LCH Ltd – EquityClear extends its clearing services to include Borsa Italiana

Report date

Circular No.

LCH Circular No 3969


10th August 2018


All LCH Ltd EquityClear Members


Dear Member

LCH Ltd – EquityClear extends its clearing services to include Borsa Italiana

We are delighted to inform you that LCH Ltd (“LCH”) will offer clearing services for Borsa Italiana cash equity markets with an estimated go live of Q4 2018, subject to the required regulatory approvals and completion of the necessary documentation and testing.

This is an important step in our efforts to continue to expand our venues and markets coverage and to bring further netting and cost efficiencies to EquityClear members.

The new clearing link between Borsa Italiana and LCH represents a significant milestone in EquityClear’s strategy to access key exchanges utilising the regulatory provisions within the Markets in Financial Instruments Regulation No. 600/2014 (“MiFIR”).

The Borsa Italiana link includes the following segments and instruments:

  • Mercato Telematico Azionario (MTA) – Shares and depositary receipts
  • ETFplus Market – ETFs, ETCs and ETNs

Borsa Italiana Equity MTF (BIT Eq MTF) segment Global Equity Market (BIt GEM) – Shares and depositary receipts


The clearing arrangements will be based on a “Preferred CCP” or “User Choice” model, whereby each trading firm is able to specify LCH as its preferred CCP.  Only if a trade is executed between two trading members that have both elected LCH as their preferred CCP, is the trade then sent to LCH for clearing.

Further details regarding requirements, testing and confirmation of the go-live will be communicated in due course.

For any questions regarding this important update, please contact

Ian Mackenzie Tel: + 44 (0) 20 7426 7265, email: or

Tim Beckwith Tel: + 44 (0) 207 426 7276, email:


Yours sincerely,

Tim Beckwith

Head of Sales & Relationship Management, Equities