Aquis Exchange Europe go live preparations

Aquis Exchange Europe has announced its plan for a soft go-live in order to ensure a smooth transition. From Wednesday 20 March 2019, trading will be available in the following twelve selected securities:-

ISIN Currency Operating MIC
NL0000440584 EUR AQEU
IT0003697080 EUR AQEU
ES0105128005 EUR AQEU
BE0003853703 EUR AQEU
FR0004024222 EUR AQEU
PTSNC0AM0006 EUR AQEU
DE0005493092 EUR AQEU
JE00B3DCF752 EUR AQEU
BMG0451H1170 NOK AQEU
SE0000191827 SEK AQEU
BSP951331318 DKK AQEU
FI4000197934 EUR AQEU

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 webpage.

EuroCCP and Brexit

Following EuroCCP’s Newsflash dated 28 January 2019 regarding the establishment of new EU-based venues in advance of the UK’s proposed exit from the European Union, EuroCCP is very pleased to inform you that it has obtained the necessary regulatory approvals to provide post-trade services to the EU-based entities of Aquis, Cboe Equities and Turquoise.

EuroCCP and the three trading venues have been working together to put in place measures to allow customers to continue their trading and clearing activity post Brexit.  Specifically, it is expected that the EU-based entities of Aquis Exchange, Cboe Equities Europe and Turquoise will offer market participants the ability to trade in EU-listed ISINs following Brexit, while continuing to operate their UK based trading venues for trading of UK and Swiss-listed ISINs.  EuroCCP will activate the clearing arrangements in EU-listed ISINs as soon as the new EU-based venues are ready to go live.

In order to ensure a smooth go-live, EuroCCP is seeking to have all new clearing memberships in place prior to the agreed go 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

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

 

EuroCCP and Deutsche Börse AG  

Separately, the anticipated go-live date for EuroCCP’s access to Deutsche Börse is being postponed from 29 March to 27 May 2019 at the earliest.   EuroCCP’s resources have been focused on changes related to Brexit as clearing members and trading venues have increasingly started to execute their Brexit contingency arrangements.  Additional time is required to finalise the work required prior to go live, including ensuring technical readiness and obtaining required regulatory approvals and EuroCCP is now actively working on this.

EuroCCP to continue providing clearing services in the EU and UK following Brexit

On the 29 March 2019, the United Kingdom (UK) is scheduled to leave the European Union (EU). Following the UK’s departure from the EU, as a European entity, EuroCCP will be able to continue to operate in the (EU) under the European Market Infrastructure Regulation (EMIR). EuroCCP will also continue to provide services in the United Kingdom (UK) under the Transition Recognition Regime (TRR) approved by the UK parliament in November 2018, which ensures continuity of services from non-UK central counterparty clearing houses (CCPs) for three years from 29 March 2019. EuroCCP is pursuing its application – submitted to the Bank of England in 2018 – in order to obtain permanent recognition as a qualified CCP under UK domestic law in due course after UK’s departure from the EU.

EuroCCP is actively working with UK based clearing members and venues to help them execute their Brexit contingency plans – including onboarding new EU entities and connecting to new EU platforms – to ensure firms can continue to operate as normal following the UK’s departure from the EU.

If you have any questions about how the UK’s departure from the EU may affect the clearing services provided by EuroCCP, please do not hesitate to contact your relationship manager.

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.