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London Stock Exchange Group ("LSEG") today announced that it has been selected to provide clearing technology services for a new cross-market Central Counterparty (CCP) mechanism for Central and Eastern European (CEE) capital markets. The new platform, called CCP.CEE, will facilitate a standardised cross-regional clearing infrastructure for CEE markets, initially in Vienna, Prague, Ljubljana and Budapest.
The service, which will offer international, regional and local customers an advanced, real-time clearing solution, providing best-practice international clearing and risk management services, will begin its roll out in Vienna in mid-2012, with the Prague cash markets to follow soon after.
The agreement was signed with Austrian capital market infrastructure provider, OeKB, which is a 50 percent co-owner of Austria´s Clearinghouse, CCP.A.
Kevin Milne, Director of Post Trade Services at London Stock Exchange Group, said:
"We are delighted to have been selected to provide clearing technology services for the CEE Capital Markets. This will enable CEE markets to benefit from an advanced real-time clearing platform. We look forward to working in partnership with CCP.CEE to expand this initiative within the CEE region."
Georg Zinner, Director of Capital Markets at OeKB, said:
"We are excited to be partnering with London Stock Exchange Group as the provider of clearing technology services for CCP.CEE. LSEG offers a fully hosted, near turnkey state-of-the-art solution. Choosing this solution will enable the CEE markets to achieve the benefits of scale which only shared infrastructure can offer."
The platform's software has been designed by LSEG and developed by leading global exchange technology provider, MillenniumIT. It will be operated by LSEG from its IT facilities in London and Milan.
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