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.
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.