Watch
Euroclear UK & Ireland reduces fees and improves tariff transparency
London, (PresseBox) -
Euroclear UK & Ireland (EUI) will implement a new trade-netting tariff in November 2009. Clients will pay as little as GBP 0.005 (a half pence) per transaction to net trades from the London Stock Exchange, Irish Stock Exchange and a growing number of multilateral trading facilities. EUI already has feeds in place with firms offering central counterparty services, such as LCH.Clearnet, Eurex and SIX x-clear, enabling clients to easily select their clearing service provider once trades are netted at EUI.
The average trade-netting fee will fall from 4.3p to 1.8p per transaction, with most high-volume clients paying an average of 1p per transaction. In addition to this tariff reduction, EUI will redesign its tariff schedule to improve transparency by charging separately for MiFID-related transaction reporting and UK and Irish stamp duty assessments for relevant trades. Currently, these two services and trade netting are priced on a combined basis.
Yannic Weber, Chief Executive Officer of Euroclear UK & Ireland, commented: "As the trading and clearing market infrastructure continues to change, particularly in the UK, we believe that clients will benefit from unbundled, transparent tariffs and will better appreciate the very low fees we charge for key services. We aim to remain highly competitive in offering services that help clients achieve best trade execution."
The average trade-netting fee will fall from 4.3p to 1.8p per transaction, with most high-volume clients paying an average of 1p per transaction. In addition to this tariff reduction, EUI will redesign its tariff schedule to improve transparency by charging separately for MiFID-related transaction reporting and UK and Irish stamp duty assessments for relevant trades. Currently, these two services and trade netting are priced on a combined basis.
Yannic Weber, Chief Executive Officer of Euroclear UK & Ireland, commented: "As the trading and clearing market infrastructure continues to change, particularly in the UK, we believe that clients will benefit from unbundled, transparent tariffs and will better appreciate the very low fees we charge for key services. We aim to remain highly competitive in offering services that help clients achieve best trade execution."
Euroclear UK & Ireland
Euroclear is the world's largest provider of domestic and cross-border settlement and related services for bond, equity, derivatives and fund transactions. User owned and user governed, the Euroclear group comprises the international central securities depository Euroclear Bank, based in Brussels, as well as the national central securities depositories (CSDs) Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. Euroclear also owns EMXCo, a leading UK provider of investment-fund order routing, and Xtrakter, owner of the TRAX trade matching and reporting system. In 2008, the Euroclear group settled more than EUR 560 trillion in securities transactions, representing 157 million domestic and crossborder transactions, and held more than EUR 18 trillion in assets for clients. Euroclear Bank is rated AA+ by Standard & Poor's and Fitch Ratings.
