LCH.Clearnet (LCH) has completed the migration of central counterparty services from the OM London Exchange to LCH and has begun providing clearing services for London Stock Exchange-owned EDX.
The partners say this development is the first milestone for EDX London in enhancing its current Scandinavian business and developing new products.
The London-based exchange was launched in 2003 to bring the cash equity and derivatives markets closer together.
It aims to broaden the scope of equity derivatives trading while cutting risk and reducing cost. It is built on combining the benefits of the London Stock Exchange’s liquidity with the proven equity derivatives technology of OM.
EDX says members can trade futures and options on international exchanges through a common order book and says it is committed to creating London’s first over-the-counter (OTC) equity derivatives trade confirmation and clearing services.
Nic Stuchfield, EDX managing director, says: “The migration of clearing to LCH.Clearnet provides firm foundations for our development plans.
“We are well advanced in our aim to deliver OTC confirmation and clearing services, the first phase of which we expect to launch [this month].”
