EMCF and EuroCCP, two leading pan-European cash equities clearing houses, has announced that the transaction to combine the two entities is now complete. The combined clearing houses will form Europe's largest cash equities central counterparty, further improving the efficiency of European equities clearing.
The completion of the transaction follows the approval given by the Dutch Central Bank, De Nederlandsche Bank N.V., to The Depository Trust & Clearing Corporation and BATS Chi-X Europe* to become shareholders in Amsterdam-based EMCF. They join current owners of EMCF -ABN AMRO Clearing Bank and NASDAQ OMX – as equal owners of the new entity. The name change of EMCF to European Central Counterparty N.V. will take effect from 6 January 2014.
In March 2013, EMCF and EuroCCP announced their intention to combine their strengths and capabilities to form a new clearing house designed to deliver greater efficiencies and sustainable competition to the pan-European market place.
This approval follows the unconditional clearance given by the UK?s Office of Fair Trading in October.
Diana Chan, CEO-designate of EuroCCP N.V., said: "With the final approval in place and the transaction complete, we can now turn all of our energies to making European cash equities clearing more streamlined and competitive as well as delivering the service innovation that all of our customers want."
Jan Booij, COO-designate of EuroCCP N.V., said: "Bringing together the best of EMCF and EuroCCP is transformational for the industry and, as we lead the way in risk management, technology, settlement and client service, our customers will be the ultimate beneficiaries."
"Our goal is to complete the migration of customers to the new company by 31 March 2014 and we are on track to meet this objective."