equities clearing houses EMCF and EuroCCP have completed their merger to become Europe’s largest cash equities central counterparty, after signing a sale and purchase agreement this past July.

The combined company will go by the official name of European Central Counterparty N.V. on January 6, 2014. In addition to completing the merger, the Dutch central bank approved the Depository Trust & Clearing Corporation (DTCC) and BATS Chi-X Europe to become shareholders in Amsterdam-based EMCF. DTCC and BATS Chi-X Europe join AMRO Clearing Bank and NASDAQ OMX as equal owners of the new entity.

EMCF plans to migrate customers to the new company by March 31, 2014.

“With the final approval in place and the transaction complete, we can now turn all of our energies to making European cash equities clearing more streamlined and competitive as well as delivering the service innovation that all of our customers want,” says Diana Chan, CEO-designate of EuroCCP.

«