The new pan-European stock exchange being set up by
seven investment banks has selected a subsidiary of the Depositary
Trust & Clearing Corporation to provide it with clearing and
settlement services.
The exchange, which is codenamed Project Turquoise, has selected
European Central Counterparty (EuroCCP) as one of its key
technology suppliers.
Turquoise is being bankrolled by Citigroup, Credit Suisse,
Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley and
UBS.
The seven banks have said that the new exchange will launch on 1
November this year, the same date as the European Union’s
Markets in Financial Instruments Directive
(Mifid) comes into force.
Mifid enables investment banks to use any stock exchange in
Europe to transact equities and other financial instruments. The
directive also enables any number of new entrants, such as Project
Turquoise, to compete with the exchanges for business.
EuroCCP will be headquartered in London.
Turquoise has yet to select a supplier for the trading
platform.
Turquoise selects EuroCCP for settlement services
>>
How the new stock exchange will work
>>
Trading systems battle for dominance
>>
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