EuroCCP Offers Netting of Settlement Fees for U.K. Stocks
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EuroCCP, the European unit of Depository Trust & Clearing Corp., began offering a service to cut settlement fees charged to clients buying or selling U.K. or Irish stocks over several different alternative trading venues.
The clearinghouse will allow so-called netting of transactions across the different trading systems it services from today, the London-based company said in an e-mailed statement. Customers can combine trades in the same security across multiple venues into a single settlement obligation, saving each client as much as 2 million euros ($2.7 million) a year, EuroCCP said.