Cash equities clearing houses EuroCCP and EMCF have completed the transaction to combine the two firms, following regulatory approvals, with the changes in name taking effect from early 2014.
EMCF will be known as European Central Counterparty NV from January 6. The two firms announced their intentions to combine in March 2013, and received unconditional approval from the UK Office of Fair Trading in October. The Dutch Central Bank also gave recent approval to the addition of BATS Chi-X Europe and the Depository Trust and Clearing Corporation as new shareholders in EMCF, removing the final barrier to the transaction. Equal shareholders in the new company will include the two companies just mentioned, as well as ABN Amro Clearing Bank and Nasdaq OMX.
Diana Chan, CEO of EuroCCP, will remain at the head of the new entity. EMCF CEO Jan Booij will become COO.
"Bringing together the best of EMCF and EuroCCP is transformational for the industry and, as we lead the way in risk management, technology, settlement and client service, our customers will be the ultimate beneficiaries," says Booij. "Our goal is to complete the migration of customers to the new company by March 31, 2014, and we are on track to meet this objective."
WatersTechnology attended the Futures Industry Association's annual conference in Boca Raton, Florida. These are the takeaways.Subscribe to Weekly Wrap emails
- The Insurgents: Fintechs Are Knocking Off Incumbents
- CFTC Commissioners Lash Out at EC Clearing Proposals
- Waters Wavelength Podcast Episode 113: IBM's Lund on Blockchain's Evolution
- Wrestling Over Competing Mifid II, GDPR Data Demands
- MarketAxess Banks on Asian Electronic Markets with BlackRock Partnership