European Central Counterparty Limited
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| European Central Counterparty Limited | |
| Founded | 2008 |
|---|---|
| Headquarters | London |
| Key People | CEO, Diana Chan |
| Products | Provides clearing and settlement services for Turquoise |
| Web site | www.euroccp.co.uk |
European Central Counterparty Limited (EuroCCP) is a wholly owned subsidiary of The Depository Trust & Clearing Corporation, created to provide clearing and settlement services for Turquoise, a pan-European trading platform set up by major investment banks including Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, Merrill Lynch, Citi, UBS, BNP Paribas and Societe Generale.[1] Turquoise began limited operations at 8 a.m. in London Aug. 15, 2008.
EuroCCP is initially clearing equity trades in 14 countries in seven different currencies.[2]In all, 15 firms have gained approval as clearing participants. Other than the firm's founding members, ABN Amro, Barclays Capital, Credit Agricole Cheuvreux, Instinet, KAS Bank and Lehman Brothers are in the mix. [3]
The financial institutions are hoping the introduction of the European "Mifid directive" - which requires brokers to seek the best possible price on shares for clients regardless of the trading platform or exchange where it can be achieved - will bring business to the venture.[4]
EuroCCP has received recognition as a clearing house by the UK Financial Services Authority.[5][6]
The EU's Code of Conduct on Clearing and Settlement, introduced in November 2006, exposed clearing houses like LCH.Clearnet to the prospect of competition from rival service providers like EuroCCP for the first time.[7]
Contents |
History
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Products and Services
Key People
- Diana Chan, Chief Executive Officer
- Trevor Spanner, Chief Operating Officer
The eight initial directors from EuroCCP participant organizations are:
- James Crabb, Managing Director, Equity Operations, Deutsche Bank
- Phil Davies, Managing Director, Operations, Goldman Sachs
- John Devine, Senior Vice President, Global Head of Operations and Client Services, Merrill Lynch
- Andrew Gelb, Managing Director and Global Head of Direct Custody and Clearing, Citi
- David Maloy, Global Head of Commercial Services and Market Management, UBS
- Jacques-Philippe M. Marson, President & Chief Executive Officer, BNP Paribas Securities Services
- Neil Martin, Director of European Operations, Credit Suisse
- Martin Ryan, Managing Director, Morgan Stanley
The three independent industry directors are:
- Edouard-François de Lencquesaing (former head of transaction banking and IT at Crédit Commercial de France)
- Iain Saville (former Chief Executive of CRESTCo Ltd.)
- Derek Ross (former Partner at Deloitte U.K. and a Chartered Accountant)
References
- ↑ About DTCC. DTCC. Retrieved on August 15, 2008.
- ↑ Turquoise Opens Doors. SecuritiesIndustry.com. Retrieved on August 16, 2008.
- ↑ EuroCCP to Launch Clearing & Settlement System Friday. Wall Street & Technology. Retrieved on August 15, 2008.
- ↑ Top Investment Banks Step Up Plans For Rival Exchange To LSE. The Independent. Retrieved on August 15, 2008.
- ↑ What Is EuroCCP. EuroCCP. Retrieved on August 15, 2008.
- ↑ EuroCCP Receives FSA Approval. ICFA. Retrieved on August 15, 2008.
- ↑ LSE Set For Post-Trade Competition. ICFA. Retrieved on August 15, 2008.
