After successful completion of testing in Swiss stocks, Fortis says its clearing facility, EMCF, can now clear Swiss stocks in addition to Dutch, German, UK and French stocks.
Since 23 Nov., the following stocks can also be cleared by EMCF: Nestle N, Novartis N, Roche Holding N, UBS N and CS Group.
Credit Suisse will settle the netted trades in these stocks at the Swiss Central Securities Depository. “The extension of markets cleared is a next step in our ongoing programme to a pan European service offering,” says Jan Booij, managing director of EMCF. “With the addition of Swiss stocks, we can offer our clearing participants more products.”
EMCF is a company wholly owned by Fortis. The company was set up by Fortis in 2007 to offer central counterparty services for multilateral trading facilities. Since Chi-X was launched EMCF has cleared all the Dutch AEX-index constituent stocks and the German DAX-index constituent stocks available for trading by all Trading Participants on Chi-X. In June stocks traded in the UK market and in September stocks traded in the French market were added to the products cleared by EMCF.