European traders will get more clearing choices after the launch of a new system by BATS Europe, Financial Times reports. The system, known as ‘preferred interoperability,’ will allow clients of BATS to select from three clearing houses, LCH.Clearnet, based in London, x-Clear of Switzerland and EuroCCP, the European clearing arm of the Depository Trust & Clearing Corporation of the U.S.
Until now, firms performing equities trades on BATS were forced to use EMCF, which has been the designated clearer for BATS since the platform was launched in 2008. EuroCCP is expected to reveal the names of a number of firms that have agreed to use EuroCCP as part of the BATS arrangement.
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