On 24 November 2008 EuroCCP confirmed the approval of SEB as a General Clearing Participant in EuroCCP. SEB is the first Nordic bank to act as GCP in EuroCCP. The first day of operation as a GCP in EuroCCP was 19 December.
EuroCCP has a total of 21 clearing members of which 11 are GCP’s clearing for themselves and other firms and the remaining 10 are individual clearing participants, only clearing their own trades.
SEB is also a GCP of EMCF and operative in clearing trades made on Chi-X and Nasdaq-OMX Europe. EMCF has been appointed CCP of the Nasdaq-OMX cash equities markets in Denmark, Finland and Sweden and is expected to start later in 2009.
We have been impressed by EuroCCP’s diligent work in the membership process, says Gran Fors, global head, Custody Services. We share the view of EuroCCP that the approval of only financially robust members is the first line of defence in the ever more important risk management process. We know look forward to a growing co-operation in clearing trades made on Turquoise and going forward also trades made on SmartPool and NYSE Arca in addition to other trading platforms going forward.