European Multilateral Clearing Facility (EMCF), a wholly-owned Fortis subsidiary, which started its operation in March 2007, is growing. EMCF has processed a number of 1 million transactions on 5 September 2008.
EMCF offers central counterparty clearing services for stocks on the Austrian, Belgium, Danish, Dutch, Finnish, French, German, Norwegian, Swedish, Swiss and the UK market. Initially EMCF processed 200 transactions a day, while this increased to a daily average of 70,000 transactions in December 2007. In August this year the daily average was 693,000 transactions.
“The growing number of transactions proves that we have a solid business strategy,” says Jan Booij, CEO of EMCF. “Presently we are providing clearing services for Chi-X Europe. On 26th September we will also be providing central counterparty clearing services to Nasdaq OMX Europe and BATS-Trading Europe will follow in November, which will no doubt give an extra boost to the number of processed transactions.”
D.C.