European Central Counterparty has restructured its fees and set a new low clearing price standard for European equity trades.
European Central Counterparty has restructured its fees and set a new low clearing price standard for European equity trades.
EuroCCP’s new fee structure starts from three euro cents (EUR0.030) per side and decreasing to one-fifth of a euro cent (EUR0.002).
The new pricing model is effective from 1 October 2009.
The announcement is part of a major EuroCCP programme of innovation, including the launch of new products and expansion into further market sectors.
Diana Chan, EuroCCP’s chief executive, says: ‘The market is looking for pricing to be simpler and more transparent, enabling traders to build predictable clearing costs into their models. With the launch of our enhanced tiered fee structure, we’re bringing US high volume pricing to Europe, and offering a safe and low-cost service to help our customers and partners achieve further economies of scale.’
EuroCCP is extending its clearing and settlement services into other markets – for example, through its partnership with Omgeo to create a pan-European equities CCP service for hedge fund transactions. It has also entered into a memorandum of understanding with Nasdaq OMX to provide clearing services for its exchanges in Copenhagen, Helsinki and Stockholm starting in January 2010.
At present EuroCCP clears equity trades in 15 countries and in seven different currencies. It currently provides central counterparty services for equity trades on the Turquoise, SmartPool, NYSE Arca Europe and Pipeline trading platforms.
