About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

UK FSA Gives NYSE Liffe Green Light to Launch European CCP in July

Subscribe to our newsletter

The UK Financial Services Authority (FSA) has granted NYSE Liffe approval to launch a new central clearing counterparty (CCP) for its London derivatives market. The CCP, which will be dubbed Nyse Liffe Clearing, is due to begin operations on 27 July 2009, subject to a period of review by members of its proposed documentation.

The approval allows Liffe to become a self-clearing recognised investment exchange, act as CCP for the London derivatives market and manage its own London clearing operations directly. The proposed documentation awaiting member approval includes amendments to rules and clearing arrangements, as well as the new arrangements and the finalisation of tax relief with HM Treasury.

The NYSE Euronext owned derivatives business has been planning the move for some time and it entered into a binding agreement with LCH.Clearnet to establish the CCP in October last year. Garry Jones, group executive vice president and head of global derivatives for NYSE Liffe, says: “The new clearing arrangements will enable us for the first time to forge a direct clearing relationship with our London market customers while continuing to build on our longstanding relationship with LCH.Clearnet.”

Under the NYSE Liffe Clearing arrangements, Liffe will continue to outsource the existing clearing guarantee arrangements and related risk functions to LCH.Clearnet, which will remain responsible for defaulting member positions and applying its rules and resources to resolve defaults, if they occur.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: How to automate entity data management and due diligence to ensure efficiency, accuracy and compliance

Requesting, gathering, analysing and monitoring customer, vendor and partner entity data is time consuming, and often a tedious manual process. This can slow down customer relationships and expose financial institutions to risk from inaccurate, incomplete or outdated data – but there are solutions to these problems. This webinar will consider the challenges of sourcing and...

BLOG

A Dive into the Detail of the Financial Data Transparency Act’s Data Standards Requirements

As the June 2024 deadline looms for US regulators within the scope of the Financial Data Transparency Act (FTDA) to provide joint rules on data standards and reporting formats, the question of what these standards and formats will be remains open. Front runners are the Legal Entity Identifier (LEI) and eXtensible Business Reporting Language (XBRL),...

EVENT

TradingTech Summit London

Now in its 13th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

MiFID II handbook, third edition – How compliant are you?

Six months after Markets in Financial Instruments Directive II (MiFID II) went live, how compliant is your organisation? If you took a tactical approach to cross the compliance line on January 3, 2018, how are you reviewing and renewing systems to take a more strategic approach and what are the business benefits of doing so?...