NYSE EURONEXT CHOOSES EUROCCP AS CLEARING VENUE FOR EUROPEAN MTF

Posted October 8, 2008

LONDON – NYSE Euronext has named EuroCCP, a unit of the Depository Trust & Clearing Corporation (DTCC), as the clearing venue and central counterparty (CCP) for its European multi-lateral trading facility (MTF) set to launch in November.

“This is a significant breakthrough in rationalizing the post-trade infrastructure in Europe and is in line with the EU Commission’s voluntary Code of Conduct, which requires that market infrastructures offer reciprocal open access,” says Cees Vermaas, Executive Director, European Sales, NYSE Euronext, who is leading the new pan-European MTF project. “We believe all four clearing and settlement providers will work to implement links to each other to be ready to clear the full range of stocks from 14 European countries in the course of 2009. This will considerably enhance competition, delivering quality of service, reducing cost and lowering risk for our customers.”

The other pan-European clearing providers -- the European Multilateral Clearing Facility (EMCF), a Dutch clearing house; LCH.Clearnet, the independent Anglo-French clearing house and SIX X-clear, the Swiss central counterparty – will be able to access the trade feed for the NYSE Euronext MTF once they set up the required interoperability, giving users of the MTF a choice of central counterparties.

The NYSE Euronext MTF will operate using the new Universal Trading Platform (UTP) developed by the exchange.