European cash equities central counterparty clearing (CCP) company, European Multilateral Clearing Facility (EMCF), has appointed Deutsche Bank as settlement agent in Czech, Hungarian and Polish markets. The appointment was driven by Deutsche Bank’s central and eastern European (CEE) market knowledge, strong position in the markets and strategy.
This appointment follows the announcement made by Nasdaq OMX Europe in September last year that it would begin trading blue-chip securities listed on Budapest Stock Exchange, Warsaw Stock Exchange and Prague Stock Exchange and appointing EMCF as its CCP partner, both being the first to offer those services in CEE markets.
“The launch of CCP services will significantly mitigate counterparty risks in the region and provide low settlement fees, thanks to the netting capability provided by EMCF. This launch coupled with our work in helping to change the tax regime in Poland so that international investors are on an equal footing to domestic investors, demonstrate our commitment to the region. We are proud to have Deutsche Bank as a partner in this dynamic market,” said Jan Booij, chief executive of EMCF.
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