Nasdaq OMX, which currently clears its Nordic markets through EMCF, the Abn-Amro-owned clearing house in which Nasdaq OMX owns a 22 per cent stake, said today that its customers will also be able to clear through EuroCCP and Swiss exchange-owned SIX x-clear by spring next year. The reforms are set to force Europe's major cash equities clearers to compete head-on for equities clearing flow, thereby forcing down clearing fees.
Nasdaq OMX is the fifth trading platform to announce the introduction of a choice of three or more clearers to its market during the past three months. In July, alternative trading platforms Bats Europe, Chi-X Europe and UBS MTF each announced their intention to offer a choice of four clearers, EMCF, SIX x-clear, EuroCCP and Anglo-French clearing house, LCH.Clearnet. Last month, Turquoise, Europe's second-largest alternative trading facility owned by the London Stock Exchange, said it would add the LSE's Italian provider CC&G, LCH.Clearnet and SIX x-clear to its market.
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