OM Welcomes CRESTCo Solution For LSE Clearing And Settlement

OM Gruppen today welcomes CRESTCo’s detailed solution for pan European clearing and settlement for LSE under OM’s ownership through one simple, clear model based on London’s existing infrastructure.

This solution - settlement of the full range of European and US equities through a single post-trade infrastructure with a single central counterparty, through CREST and the London Clearing House - is outlined in CRESTCo’s document ‘Proposed settlement solution for the bid by OM Group for the London Stock Exchange’ published today.

The document can be found on the CRESTCo website at www.crestco.co.uk

The proposal provides the following benefits: One simple model – with pan European reach; Builds on existing London infrastructure; Changes for participants are minimised; Low costs: cross border settlement - local prices; A high degree of automation/STP along the entire transaction chain .

Per Larsson, President and Chief Executive Officer of OM, said: ‘This solution simplifies settlement for European and US equities for LSE members. We welcome CRESTCo’s solution for our strategy for London - creating the leading, most liquid, pan-European market, based on technological efficiencies and our commercial management strength.