Euronext announced today that the NSC trading system and the Clearing 21 system(2) will be implemented as new platforms for Euronext Lisbon cash market on July 11, 2003.
The migration of the participants in Lisbon to NSC and Clearing 21 will be the last step of the move to a single trading system and to a single clearing system for all Euronext cash markets. On July 11, 2003 the migration of all Euronext cash markets will be completed.
As a consequence of this migration, Euronext Lisbon members, who will apply for a fast track global membership, will have a direct access to all Euronext cash products. Euronext Lisbon cash products will be tradable within the unified scheme of the Euronext market model(3), and all cash products will be cleared through Clearnet(4) and benefit from its guarantee as central counterparty.
The cash joint migration for trading and clearing has been taken following consultations confirming that the timing was suitable to both market members and Euronext and could be done in optimal conditions of security and reliability.
1/ NSC is Euronext cash trading platform already implemented in Paris, Amsterdam and Brussels and is licensed to 14 exchanges worldwide.
2/ Clearing 21 is the only operational clearing system able to clear trades in both equities and derivatives in real time while using a single tool and enabling multilateralnetting of positions.
3/ Euronext market model concerns trading hours and rules for reservation of securities traded on equity and bond markets operated by Euronext.
4/ Clearnet is the clearing house and central counterparty for equity and derivative markets of Euronext Amsterdam, Brussels Paris.