UK Competition Body Clears EuroCCP, EMCF Merger

The OFT recommended an unconditional acceptance of the proposed deal, which will create a pan-European cash equities clearing house under the name EuroCCP, after is was referred to the body in August 2013. EuroCCP and EMCF, which announced their intention to merge in March 2013, will be based in Amsterdam, Netherlands. The firms still require regulatory approval for new shareholders Bats Chi-X and the Depository Trust and Clearing Corporation (DTCC) in the combined body, but expect to complete once this has been received.

"We are grateful to the OFT for reaching a swift decision in relation to combining EMCF and EuroCCP and we are pleased that their conclusions support our own assessment that bringing the two companies together is in the best interests of competition in the clearing of European cash equities," says Diana Chan, CEO at EuroCCP, who will continue at the head of the proposed new business. EMCF CEO Jan Booij will become COO.