The London Stock Exchange has announced the signing of an agreement with Clearnet to provide the central counterparty for its full, bespoke equity trading service in Dutch securities. The service, which is based on SETS, the Exchange’s electronic order book, will use CLEARING, the Dutch market’s existing post trade market infrastructure. The service is expected to launch in Q1 2004, subject to FSA regulatory approval.
“We have spent considerable time talking to firms active in the Dutch market in an effort to understand and, ultimately, meet their specific requirements for a bespoke market offering,” commented Clara Furse, Chief Executive of the London Stock Exchange. “The market wants competition. This is an important step in moving forward Europe’s capital markets.”
Patrice Renault, Chief Executive of Clearnet, added: “Clearnet intends to provide services to multiple exchanges. Our members will be thus offered the opportunity to increase the benefits of their post trading rationalization across several markets.”