Turquoise ready for take-off
The pan-European MTF is set to launch
LONDON – Turquoise, the pan-European cash equity multilateral trading facility (MTF), will be formally launched by the European Central Counterparty (EuroCCP) on Friday August 15. It will launch with an initial coverage of 10 major British and German stocks. EuroCCP will deliver a clearing and settlement solution on a single platform with Citi's global transaction services business as its settlement agent, and BT Global Financial Services will host the platform.
Turquoise is a collaboration between Depository Trust & Clearing Corporation (DTCC) subsidiary EuroCCP and nine founding firms – Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, Merrill Lynch, Citi, UBS, BNP Paribas and Société Générale. Other participants include ABN Amro, Barclays, Crédit Agricole, Instinet, KAS and Lehman Brothers. Six firms are general clearing participants who will clear and settle trades for others, the rest are individual clearing participants who only clear and settle trades they execute.
"The Markets in Financial Instruments Directive and the Code of Conduct have been successful in unleashing competitive market forces and providing pricing transparency," says Diana Chan, chief executive officer of EuroCCP. "Since the European authorities announced their intention to allow new entrants for trading and clearing securities, established markets and central counterparties have slashed their fee structures – and more can be expected. We are committed to leading the way by being the low-cost, pan-European clearing and settlement provider to multilateral trading facilities as well as exchanges, offering them unparalleled efficiency, capacity, safety and business resiliency.”
Turquoise is expected to be in full production by September 5, trading in 1,300 equity issues across 13 European markets in seven different currencies. Institutions such as the London Stock Exchange, with whom Turquoise will now compete for business, have announced a cut in fees of 10%.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
FCMs warn of regulatory gaps in crypto clearing
CFTC request for comment uncovers concerns over customer protection and unchecked advertising
UK clearing houses face tougher capital regime than EU peers
Ice resists BoE plan to move second skin in the game higher up capital stack, but members approve
ECB seeks capital clarity on Spire repacks
Dealers split between counterparty credit risk and market risk frameworks for repack RWAs
FSB chief defends global non-bank regulation drive
Schindler slams ‘misconception’ that regulators intend to impose standardised bank-like rules
Fed fractures post-SVB consensus on emergency liquidity
New supervisory principles support FHLB funding over discount window preparedness
Why UPIs could spell goodbye for OTC-Isins
Critics warn UK will miss opportunity to simplify transaction reporting if it spurns UPI
EC’s closing auction plan faces cool reception from markets
Participants say proposal for multiple EU equity closing auctions would split price formation
Fed pivots to material risk – but what is it, exactly?
Top US bank regulator will prioritise risks that matter most, but they could prove hard to pinpoint