EuroCCP has already hit a peak volume day of 400,000 transactions as clearing and settlement services for the Turquoise pan-European trading platform extends to 1,300 securities in 13 European national markets.
In addition, EuroCCP announced that five new customers have signed on to use its low-cost clearing and settlement platform, including Landsbanki Securities (UK), MF Global UK, Numis Securities Ltd., Parel S.A., and Pershing Securities Ltd, bringing the total number of clearing participants to 20 firms.
In the period between launching across all 13 markets and securities on 29 August and 16 September, EuroCCP has cleared and settled more than 1.6 million sides and netted those transactions down by about 98% to 32,004 total settlement obligations. In addition, EuroCCP volume surpassed 400,000 transactions on 16 September, exceeding the threshold for a price reduction for the first time. This threshold was achieved only 23 days after the launch of EuroCCPs operations.
EuroCCP has a pricing structure which is unique in the industry. The volume thresholds apply to all trading platforms and all clearing participants, regardless of their size. This means if the total volume of transactions processed by EuroCCP averages above the pricing threshold for an entire month, all clearing participants, regardless of how much they trade individually and which platform they trade on, benefit from the reduction in fees.
D.C.