| Market: | Equiduct |
| Products: | Cash Equity |
| Date: | 10 March 2008 |
EQUIDUCT TRADING – New Service by end of Q2 2008
Announcement
Context and summary:
LCH.Clearnet SA will provide by mid 2008 full CCP services for transactions executed on the Börse Berlin Equiduct Trading platform for liquid European equities.
Börse Berlin Equiduct Trading will provide, from mid-2008, a pan-European regulated market offering cross-border trading services and market data for all equity instruments listed on the EEA Regulated Markets, starting with the most liquid securities.
The market-segment Equiduct Trading is subject to the state-monitored and regulated Börse Berlin. Equiduct Trading will be divided into geographical segments, each following the trading schedule and characteristics of their home market, giving access to the local post-trade CCP environments.
Equiduct Trading’s business model will then offer its participants the possibility to clear and settle trades in domestic securities and in domestic post-trade locations.
LCH.Clearnet SA’s Clearing Members will benefit from synergies between Equiduct Trading market and NYSE Euronext markets, including the application of the same fee grid. Fungibility at risk management and settlement levels will be set up and will lead to substantial economies.
Impacts on Clearing Members
Few impacts are expected on LCH.Clearnet SA’s Clearing Members interested in participating to this new initiative.
Equiduct Trading transactions will be processed in the LCH.Clearnet SA’s current cash equity clearing system.
All Clearing Members already connected to this system will be accepted for the launch of the service.
All the functional, technical and architectural aspects will be identical to the existing ones.
Transactions coming from Equiduct trading platform will be routed via a Systematic Posting rule to a dedicated Equiduct Position Account (no fungibility with NYSE Euronext’s positions). Therefore, members will have to update their account structure.
Detailed specifications will be included in the Customer Service Offer expected in coming days.
Further Information:
A full presentation of the project will be organised in the second half of March 2008.
How to Participate?
Members interested in this new service:
Are invited to participate to the above mentioned project meeting (invitation will follow in
coming days)
=> Second half of March 2008Are requested to send us the attached form in order to declare their membership intention and inform us about the dedicated project and tests contacts
=> From today and before 3 April 2008Have to send us an updated account structure (dedicated Equiduct Position Account)
=> Before 3 April 2008Have to participate to the External User Acceptance tests. Period and testing details will be provided in due course
=> From 14 April 2008
For further information, please contact your LCH.Clearnet SA product implementation manager:
Dorothée Fresneau +33 1 70 37 66 05 dorothee.fresneau@lchclearnet.com
François Marton +33 1 70 37 67 54 francois.marton@lchclearnet.com
or
your local relationship manager.
Customer and Market Management LCH.Clearnet SA