EuroCCP, the pan-European central counterparty (CCP) which clears over 4,000 securities, has chosen Euroclear Bank, the Brussels-based international central securities depository (ICSD), as sole settlement provider for all US-listed equities transactions struck on Turquoise, the pan-European trading venue.
Under the service which was launched today, transactions in US stocks listed and traded on Turquoise will be settled on behalf of clients at Euroclear Bank in any of the 54 settlement currencies offered by the ICSD.
Clients of Turquoise and EuroCCP need make no adjustments – contractual or operational – to be able to benefit from Euroclear Bank’s robust securities settlement and asset servicing expertise. Turquoise is the only MTF in Europe to offer a full range of US equities.
Robert Barnes, Chief Executive Officer of Turquoise, said: “Turquoise already offers its customers access to 18 European markets through a single connection. Today’s announcement increases the geographic diversification of the markets we offer to our customers and makes the process of trading US names – as well as in a European time zone – easier than ever.”
Diana Chan, Chief Executive Officer of EuroCCP, said: “We have a very good working relationship with Euroclear Bank and it is a natural evolution of this to now partner with them to settle all of Turquoise’s US-listed equities transactions.”
Yves Poullet, Chief Executive Officer of Euroclear Bank, stated: “The proliferation of multi-lateral trading facilities post MiFID II, such as Turquoise, has led to a whole-scale redrawing of how investors access and trade stocks. Ultimately, those venues that attract the largest pools of equity liquidity can expect to flourish in the future. I am delighted to extend the current working relationship that we have for Depository Receipts with Turquoise and EuroCCP to US equities. Our 1,300 clients can now benefit from full trade, clearing and settlement automation in blue-chip firms like Apple, Berkshire Hathaway, Exxon Mobil and Ford, to name but a few.”