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These committees have been set up to consult and associate Clearnet's users on the company's strategic priorities and operational processes.
Participants are high level representatives of major clearing members in Belgium, the Netherlands, France and the UK, where Clearnet currently operates.
Two IUCs have been created, one dedicated to cash equity and derivatives business, and the second focused on bond and repo business. Each Committee will meet about four times a year.
In addition, all existing local Users Committees dealing with the migration process of the Clearing 21® system already in use in Paris and to be rolled out in Amsterdam and Brussels, will be maintained, at least during the transition period.
The first IUC, dedicated to equity and derivative business, met in Paris on Monday, July 9. At the meeting, Clearnet presented its structure and main projects. The working principles of the Mutual Clearing Fund that Clearnet plans to set up in the months ahead were also discussed and agreed. The fund will constitute a new resource between individual deposits and equity capital ("mixed financial structure approach"). The next meeting is planned for mid-October. The first meeting for bond and repo operations will be held in September.
Clearnet is the first pan-European central counterparty and clear on a net basis all trades made on Euronext markets. It also clears trades for other providers, in particular transactions in debt securities and repos, and plans to extend its offering to other markets interested in the benefits of a unified central counterparty.
George Moller, Euronext's COO in charge of clearing and settlement, and Patrice Renault, Clearnet's CEO, noted: "With the creation of its International Users Committees, Clearnet demonstrates a user-focused approach that reflects its current structure. The company's openness and its planned development to other areas of business outside Euronext, confirm that this horizontal approach is compatible with our wish to deliver a full integrated service to Euronext users".
