Following an analysis carried out in conjunction with the clearing members in Brussels and their software providers, Clearnet decided in co-operation with the participants to complete the integration of C21® with the Brussel members by November 16th. This date is set in order to give Clearnet , its members and all the related providers time to prepare for the new clearing platform.
The migration of the participants in Brussels to C21® is the first step of the move to a single clearing platform for all Clearnet members on their cash transactions.
Clearnet is the first European clearing house to implement the full merger of three existing central counterparties (CCP). This merger involves a legal step implemented early this year as well as a technical roll-out of the C21® clearing system to all the members in Amsterdam and Brussels.
Clearing21® is an advanced clearing system providing a standard for the CCP(Central CounterPart) industry. It allows the processing of transactions from all markets in real time using a single tool and enables multilateral netting of positions. Clearing 21® is used on US derivative markets and on derivative and cash markets in Paris.
