SecFinex, a European electronic trading platform for securities finance, has set dates for the introduction of centrally cleared services for stock borrowing and lending on the SecFinex
SecFinex, a European electronic trading platform for securities finance, has set dates for the introduction of centrally cleared services for stock borrowing and lending on the SecFinex Order Market.
The SecFinex central counterparty service, covering equity markets in Belgium, France, Netherlands and Portugal, incorporating LCH.Clearnet as the central clearer, will commence on 19 June 2009.
SecFinex CCP services for equity markets in Austria, Denmark, Finland, Germany, Norway, Sweden and Switzerland, using SIX x-clear as central clearer, will be introduced, subject to regulatory approval, on 15 September 2009.
SecFinex CCP service for UK equity markets, with EuroCCP acting as the central clearer, will follow by the end of 2009.
Peter Fenichel, chief executive of SexFinex, says: ‘Access to a transparent exchange-based marketplace like the one SecFinex operates, incorporating live and executable prices, introduces the concept of trading securities at the best market price. Since the initial investment by NYSE Euronext in March 2007, SecFinex has been working to develop solutions that enable the trading and central clearing of securities lending transactions and we believe the market standards and disciplines that will result from utilising our anonymous market will prove increasingly beneficial to the evolution of securities finance. Prudent risk management is paramount in the minds of market participants. With the creation of UK and European markets incorporating central clearing, SecFinex will be first to market with a responsive and forward looking business model that will further develop and addresses important challenges facing the securities finance marketplace.’
