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EuroCCP expects to begin providing low-cost clearing and settlement of equities from Spain in support of the Turquoise pan-European trading platform, beginning next month.
Currently, all trades being cleared and settled by EuroCCP are traded on the Turquoise trading platform, but EuroCCP is expected to begin clearing trades from two other trading platforms which are expected to begin operations this quarter. Those platforms are SmartPool, a "dark" institutional trading platform begin established by NYSE Euronext, HSBC, BNP Paribas and JPMorgan Chase, and the NYSE Arca Europe high frequency trading platform, previously known as "Octopus."
The expansion to Spanish equity issues represents the first planned expansion of EuroCCP into European markets after its initial group of countries. Italy had been expected to be in the first group, but was delayed due to a system switchover going on in Italy's bourse. Turquoise is currently trading about a 5% market share of its most liquid 310 equity stocks available on its public book, and all those trades, plus all dark pool trades done on Turquoise, are cleared through EuroCCP.