EuroCCP Receives FSA Approval as Recognised Clearing House
European Central Counterparty (EuroCCP) has received approval as a UK Recognised Clearing House (RCH) by the Financial Services Authority (FSA). EuroCCP was selected to clear and settle for Turquoise, a new pan-European multilateral trading facility (MTF) created by a consortium of nine major global investment banks that will trade the most liquid equities in Europe. EuroCCP will use Citi’s Global Transaction Services as its settlement agent. The company has also reaffirmed its commitment to sign the voluntary European Code of Conduct for clearing and settlement, allowing for interoperability of its services with other clearing and settlement houses and European trading platforms. The FSA approval of EuroCCP followed an in-depth review of all aspects of its business arrangements as a critical market infrastructure.