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Europe’s second-largest central counterparty clearing (CCP) company, European Multilateral Clearing Facility (EMCF) reached a new milestone as the number of trades cleared surpassed 2.6 million for the first time on Wednesday, October 21. The expectation is that EMCF will clear an average of more than 2 million transactions per day in the month of October. In 2008, EMCF cleared on average 600,000 transactions per day.
The significant increase in volume is due to two factors – the increasing popularity of new trading venues such as Chi-X Europe, BATS Europe, Nasdaq OMX Europe, Quote and Burgundy all of which are served by EMCF. Additionally, the launch in October of full mandatory central counterparty clearing (CCP) services for the NASDAQ OMX Nordic exchanges has also added to volumes.
“EMCF is proud to be at the heart of these two fundamental shifts in the European trading landscape – the adoption of full CCP clearing in the Nordics and the growing importance of multilateral trading facilities, as both of these changes provide more efficiency to the post-trade environment, leading to more liquidity and cost advantages for our clients and for the European equities market in general,” said Jan Booij, Chief Executive of EMCF.
EMCF introduced mandatory central counterparty clearing (CCP) services for the blue chips and large caps in the Nordic region on the October 9, 2009.
