The London Stock Exchange (LSE) has added the European Central Counterparty (EuroCCP) as a clearing provider for two of its main electronic auction order books.
The move, which is subject to regulatory approval, is expected to take place in March next year, as the LSE looks to increase interoperability with continental Europe.
EuroCCP will become the third clearing provider of its SET and SETqx order books, alongside LCH Clearnet, which the LSE owns, and Zurich-based SIX X-Clear.
“The addition of EuroCCP as a third provider of clearing services for trades executed on London Stock Exchange’s main electronic order book reaffirms our commitment to offering choice to its members, helping to drive efficiencies across the trading cycle,” says Nicolas Bertrand, head of equity and derivatives markets, London Stock Exchange Group.
SET and SETqx is the LSE’s two flagship electronic order books, consisting of listed securities, exchange traded funds, securitized derivatives and less-liquid securities.
The deal between the LSEG and EuroCCP is the second of this year, after the Dutch clearer agreed to clear U.K. equity trades executed on all of the LSEG’s platforms in May.
LSE Adds EuroCCP As Third Clearer For Electronic Auction Books
The London Stock Exchange (LSE) has added the European Central Counterparty (EuroCCP) as a clearing provider for two of its main electronic auction order books.
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