Luxembourg Stock Exchange Launches Clearing And Settlement System
The Luxembourg Stock Exchange has announced that it has successfully launched
a clearing and settlement structure with the introduction of Central Counterparty
(CCP) services.
The first trades were executed under the new structure on Friday,March 14th,
2008, and were successfully settled on Wednesday, March 19th, 2008. The new model was established with LCH.Clearnet SA as CCP. An innovative structure
allows participants to use both ICSDs (International Central Securities Depositories)
to settle trades, namely Clearstream Banking Luxembourg and Euroclear Bank. CCP services will allow investors to trade on the Luxembourg Stock Exchange
using industry best practices, and therefore strengthening post-trade efficiency. The new clearing and settlement structure has been established as part of the long-term
strategy of the Luxembourg Stock Exchange, which aims at increasing both trading
volumes and liquidity. A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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