LCH.Clearnet Limited and Oslo Clearing ASA together with Oslo Børs ASA have signed a memorandum of understanding (MOU) to launch clearing for the Oslo Børs market, and, in addition, to explore potential opportunities for future collaboration.
The plans to interoperate outlined in the MOU will, in the first phase, give Oslo Børs trading participants a choice between clearing houses.
Roger Liddell, chief executive, LCH.Clearnet said: “We are delighted at this development and look forward to exploring ways in which we can work with Oslo Clearing and Oslo Børs to deliver enhanced services to our members. Interoperability is a first step which provides customers with real choice, broadening the choice of clearer for the Norwegian market and facilitating access for our members to the Oslo Børs.”
Christian Sjöberg, chief executive of Oslo Clearing said: “We welcome LCH.Clearnet Limited as a choice of clearing for cash equities and we are excited to further discuss possible opportunities for closer collaboration with LCH.Clearnet Limited.”
Bente A. Landsnes, chief executive of Oslo Børs said: “We are pleased to announce LCH.Clearnet Limited as the second CCP for cash equities trading at Oslo Børs. LCH.Clearnet Limited has proven their distribution power and long term commitment to the CCP market and will be an excellent complement to the CCP services provided by Oslo Clearing.“
The arrangement between LCH.Clearnet Limited and Oslo Clearing ASA is in line with the Access and Interoperability Guidelines within the European Code of Conduct and is subject to regulatory approval.