The London Stock Exchange (LSE) aims to deliver additional benefits to the market through competition in clearing services by introducing an independent, user-owned, user-governed and not-for-profit alternative provider.
Chris Gibson-Smith, chairman of the LSE, said that securing efficient post-trade services on a pan-European level is a pre-requisite to the creation of a single market for financial services.
We are deeply committed to a horizontal model, where exchanges do not hold an economic interest in the provision of clearing and settlement services. It is this model, and our philosophy, that allows us to offer choice and competition in UK equity clearing through an independent and user-owned organization such as SIS x-clear, said Mr Gibson-Smith.
Subject to final agreement, the exchange proposes to offer SIS x-clear’s clearing services during the first half of 2007.
