The migration of the participants in Amsterdam to CLEARING 21® is a major milestone in the achievement of Euronext technical integration, which will be fulfilled for the clearing of all Euronext cash products on 11 July 2003 after the implementation of CLEARING 21® in Lisbon.
This harmonisation to the CLEARING 21® standard within Clearnet as the single Central Counter Party (CCP) for the Euronext cash markets allows members to improve the rationalisation of their cross-border post-trading framework and reduce their indirect costs (optimised technical access, unified membership, harmonised collateral, cross margining and multilateral netting effect across locations…).
The optimisation of the CCP layer is a prior step to the harmonisation of the settlement operations through Euroclear, which will ultimately improve the entire value-chain process in the Euronext integrated cross-border frame.
The clearing harmonisation in 2002 following the trading harmonisation achieved in 2001 fulfil a significant step towards the implementation of the Euronext model.
(see table below)
Migration Euronext Cash Markets
|
Migration to/in |
Trading On NSC |
Clearing On C21® |
Settlement Optional via Euroclear bank |
|
Amsterdam |
Achieved (10/01) |
Achieved (25/10/02) |
2003 |
|
Brussels |
Achieved (05/01) |
Achieved (03/02) |
2003 |
|
Paris |
Achieved |
Achieved |
Achieved |
|
Lisbon |
July 11, 2003 |
July 11, 2003 |
tbd |
