The European Multilateral Clearing Facility (EMCF) has now cleared over four million trades in a single day.
EMCF became the largest central counterparty for on-exchange European cash equities in Q4 2009, taking over the first spot from the LCH.Clearnet. EMCF clearing volumes reached 2.5 million trade sides on a European total of 7.1 million per day on average in Q4 2009, according to statistics collected by Federation of European Securities Exchanges.
EMCF was created in 2007 to provide CCP Services for the multilateral trading facilities BATS Trading Europe, Chi-X Europe, NASDAQ OMX Europe and QUOTE MTF. 78% owned by the state-controlled Fortis Bank of the Netherlands, and 22% by NASDAQ OMX, EMCF has been seeking to link with LCH.Clearnet.
In a position paper issued in December 2009, EMCF stated that it is engaged in advanced negotiations to implement interoperability links with three CCPs: EuroCCP, LCH Clearnet Ltd and SIX X-Clear.
The position paper can be found here