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Market Watch
reports that EuroCCP Launches Clearing Service for US
Equity Issues.
(emphasis mine) [my
comment]
press release
April
14, 2010, 6:43 a.m. EDT
EuroCCP Launches Clearing Service for US
Equity Issues
-First European equities clearing service that supports trading of US
securities during European trading hours with settlement in DTC
LONDON,
Apr 14, 2010 (BUSINESS WIRE) -- EuroCCP announced today that has
launched a new service offering central counterpary clearing of trades in US
stocks and US exchange-traded funds (ETFs) to European trading firms.
EuroCCP is the first European equities central counterparty (CCP) clearing
US securities and settling them directly in the central securities depository
in their home market of issue, The Depository Trust Company (DTC).
EuroCCP's new service gives European trading firms their first-ever
opportunity to trade US securities on a variety of pan-European platforms
during European trading hours and to settle those trades in DTC. By offering
a service where US securities settle directly at the US CSD, EuroCCP provides
European trading firms with a more cost-effective post-trade solution.
Its clearing service for US issues allows EuroCCP to extend the efficiency,
cost-saving and counterparty risk protection benefits it already
provides to clients' European-listed securities transactions to US stock and
US ETF transactions. Initially, the US securities eligible for clearing
through EuroCCP include approximately 100 stock issues and 50 ETFs. EuroCCP
expects over time to expand the scope of eligible instruments to further
equities, ETFs, and to ADRs.
EuroCCP's clearing service for eligible US issues is open to any trading
venue cleared by EuroCCP that offers trading in the securities. Trading
will be against US dollars.
"With our new service, we expect to encourage the development of
liquidity in US equities in Europe. European trading firms will have a
centralised clearing solution to facilitate their trading of US securities on
multiple European trading venues," said Andrew Simpson, EuroCCP's head
of Product Management in London. "We are leading the way
by providing European investors with the most comprehensive array of central
counterparty services on a single post-trade platform -- and at the same time
offer a lower-cost settlement alternative than previously
available to firms trading in Europe. We're focused on delivering services
that reflect the demands of firms, making it easier to build trading
strategies across multiple asset classes--US and European equities issues,
GDRs and Exchange-Traded Funds -- and driving down the cost of
post-trade." [Nothing can beat the “cost of post-trade” of
any organization running a Ponzi scheme, because the “post-trade”
NEVER HAPPENS!]
The new service increases the number of markets cleared by EuroCCP to
19, more than any other European equities CCP. This service extension
marks the latest in an ongoing series of enhancements EuroCCP is
bringing to Europe's clearing space, and demonstrates EuroCCP's
commitment to support the European trading community with a cost-effective,
creative clearing solution that best addresses firms' trading needs
and business aspirations. [Wow, “cost-effective, creative clearing
solution”… What a wonderful way to describe a Ponzi scheme]
Bernard L. Madoff
Securities
You know know who
else was really good at trade executions? Bernard L. Madoff Securities.
Portfolio.com
reports about Bernard L Madoff Investment Services.
Bernard L
Madoff Investment Services
Company Overview
Bernard L. Madoff Investment Securities LLC is a leading international market
maker. The firm has been providing quality executions for broker-dealers,
banks, and financial institutions since its inception in 1960. During this
time, Madoff has compiled an uninterrupted record of growth,
which has enabled us to continually build our financial resources. With more
than $600 million in firm capital, Madoff currently ranks among the top 1% of
US Securities firms. Our sophisticated proprietary automation and
unparalleled client service delivers an enhanced execution that is
virtually unmatched in our industry. Madoff Securities' clients
include scores of leading securities firms, banks and financial institutions
from across the United States and around the world. The firm is a
leading market-maker in all of the S&P 500 stocks as well as over 350
NASDAQ issues. The firm is known for its fine pricing as well
as its ability to execute most orders in seconds. Madoff
Securities' superior service is made possible by a sophisticated dealing
staff backed by the securities industry's most advanced technology.
It is underpinned by the personal commitment of founder Bernard L. Madoff and
his brother Peter B. Madoff, who is the senior managing director. Their dedication
to providing quality executions has enabled the firm to become a
leader in the US "third market," which trades US listed equities
away from the exchange floor...
Bernard
L Madoff Investment Services
885 3rd Ave FL 18
New York, NY 10022
Phone: (212) 230-2424
Industry: Investment Banking & Securities Brokers
content provided by Dow Jones & Co., Inc. and may be inaccurate
…“enhanced
execution that is virtually unmatched in our industry”
…“ability to execute most orders in seconds”
…“the securities industry's most advanced technology”
…renowned “fine pricing”
…“dedication to providing quality executions”
This “Bernard L Madoff Investment Services” sounds even better
than the EuroCPP doesn’t it? Maybe they should clear European trades.
More infortation about the EuroCCP
The EuroCCP answers Frequently Asked Questions.
Frequently
Asked Questions
…
Who
is EuroCCP?
EuroCCP (or, European Central Counterparty Limited) is a company that
provides central counterparty (CCP) clearing services for equities traded on
multilateral trading facilities and stock exchanges in Europe. EuroCCP is
incorporated in the UK [The UK is the US’s partner in
crime]
(England and Wales) and regulated by the Financial Services Authority as a
Recognised Clearing House.
Who
owns EuroCCP?
EuroCCP is a wholly-owned subsidiary of The Depository Trust &
Clearing Corporation (DTCC). DTCC is a holding company incorporated
in the United States, with subsidiaries active since the 1970's in the
provision of clearing and settlement services for equities, corporate and
municipal bonds, government and mortgage-backed securities, and money market
instruments. DTCC also operates a trade repository for over-the-counter
derivatives.
…
What
services does EuroCCP offer?
EuroCCP provides central counterparty (CCP) clearing services for equities
traded in Europe. It currently provides clearing services for multilateral
trading facilities Turquoise, SmartPool, NYSE Arca Europe and Pipeline Financial
Group Limited, and will in 2010 provide clearing services to NASDAQ OMX
Nordic exchanges in Copenhagen, Helsinki and Stockholm.
EuroCCP's CCP service eliminates counterparty risks fortrading firms.
Through netting, EuroCCP greatly reduces operations risks,
operations costs and financing costs.
Through trade novation, EuroCCP guarantees to trading firms
that the trades will settle at the price agreed at execution even if one
party to the trade is unable to honour its settlement obligations (due to bankruptcy,
for example).
Through multilateral netting, EuroCCP reduces settlement
obligations for trading firms into a single net receipt or delivery per day
for each security traded, regardless of the number of trades.
Through cross-platform netting (possible in all markets except
the UK), all trades in the same security executed by a trading firm on any of
the venues EuroCCP clears for are netted into a single settlement
obligation and a single margin requirement.
In 2010, EuroCCP will extend its services to clear over-the-counter equities
trades for institutional clients. This service will be offered in
collaboration with Omgeo, a trade affirmation and confirmation service for
buy-side firms and their intermediaries.
Which securities does EuroCCP clear?
EuroCCP at present clears equities from issuers in 19 markets, including
Austria, Belgium, Czech Republic, France, Denmark, Germany, Hungary, Ireland,
Italy, Finland, Netherlands, Norway, Portugal, United Kingdom, Switzerland,
Sweden, Spain, and the United States. In addition, EuroCCP clears,
through Euroclear, the most liquid European-listed Depositary Receipts
that are traded on the venues it serves as well as certain Exchange-Traded
Currency issues (Currency ETCs). The securities are traded in nine different
currencies: the euro, British pound, U.S. dollar, Swiss franc, Danish krone,
Swedish krona, Norwegian krone, Hungarian forint, and Czech koruna.
The list of securities, markets, and currencies EuroCCP clears grows
as more trading venues appoint EuroCCP and as these venues trade more
securities issues.
DTCC launches PR
campaign to support its “new role” in Europe
Efinancial News
reports that DTCC creates new role for European public
affairs push.
DTCC
creates new role for European public affairs push
Tim
Cave
15 Apr 2010
US
clearing giant the Depository Trust and Clearing Corporation has appointed a
new head of public affairs in Europe, as post trade infrastructure
providers face mounting pressure from regulators to improve the transparency
of financial markets in the region. [Transparency and
Ponzi schemes don’t work well together.]
Andrew Douglas, who most recently head of securities research and
development at the Society for Worldwide Interbank Financial
Telecommunication, or Swift, has joined the DTCC in a newly-created
role to lead public affairs efforts in Europe, according to a company
statement.
Douglas' role will involve representing the DTCC's public policy
positions to officials of the European Union, as well as dealing with
other European organisations, such as regulators, central banks and industry
associations.
He will be based in London and will report locally to Diana Chan, chief
executive of EuroCCP, the DTCC's pan-European clearing house. He will report
functionally to Larry Thompson, DTCC's general counsel in New York.
The move comes as EuroCCP and European rivals such as LCH.Clearnet, EMCF and
Eurex Clearing, are continuing talks with European regulators over clearing
houses' plans to link up with each other and start competing for the first
time.
Dutch, Swiss and UK regulators said in February that did not
"conceptually reject" so-called interoperability links between
European clearers, having raised concerns last year that the plans may
[will] lead to increases in systemic risk.
Clearing, a process whereby a central counterparty stands on either side of a
trade, ensuring it completes in the case of a default, is one method being
called for by [(desperate) US] regulators to [keep the US financial system
alive] reduce risk in the wake of the financial crisis.
…
Commenting on Douglas' appointment, Donald Donahue, the chairman and chief
executive of DTCC, said: "Andrew brings more than 20 years of experience
in the global securities industry and has established close working
relationships with European governmental, regulatory and institutional
communities. With Europe becoming more and more of a focus of
DTCC’s business activities, we are delighted to have
Andrew’s vast wealth of experience as we look to work and collaborate
with the broad constituencies in the European market.”
My reaction: With
the retirement savings of Americans already looted by the DTCC, Europe is
becoming more and more of a focus of DTCC's business activities.
1) EuroCCP announced this month that it has launched a new service offering
central counterpary clearing of trades in US stocks and US exchange-traded
funds (ETFs) to European trading firms.
2) The new service increases the number of markets cleared by EuroCCP to 19,
more than any other European equities CCP.
3) This service extension marks the latest in an ongoing series
of enhancements EuroCCP is bringing to Europe's clearing space.
4) EuroCCP expects over time to expand the scope of eligible instruments to
further equities, ETFs, and to ADRs.
DTCC launches PR campaign to support its “new role” in Europe
1) Post trade infrastructure providers face mounting pressure from regulators
to improve the transparency of financial markets in the region.
Transparency and Ponzi schemes don't work well together.
2) In response, the DTCC has increased public affairs efforts in Europe to
persuade regulators to let them run their Ponzi scheme in peace.
Allowing
EuroCCP to gain a dominant role in settling European trades IS IDIOTIC
Doing so puts the retirement savings of European investors into the hands of
the completely-bankrupt, cash-starved US government. Given the DISASTROUS
track record of US regulators and financial institutions, there is no sane
justification for the DTC’s EuroCCP expanding role in European trade
settlement
Eric de Carbonnel
Market Skeptics
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