The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Equity markets: Clearing the way for integration

More efficiency in clearing will help increase the importance of Europe’s equity markets.

The difficulties and high costs of cross-border clearing arrangements have long been cited as among the principal barriers to more efficient cash equities trading in the EU.

But a number of developments show that competition and real change in clearing have put down strong roots.

Users of the London Stock Exchange will soon be able to choose between two clearing providers, LCH Clearnet and SIS X-clear, part of the mutually owned SWX group, for the clearing of their trades on the exchange. Such competition, which will be a first, is expected to lead to lower clearing costs.

Instinet Chi-X, the pan-European multilateral trading facility, which began full operation this April, announced that it will also offer users a choice of clearing provider. Users will be able to choose between innovative pan-European clearing solutions from two banks, Fortis and BNP Paribas.

Another significant development is the choice of the DTCC as the clearing and settlement partner for the Project Turquoise MTF, which is being put together by seven large investment banks as a mutually owned alternative to Europe’s major exchanges. The entrance of the DTCC, the user-owned body that is the dominant clearing and settlement company in the US, gives a powerful new player a foothold in Europe.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree