BATS Chi-X Europe launches 4-way IO clearing
09 January 2012 London
Image: Shutterstock
BATS Chi-X Europe are the first trading platforms to launch four-way interoperable clearing. The service allows BATS Europe and Chi-X Europe participants to choose from EMCF, EuroCCP, LCH.Clearnet and SIX x-clear to clear their trades except in Spain and for ETFs.
Mark Hemsley, CEO of Chi-X Europe, BATS, said, "This launch is the culmination of effort by BATS Europe and Chi-X Europe, as well as the CCP, to bring about a competitive clearing model to further reduce costs associated with post-trade European equities. We continue to encourage our participants to demand clearing choice from all exchanges and MTFs."
In July 2011, BATS Europe became the first multilateral trading platform to offer interoperable clearing services by providing its participants the choice of a preferred clearer from three interoperating CCPs, including EuroCCP, LCH.Clearnet and SIX x-clear. Four-way interoperable clearing including EMCF is now available for all markets traded on BATS Europe and Chi-X Europe, excluding Spain, which will continue to be cleared at EMCF until further notice. Exchange-traded products are thus excluded from interoperable clearing and will continue to be cleared at EMCF.
BATS closed the acquisition of Chi-X Europe at the end of November last year and the two trading platforms now account for 25.4 per cent combined market share of European equities trading in December, making BATS Chi-X Europe the largest European securities market operator.
Mark Hemsley, CEO of Chi-X Europe, BATS, said, "This launch is the culmination of effort by BATS Europe and Chi-X Europe, as well as the CCP, to bring about a competitive clearing model to further reduce costs associated with post-trade European equities. We continue to encourage our participants to demand clearing choice from all exchanges and MTFs."
In July 2011, BATS Europe became the first multilateral trading platform to offer interoperable clearing services by providing its participants the choice of a preferred clearer from three interoperating CCPs, including EuroCCP, LCH.Clearnet and SIX x-clear. Four-way interoperable clearing including EMCF is now available for all markets traded on BATS Europe and Chi-X Europe, excluding Spain, which will continue to be cleared at EMCF until further notice. Exchange-traded products are thus excluded from interoperable clearing and will continue to be cleared at EMCF.
BATS closed the acquisition of Chi-X Europe at the end of November last year and the two trading platforms now account for 25.4 per cent combined market share of European equities trading in December, making BATS Chi-X Europe the largest European securities market operator.
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