European Central Counterparty (EuroCCP) has launched clearing and settlement services for depositary receipts. The service offering will enable market participants to capture in their depositary receipts transactions the benefits of operational efficiencies, cost savings and protection from counterparty risk that EuroCCP already provides for some 5,000 equities issues.
The new service, scheduled to go live this Autumn subject to regulatory review and approval, will provide clearing and settlement for approximately 50 of the most heavily-traded listed depositary receipts. Turquoise will be the first multilateral trading facility (MTF) to offer trading in depositary receipts cleared through EuroCCP. Initially, settlement of these instruments will be in Euroclear Bank.
Adrian Farnham, chief operating officer at Turquoise, said: “Turquoise is dedicated to providing innovative and efficient methods of trading that deliver demonstrable value to investors. Depositary receipts are increasingly popular ways to access fast-growing economies and we are pleased to offer members the opportunity to execute their transactions on Turquoise. We look forward to providing the depositary receipt market with the same efficiency and differentiated value that Turquoise brings to European equities, and EuroCCP’s fully risk-managed clearing and settlement arrangements are integral to this.”
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