BATS Europe Offers Multilateral Clearing Choice

BATS Europe has launched Preferred Interoperable Clearing (PIC), which provides its trading participants the choice of a preferred clearer from three interoperating clearing counterparties (CCPs). EuroCCP, LCH.Clearnet and SIX x-clear are the three CCPs participating in the PIC service.

Under this service, if participants on both sides of a trade select a CCP from the interoperable group via the online election form, then the executed trade will be cleared by the designated CCP(s).

Mark Hemsley, chief executive officer (CEO) of BATS Europe, said: “We are pleased to be the first market centre to offer a multilateral interoperable clearing service that supports customer choice and encourages CCP price and service competition. This launch is the first step toward a fully interoperable clearing environment, which is an important one toward significantly reducing frictional post-trade costs for Europe’s market participants. We continue to encourage our participants to demand clearing choice from all trading venues so that the full benefits of competition can be realised.”

EMCF will continue to provide clearing and settlement services for orders executed on the BATS Europe platform not designated to one of the three interoperating CCPs.


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