Sigma-X EU MTF

Dear Clearing Participant,

Following EuroCCP’s Newsflash dated 20 December 2018 and 28 January 2019 regarding the establishment of new EU-based venues in advance of the UK’s exit from the European Union on 31 December 2020, Sigma X has announced its intention to go-live with its EU entity – Sigma X Europe MTF (subject to regulatory approvals).

Through its EU entity Sigma X Europe MTF (MIC-code SGMU), Sigma X will enable participants to continue trading in EEA symbols only (excluding UK and Swiss) and will continue to operate its UK based trading venue Sigma X UK (MIC-code SGMX) for trading with the same market coverage as today.

Clearing Participants wishing to trade on Sigma X Europe MTF will need to have the following actions completed as soon as possible with EuroCCP:

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

Further information on membership applications, client testing and transition arrangements can be found at EuroCCP’s EU based venues & Brexit web page.

Should you have any further queries, please do not hesitate to contact us.

EuroCCP Relationship Management
T.   +44 20 7392 7480
rm@euroccp.com|euroccp.com

Turquoise Europe MTF – Go-live 30 November 2020

Turquoise has announced its intention to go-live with its EU entity on Monday 30th November 2020, in advance of the end of the transitional period of the UK exiting the European Union. This is subject to a final go / no-go decision next week.

Turquoise has obtained regulatory approval from the Autoriteit Financiële Markten (AFM) in The Netherlands to operate as an MTF (Turquoise Europe).

Clearing Participants wishing to trade on Turquoise Europe (Operator MIC TQEX) will need to have the following actions completed as soon as possible with EuroCCP:-
• Statement of Authority signed
• Netting set up agreed
• Standard Settlement Instructions (SSIs) confirmed
• Successful testing undertaken

Further information on membership applications, client testing and transition arrangements can be found at EuroCCP’s EU based venues & Brexit web page.

Should you have any further queries, please do not hesitate to contact us.

EuroCCP Relationship Management
T. +44 20 7392 7480
rm@euroccp.com|euroccp.com

Aquis Exchange Europe (AQEU) extends additional securities on their European venue trade date 12 November 2020

After Aquis Exchange Europe’s (AQEU) initial soft launch in March 2019, where 13 selected securities were made available for trading, EuroCCP is pleased to announce its readiness to activate over 1,000 additional securities to AQEU at close of business on 11th November 2020.
Clearing Participants wishing to start trading on the new platform need to ensure that the following is completed:-

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

Further information on membership applications, client testing and transition arrangements can be found at EuroCCP’s EU based venues & Brexit web page.
Should you have any further queries, please do not hesitate to contact us.

EuroCCP Relationship Management
T. +44 20 7392 7480
rm@euroccp.com|euroccp.com

Clearing Rule Book Changes

EuroCCP announces that an updated version of its Clearing Rule Book is posted on its website.

On 21 April 2020 EuroCCP published an updated version of its Clearing Rule Book (“CRB”) together with an updated Regulation Trade Refusal and a newly introduced Regulation Liquidity Measures on its website for consultation.

The changes to the CRB were open for consultation for a 30 calendar day consultation period. This period ended on 20 May 2020.

The purpose of the changes is to introduce new tools and measures to address potential liquidity risks with the aim to enhance EuroCCP’s liquidity risk management framework and resilience.

Following feedback, a change has been made in the Regulation Liquidity Measures in respect of the look back period used to determine Qualifying Clearing Participants and to calculate the applicable Settlement Exposure Add-on Percentage. An uninterrupted period of three months instead of twelve months immediately prior to the Designation Date will be used to determine whether a Clearing Participant would qualify as Qualifying Clearing Participant. In addition,  the applicable look back period to calculate the Settlement Exposure Add-on Percentage will be changed from 12 months to 3 months as well.  This change will allow Clearing Participants to be sooner out of scope of the obligation to provide Settlement Exposure Add-on if the amount of liquidity risk brought to EuroCCP by that Clearing Participant has reduced over time.

Next to that a few clerical changes have been made in section 5 of the Regulation Liquidity Measures which we believe to be non-contentious. Apart from these adjustments no changes have been made to the versions that were published 21 April 2020.

The final versions of the updated CRB, the updated Regulation Trade Refusal and the new Regulation Liquidity Measures are now published on EuroCCP’s website. They will be in effect as of 1 July 2020.

Once more we would like to thank the Clearing Participants that have participated in the consultation.

For queries, please contact our Relationship Management department.

EuroCCP 2017 End of Year Timings

EuroCCP is pleased to confirm the timelines for the distribution of Client reporting between 22 December and 2 January, as follows:-

22 December 2017

EuroCCP will distribute end-of-day CIF & CHC files at the usual time. These reports will form the basis for the margin calls issued in the morning of Wednesday 27 December 2017.  Clearing Participants may wish to deposit additional collateral on Friday 22 December in order to avoid a margin call on 27 December.

25 and 26 December 2017

EuroCCP will be closed and no CIF & CHC files will be distributed.  No margin calls will be made.

27 December 2017

EuroCCP will be open and CIF & CHC files will be distributed at the usual time. Margin calls will be made at the usual times.

29 December 2017

EuroCCP will distribute end of day CIF & CHC files at the usual time. Clearing Participants may wish to deposit additional collateral on Friday 29 December in order to avoid a margin call on 2 January.

2 January 2018

EuroCCP will be open and CIF & CHC files distributed at the usual time. Margin calls will be made at the usual times.

Swiss CSD PoA enhancements to auto-split service effective 20 Nov 2017

Following the newsflash dated 16 June 2017, EuroCCP is pleased to inform you of the enhancements that SIX SIS CSD is making to its Auto-split service for CCP trades settling at SIX SIS CSD with effect from 20 Nov 2017.

SIX SIS CSD is introducing additional auto-splitting cycles for CCP transactions, resulting in deliveries from members now qualifying for all intra day cycles listed below:

The Auto-split service is offered in conjunction with the CSD Power of Attorney (PoA).

Although the CSD PoA is optional, EuroCCP highly recommends the use of Auto-split functionality in conjunction with the CSD PoA given the positive impact of these combined services on settlement efficiency.  This service is very similar to EuroCCP’s Settlement agent POA set up and requires minimal changes to benefit from the increased settlement efficiency and reduction in post trade costs.

For further details of the CSD PoA, Auto-Split and EuroCCP reference (Pool reference), we would refer you to EuroCCP’s Service Description – CSD PoA Swiss market.  The new functionality will be included in the Service Description as from 20 November 2017.