Turquoise to offer clearing for pan-European equities

Turquoise has announced that it is to offer a choice of clearing services to participants trading on its pan-European equities platform.

Customers will be free to choose to clear trades via Cassa di Compensazione e Garanzia (CC&G), Turquoise existing clearer EuroCCP, LCH.Clearnet Ltd or SIX x-clear.

This initiative is designed to promote competition at the clearing level, and champion customer choice.  Participants will benefit from the opportunity to cross-margin and cross-net trades carried out across different trading venues, making for more cost-effective trading.
Turquoise is the first platform to offer customers the flexibility to select separate clearing houses for business transacted in different countries.

The service will begin being rolled out in November this year, subject to regulatory approval. Turquoise will look to welcome additional clearing houses to this model in due course.

Adrian Farnham, chief executive of Turquoise, said: "Interoperable clearing on Turquoise is great news for our customers, and a positive step forward for European market infrastructure as a whole. It will give customers choice and drive competition in clearing. This will in turn encourage further efficiency and innovation in the post trade space.

"Offering interoperable clearing underpins Turquoise's commitment to the development of a truly competitive, customer- focussed trading environment."

Kevin Milne, director of post trade at London Stock Exchange Group said: "Transparency and openness in post trade are a key function of an efficient and dynamic market and as a long time advocate of interoperability we are delighted to add Turquoise to the list of our already interoperable markets."