[VIDEO] The tension between Euronext’s new venture into clearing services across its markets, and the remaining opportunities for the four big providers in the space so far, was in focus as representatives for all parties were on stage with PostTrade 360° Amsterdam on Thursday.
This session was sponsored by the five participating clearinghouses: Eurex, EuroCCP, Euronext, LCH and SIX.
As Europe’s leading stock exchange operator Euronext is launching its Euronext Clearing initiative to cover (at least) its seven stock exchanges across Europe, the starting point is actually in the trading: Coming March, trading will be possible across one unified liquidity pool there. Starting first in the clearing panel at PostTrade 360° Amsterdam on 10 November, Euronext Clearing’s Eric Bey described the previous variation of clearing setups as an obstacle against that aspired unified trading.
So where does that leave the competitors? SIX’s Brendon Bambury and EuroCCP’s Tim Beckwith expressed worry about the fullness of their access to the Euronext markets, for the possibility to participate interoperably or through so called preferred-clearing setups.
As participants, the panel saw …
Valentijn Wiegel (panel moderator, representing a clearing member) Head of Network Management, ABN AMRO Clearing Bank,
Tim Beckwith, Head of Commercial Services & Business Development, EuroCCP,
Brendon Bambury, Head Sales and Relationship Management UK, Nordics and Benelux, SIX
Ricky Maloney, Head of Buy Side Fixed Income Sales, Eurex,
Eric Bey, Head of Clearing Services, Euronext, and
James Stacey, Commercial Services Director, LCH.
Brendon Bambury saw probability that the coming decades could carry a lot more consolidation across Europe, with small independent clearinghouses becoming fewer.
The discussion also touched on many other subtopics, including the possible pickup of crypto assets and DLT-based processing, and the Brexit-induced requirements for decisions for equivalent access between the UK and EU.
• News around PostTrade 360° Amsterdam 2022, on 10 November, is gathered here.
• The conference info site, with detailed agenda, is here.
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