LCH.Clearnet signs up Turquoise

Article reports that LCH.Clearnet has captured on the 7 May 2009 its fourth new equities clearing customer in less than a week after signing an agreement to clear pan-European equities trades done on Turquoise, the alternative share trading platform.

The move is a sign that the clearer is moving into high gear to acquire new business amid a price war in pan-European equities clearing.

It is also a sign that Europe’s clearers not owned by exchanges are forging links with each other to give end-users a choice of where their trades are cleared. The concept, known as 'interoperabilty', is a key demand of the European Commission as a way to inject competition into clearing. But progress has been slow.

ESO: Background information: Clock ticking over future of LCH.Clearnet http://www.europeansources.info/record/clock-ticking-over-future-of-lch-clearnet/

LCH>Clearnet: Press Release, 7.5.09: LCH.Clearnet to clear for Turquoise http://www.lchclearnet.com/media_centre/press_releases/2009-05-07.asp

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