The EuroCCP subsidiary of The Depository Trust & Clearing Corporation, a provider of clearance, settlement and information services, has been selected to provide a clearance and settlement solution for Turquoise.
Turquoise is a consortium of seven major financial institutions working to develop a new pan-European trading platform. EuroCCP will provide all clearing, settlement and risk management services to Turquoise.
Citi’s global transaction services business will serve as EuroCCP settlement agent.
“We are delighted that EuroCCP has been selected to support Turquoise,” said Donald F. Donahue, DTCC’s president and CEO. “We have a long history of providing clearing and settlement solutions across the industry and a strong track record of helping customers lower transaction costs, reduce risk and improve efficiency. Over the coming months, we will be working very closely with Turquoise and we’re confident that we can deliver this highly scalable, central counterparty platform within the timeframes required.”
The seven investment banks behind Turquoise are Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, Merrill Lynch, Citi and UBS, who together generate around half of Europe’s equity order traffic.