Following the UK’s departure from the EU, as a European entity, EuroCCP continues to operate in the (EU) under the European Market Infrastructure Regulation (EMIR). EuroCCP also continues 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 continues to actively work with UK based clearing members and venues to help them execute their Brexit plans – including onboarding new EU entities and connecting to new EU platforms.
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.
To allow participants to continue trading in EU-listed ISINs following Brexit, Aquis Exchange, Cboe Equities and Turquoise have established EU entities for the trading of EU-listed ISINs and continue to operate the UK based platform for trading of UK and Swiss-listed ISINs.
Aquis Exchange has established its EU entity in France and has filed applications with the relevant French competent authorities to operate a multilateral trading facility (Aquis EU). In addition to the current MIC code AQXE (to be used after Brexit for UK and Swiss-listed ISINs), a new MIC code – AQEU – is set up for the EU-listed ISINs.
Cboe Equities has established its EU entity in the Netherlands and has filed applications with the relevant Dutch competent authorities to operate a MiFID II compliant equities trading venue (Cboe EU). In addition to the current MIC codes BATE and CHIX (to be used after Brexit for UK and Swiss-listed ISINs), new MIC codes – BEUE and CEUX – is set up for EU-listed ISINs.
Turquoise will establish its EU entity in the Netherlands and has filed applications with the relevant Dutch competent authorities to operate a Multilateral Trading Facility (Turquoise EU). In addition to the current MIC code TRQX (to be used after Brexit for UK, USD and Swiss-listed ISINs), a new MIC code – TQEX – is set up for the EU-listed ISINs.
The service for Aquis EU, Cboe EU and Turquoise EU will be fully interoperable and includes the instruments that are currently available for trading on the UK based platforms. As an EU-based CCP, EuroCCP maximises the operational and commercial benefits for trading and clearing participants, as all trades cleared by EuroCCP will be fully netted into one settlement per ISIN per day. EuroCCP features include:-
The new MIC codes for the EU entities of these platforms will be as follows:-
|Cboe EU||BEUE, CEUX|
These MIC codes will be reflected in EuroCCP’s Clearing Information File (CIF). During testing, files will be generated and distributed from EuroCCP’s client test environment.
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|Risk related queries|
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