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EuroCCP Andrew Simpson

EuroCCP to begin clearing exchange-traded currencies


EuroCCP will launch clearing services for European-listed exchange-traded currencies on 5 February.

Turquoise will be the first multilateral trading facility to offer trading in currency ETCs cleared through EuroCCP.

Currency ETCs are liquid securities traded on exchange that track the performance of underlying currency indices.

EuroCCP initially will clear 18 currency ETCs, which provide long or short passive exposure to the currencies of G10 countries versus the US dollar.

“EuroCCP is pleased to extend our clearing services to support the trading of Currency ETCs. By providing a safe post-trade environment, we believe this service offering will encourage liquidity,” says Andrew Simpson (pictured), head of EuroCCP product management in London. “Our ETCs clearing service responds to investor demand for liquid, secure and transparent exchange-traded securities and also reflects increased investor appetite for foreign exchange instruments.”

Adrian Farnham, chief operating officer at Turquoise, adds: “Currency ETCs are presenting the European market with new trading opportunities. Turquoise is delighted to provide highly efficient access to such an expanding market, along with the competitive pricing schedule and robust technology that the Turquoise MTF already offers for equities and depositary receipts.”

Listed in both USD and GBP, ETC transactions cleared through EuroCCP will settle in Crest.

EuroCCP, or European Central Counterparty, is a UK-incorporated, FSA-regulated recognised clearing house that is governed by its European users. It is the European subsidiary of The Depository Trust & Clearing Corporation and is headquartered in London.

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