Euroclear UK & Ireland (EUI) will implement a new trade-netting tariff in November 2009. Clients will pay as little as £0.005 per transaction to net trades from the London Stock Exchange (LSE), Irish Stock Exchange and a growing number of multilateral trading facilities. EUI already has feeds in place with firms offering central counterparty services, such as LCH.Clearnet, Eurex and SIX x-clear, enabling clients to easily select their clearing service provider once trades are netted at EUI.
The average trade-netting fee will fall from 4.3p to 1.8p per transaction, with most high-volume clients paying an average of 1p per transaction. In addition to this tariff reduction, EUI will redesign its tariff schedule to improve transparency by charging separately for the Markets in Financial Instruments Directive (MiFID)-related transaction reporting and UK and Irish stamp duty assessments for relevant trades. Currently, these two services and trade netting are priced on a combined basis.
Yannic Weber, chief executive officer of Euroclear UK & Ireland, said: “As the trading and clearing market infrastructure continues to change, particularly in the UK, we believe that clients will benefit from unbundled, transparent tariffs and will better appreciate the very low fees we charge for key services. We aim to remain highly competitive in offering services that help clients achieve best trade execution.”
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