EuroCCP Obtains Post-Trade License Amid Brexit

Leading equities clearinghouse EuroCCP has obtained the necessary regulatory approvals to provide post-trade services to the EU-based entities of Aquis Exchange, Cboe Europe Equities and Turquoise, in the context of Brexit.

As the United Kingdom prepares to leave the European Union, the aforementioned companies have created a facility that enables customers to continue with their trading and clearing activity post-Brexit. The EU-based entities of the three trading venues are expected to offer market participants the ability to trade in EU-listed securities following the geopolitical event of the decade while continuing to operate their UK-based trading venues for the trading of UK and Swiss-listed securities.

Cecile Nagel
Cecile Nagel

Cécile Nagel, Chief Executive Officer of EuroCCP, commented: “While the uncertainty continues and despite the increasing likelihood that there may be a delay to Brexit, we are still focused on our preparations in case the UK leaves the EU on 29th March. In addition to today’s announcement, we have also successfully on-boarded six new EU-based entities acting as clearing members, together with more than 10 new EU-based trading members. Our work with all market participants has intensified in recent weeks as we set up and operate the new memberships, to secure frictionless pre- and post-trading activity in EU-based and UK-based products after Brexit.”

EuroCCP plans to activate the clearing arrangements in EU-listed securities as soon as the new EU-based venues are ready to go live. The clearinghouse seeks to have all new clearing memberships in place prior to the go-live date agreed with the new venues, which currently remains as 1st April 2019.

The European equities clearinghouse appointed Cécile Nagel as Chief Executive Officer in September 2018. She joined EuroCCP from the London Stock Exchange Group (LSEG) where she was most recently Head of LSE Markets Global Product Development and LSE Exchange Traded Products.
EuroCCP has access to 27 venues including CBOE Europe, Euronext, the London Stock Exchange, Nasdaq and SIX Swiss Exchange, and currently clears between 5 to 8 million trade sides each day from 27 stock exchanges, multilateral trading facilities and other trade sources in Europe, totaling €30 to €40 billion in value.