Through its strategic partnerships with Eurex Clearing AG (ECAG) and Euroclear UK & Ireland Limited, the ISE provides a central counterparty (CCP) service for ISE Xetra® order book trades. All equities and exchange traded funds can be cleared through the CCP. A complete list of CCP securities is available here.
CCP arrangements have been shown to enhance liquidity and reduce some of the risks for participants in the market. The key advantages of introducing the CCP to the Irish market have been:
- Post-trade anonymity
- Reduced counterparty risk
- Increased settlement efficiency
- Increased liquidity
- Multilateral settlement netting
Member firms trading on ISE Xetra may choose to clear their own trades, or appoint a GCM of the ISE CCP. Further information on the CCP service is available in this document.
The CCP also operates a buy-in service. Click here for more information.
CCP Service Enhancements
On 20th June 2011, the ISE CCP service was expanded to include the clearing of UK securities. The migration of these securities to the CCP service provides increased efficiencies to the post-trade processing of UK securities traded on the ISE Xetra® order book. The following CCP documents have been updated to reflect the inclusion of UK securities:
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