European cash equities clearing house EuroCCP has announced the addition of Deutsche Bank Frankfurt as a general clearing participant (GCP).
As opposed to individual clearing participants, who only clear their own trades, a GCP clear trades on its own behalf and for firms who are not EuroCCP participants.
The move is said to increase EuroCCP's total number of approved clearing participants to 26, 15 of which are GCPs.
"There is huge demand across Europe for efficient and lower cost clearing services," says Dieter Bernhard, head of direct securities services Germany at Deutsche Bank Frankfurt. "We believe that EuroCCP will continue to deliver this to its members and so we have chosen to join as a clearing participant."
EuroCCP has planned to merge with EMCF to deliver greater efficiencies and sustainable competition to the pan-European cash equities clearing market place. The new company is still awaiting regulatory approvals.
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