EuroCCP has debuted its new netting service for customers operating across multiple venues trading UK and Irish stock.
The new service allows participants to net trades in the same security, executed on the same day, across various multilateral trading facilities cleared by EuroCCP, into a single settlement obligation. The clearer says that this initiative will result in marked cost savings, given that previously, trades had to be settled at the venue on which they were executed.
"Cross-platform netting is an essential prerequisite to realising the full benefits of a pan-European equities trading market," says Diana Chan, CEO at EuroCCP. "Settlement obligations for trading firms are reduced into a single net receipt or delivery per day for each UK and Irish security traded, regardless of the number of trades and the number of MTFs that firms execute trades on."
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