Euroclear Bank, the Brussels-based international central securities depository (ICSD), has been selected by the pan-European central counterparty (CCP) EuroCCP as sole settlement provider for all US-listed equities transactions struck on Turquoise, the pan-European trading venue.
Under the newly-launched service, 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.
Euroclear Bank added that clients of Turquoise and EuroCCP need make no adjustments – contractual or operational – to benefit from its securities settlement and asset servicing. Turquoise is the only multilateral trading facility (MTF) in Europe offering a full range of US equities.
“Turquoise already offers its customers access to 18 European markets through a single connection,” said Robert Barnes, chief executive officer (CEO) of Turquoise. “[This] 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, CEO of EuroCCP, added: “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, CEO of Euroclear Bank, stated: “The proliferation of multi-lateral trading facilities post-Markets in Financial Instruments Directive [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.”
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