EuroCCP announced today that it had signed the Code of Conduct for clearing and settlement during a meeting at the European Commission in Brussels.
The Code was signed formally when it was selected to provide a clearing and settlement solution for Turquoise. By signing the voluntary Code of Conduct, EuroCCP agrees to enhance transparency and increase competition in the post-trade sector.
EuroCCP received approval two weeks ago as a Recognised Clearing House (RCH) from the U.K.’s FSA. That approval allows EuroCCP to begin clearing and settling trades for Turquoise and other multilateral trading platforms and exchanges in Europe.
“We believe EuroCCP can set a new standard in helping to reduce the costs of clearing and settlement in Europe,” said Diana Chan, chief executive officer of EuroCCP. “We are already in discussions with a number of trading platforms who are looking for an alternative low-cost clearing and settlement provider.”
As a result of EuroCCP being approved by the FSA as a Recognised Clearing House and EuroCCP signing the Code of Conduct, the firm has published its fee schedule on its Web site. The fees are expected to be significantly less than other clearing organisations in Europe.
Press release
© EuroCCP
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