Exchange group Nasdaq OMX plans to acquire a 22% stake in European equity clearing house European Multilateral Clearing Facility (EMCF).
Nasdaq OMX will purchase the share from EMFC owners Fortis Bank Netherlands, with EMFC set to take a five per cent stake in Nasdaq Clearing Corporation (NCC).
This follows the Dutch government’s bailout of Fortis earlier in the month, and will see Nasdaq use the clearing system for trades in its Nordic markets.
Nasdaq OMX intends to alter the ownership structure of EMCF to encourage other financial institutions to buy stakes in order to “strengthen order flow to EMCF” and “enhance…financial capital”.
“Traders in Europe today face a fragmented post-trade landscape,” says Bob Greifeld, chief executive of Nasdaq OMX. “Investing in EMCF allows us to provide a cohesive clearing solution to our customers and a cost and risk-efficient clearing model.”
“We are proud to announce this partnership as it strengthens the EMCF position as a leading European clearing house,” says Jan Booij, chief executive of EMCF. “Being owned by multiple industry players will guarantee that EMCF will continue to deliver benefits to the market participants.”
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