LCH.Clearnet (LCH) has announced the launch of interoperable clearing across 17 countries for the Turquoise platform.
The clearing house had previously implemented a similar program for SIX Swiss Exchange Ltd in 2003 with SIX x-clear Ltd. The partnership with Turquoise, the pan-European equity trading platform acquired by the London Stock Exchange Group in 2010, is aimed at increasing post-trade efficiency.
"The introduction of interoperable clearing for Turquoise is a truly positive development for the European Equities market," says Wayne Eagle, executive director, equity services at LCH.Clearnet. "Choice of clearer allows customers to select the clearing house that best meets their requirements and results in lower costs and greater efficiencies. With EquityClear's highly competitive pricing structure and robust risk management standards, we are confident that customers will recognise the benefits of choosing LCH.Clearnet."
The London Stock Exchange Group recently posted a €1 billion (approximately $1.35 billion) takeover bid for LCH.Clearnet, which was backed by the clearing house's board in September over a bid from Markit.
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