New EU based venues – client readiness

Following EuroCCP’s Newsflash dated 20 December 2018 regarding the establishment of new EU-based venues in advance of the UK’s proposed exit from the European Union, we would like to remind clients of key steps to ensure readiness for the anticipated go-live 1 April 2019.

Through their EU entities, Aquis Exchange, Cboe Equities Europe and Turquoise will enable participants to continue trading in EU-listed ISINs following Brexit, and will continue to operate their UK based trading venues for trading of UK and Swiss-listed ISINs.

In order to ensure a smooth transition, EuroCCP is seeking to have all new Clearing memberships ready to go live no less than four weeks prior the agreed live date. Clearing Participants are encouraged to have the following completed as soon as possible:-

  • Statement of Authority signed
  • Netting set up agreed
  • Standard Settlement Instructions (SSIs) confirmed
  • Successful testing undertaken

The final outcome of Brexit and details of the transition arrangements are currently uncertain, which may impact the anticipated go-live date of 1 April 2019.

Further information on membership applications, client testing and transition arrangements can be found at EuroCCP’s EU based Venues at Brexit webpage.