03.07.2014

Turquoise Offers Full Range of U.S. Equities

03.07.2014
Terry Flanagan

The London Stock Exchange’s Turquoise said it is the only multilateral trading facility in Europe to offer a full range of US equities as it changed its settlement procedures.

Last month EuroCCP said in a statement that it had chosen Euroclear Bank, the Brussels-based international central securities depository, as sole settlement provider for all US-listed equities on Turquoise, the LSE’s pan-European trading venue.

Robert Barnes, chief executive of Turquoise, said in a statement : “Turquoise already offers its customers access to 18 European markets through a single connection. This announcement increases the geographic diversification of the markets we offer to our customers and makes the process of trading US names – as well as in a European time zone – easier than ever.”

Clients of Turquoise and EuroCCP can now settle transactions in US stocks listed and traded on Turquoise in any of the 54 settlement currencies offered by Euroclear Bank.

Euroclear previously settled depository receipts, securities which allow US stocks to trade in London like domestic stocks, for Turquoise and EuroCCP. The new deal extends the relationship to US equities.

Yves Poullet, chief executive of Euroclear Bank, said in a statement: “Our 1,300 clients can now benefit from full trade, clearing and settlement automation in blue-chip firms like Apple, Berkshire Hathaway, Exxon Mobil and Ford, to name but a few.”

Frank Slagmolen, director at Euroclear, told Markets Media: “EuroCCP is the only central counterparty that offers a range of over 150 US equities without any restrictions, from its Turquoise feed. It is possible this could trigger other exchanges or MTFs in Europe to look at using our settlement and post-trade services for US equities.”

Related articles

  1. Warsaw Stock Exchange Aims to Continue IPOs

    This will bolster KKR’s capacity to serve as a full-service underwriter for IPOs.

  2. Ruling could lead to further market structure innovation.

  3. The first Chinese companies listed their Global Depository Receipts on SIX Swiss Exchange.

  4. The exchanges will also explore new products in ESG, ETFs, and indexes.

  5. Share trading obligation and the double volume cap would be removed.