The MoU establishes EuroCCP as the first clearing house to service a Spanish trading platform.
EuroCCP is the European clearing subsidiary of The Depository Trust & Clearing Corporation (DTCC) and currently clears trades in more than 4,000 securities.
The PAVE trading platform, which was conceived in August 2010, aims to provide liquid, ultra-fast and secure international trading of Spanish securities.
PAVE, expected to become operational in the second half of 2011, will be Spain’s first alternative trading platform.
EuroCCP CEO Diana Chan said that he is delighted that PAVE has chosen EuroCCP as its partner in establishing Spain’s first alternative trading platform. PAVE’s presence will increase competition, helping price formation and improving efficiency in the Spanish market.
"We believe our high level of customer service, comprehensive approach towards risk management and competitive pricing model will bring great value to this new multilateral trading facility (MTF) and its customers," Chan said.
