European Multilateral Clearing Facility
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| European Multilateral Clearing Facility | |
| |
| Founded | 2007 |
|---|---|
| Headquarters | The Netherlands |
| Key People | Jan Booij, CEO |
| Products | Offers central counterparty clearing house services |
| Web site | http://www.euromcf.nl/ |
The European Multilateral Clearing Facility (EMCF), a subsidiary of Fortis Bank Nederland Holding N.V., is a central counterparty clearing house for equity trading on exchanges and multilateral trading facilities. EMCF launched in March of 2007.[1]As of the middle of 2009, EMCF offered central counterparty clearing house services for the main equity indices of 12 countries.[2]
EMCF is regulated by the Dutch Financial Services Authority (Autoriteit Financiele Markten) and The Dutch Central Bank (De Nederlandsche Bank). It has been granted the status of Recognized Overseas Clearing House by the British Financial Services Authority (UK FSA).[3]
EMCF provides clearing services for BATS Trading, Chi-X and Nasdaq OMX.[4]
Contents |
History
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The European legislation MiFID, implemented in November 2007, forced order flow providers to direct their flow to the venue of best execution. EMCF was established to service the market for securities trading after the introduction of MiFID. Competition in the area has forced the slashing of fees by European clearers. EMCF and its competitors lowered clearing fees several times.[5][6]
In 2008, the European Central Counterparty appointed EMCF as their central counterparty.[7]
Also in 2008, The NASDAQ OMX Group, Inc. announced that it had entered into a binding agreement to acquire a 22 percent equity stake in EMCF from Fortis Bank Nederland Holding N.V.[8]
In July of 2009, it was reported that the London Stock Exchange was in talks with EMCF about the possibility of taking a stake in the venture.[9]
Products and Services
Key People
- CEO, Jan Booij
References
- ↑ Press Release. Fortis. Retrieved on May 22, 2009.
- ↑ General Information. Euro MCF. Retrieved on May 22, 2009.
- ↑ Press Release. Euro MCF. Retrieved on May 22, 2009.
- ↑ About Us. EMCF website. Retrieved on May 20, 2009.
- ↑ European Clearers Slash Prices. Financial Times. Retrieved on May 22, 2009.
- ↑ Market Turmoil Plays To ASX Monopoly. The Australian. Retrieved on May 22, 2009.
- ↑ Press Release. Waters News. Retrieved on May 22, 2009.
- ↑ Press Release. Nasdaq OMX. Retrieved on May 22, 2009.
- ↑ LSE In Talks With EMCF Over Stake. Nasdaq OMX. Retrieved on July 14, 2009.
