The move makes Turquoise the first multilateral trading facility (MTF) to offer trading and EuroCCP the first pan-European CCP to offer clearing services in the 25 components of the main Hungarian and Czech indices, the BUX and PX indices. The securities newly eligible for clearing through EuroCCP include 12 Hungarian ISINs and 13 Czech ISINs.
EuroCCP’s clearing services are open to any trading venue to which it is linked that offers trading in these securities. Turquoise will offer trading in the Hungarian and Czech securities cleared through EuroCCP from February 26. The service further extends Turquoise’s pan-European equities, ETF and ETC coverage.
Moreover, EuroCCP has extended its relationship with Citi’s global transaction services by appointing Citi as EuroCCP’s settlement agent for these securities.
Andrew Simpson, head of product management in London at EuroCCP, said: “With the addition of Czech and Hungarian equity issues, we’re offering European market players the opportunity to invest in a larger variety of securities in a safe environment, where counterparty risk protection is available on all trades.”
David Lester, CEO of Turquoise, said: “We are delighted to be the first pan-European trading platform to launch trading in Hungarian and Czech equities, further extending the choice of securities for our clients. Through these clearing arrangements, clients will benefit from the same differentiated value and risk-managed clearing and settlement solution offered currently for our existing European markets.”
