| Market: | All |
| Products: | Cash |
| Date: | 29 May 2007 |
Luxembourg Stock Exchange Clearing Announcement
LCH.Clearnet SA and the Luxembourg Stock Exchange are pleased to announce the signature of a Memorandum Of Understanding to implement clearing services for Luxembourg Stock Exchange markets.
LCH.Clearnet SA intends to deliver its clearing services in respect of transactions in corporate bonds, government bonds and equities.
By choosing LCH.Clearnet SA as central counterparty, the Luxembourg Stock Exchange will deliver a competitive, automated and fully integrated solution from trading to clearing and settlement, allowing reduction in the costs of transactions in a secure and structured market environment.
LCH.Clearnet SA’s clearing member community will be able to access products listed in Luxembourg, a European standard-setter for international securities transactions, with over 42,000 products listed, including 29,000 international bonds or nearly 60% of the European total, representing 4,100 issuers from over 100 countries.
This project follows the launch of a new trading technology by the Luxembourg Stock Exchange and is an excellent strategic fit for both parties. First, this straight-through-process will not only allow the Luxembourg market to comply with industry best practice in respect of central counterparty services but will also promote the Exchange by improving volume and liquidity. Second, LCH.Clearnet SA will further expand its service reach in a competitive environment.
The launch of this project is expected for the end of this year in December. A project planning, including a confirmation of the target date will be provided to the market participants together with further details during several information meetings. The first meeting for trading members in Luxembourg is planned on June 13th, 2007 and a general meeting for trading members and LCH.Clearnet SA clearing members will occur the weeks starting June 25th, 2007. The corresponding invitation will be sent to you shortly.
You will find the press release on www.lchclearnet.com
For any further information, please contact:
- from LCH.Clearnet SA,
Catherine Mollard +33 (0) 1 70 37 66 57, catherine.mollard@lchclearnet.com
or
Maud Timon +33 1 70 37 66 13, maud.timon@lchclearnet.com
- from the Luxembourg Stock Exchange,
Antoine Wagner +352 47 79 36 281, awa@bourse.lu