EuroCCP, the London-based subsidiary of DTCC, will provide clearing and settlement services for Turquoise , the new pan-European multilateral trading facility.
Eight EuroCCP clearing participants have signed to use SWIFTNet, SWIFT's advanced IP-based messaging solution, for connectivity to EuroCCP for clearing and settlement when it begins limited use on August 15. Full processing of 1,300 securities from 13 European markets will be available on September 5.
"By making use of SWIFTNet, EuroCCP was able to quickly connect into the existing SWIFT community to generate secure connections, rather than having to set up all new connections," said Diana Chan, CEO of EuroCCP. "That capability was invaluable to us in making our system operational against tight competitive deadlines."
SWIFTNet offers connectivity between all parties in the post-trade lifecycle, including EuroCCP members' settlement agents, EuroCCP's chosen settlement bank, Citi, and many European central securities depositories (CSDs).
"The introduction of EuroCCP over SWIFT is an important step towards streamlining and improving standardisation in the European clearing landscape," added David Pryce, head of the Americas, SWIFT. "Greater standardisation will reduce cost and complexity for market participants when connecting to multiple new clearing venues."