EuroCCP, a pan-European cash equities clearing house, has got approval from the U.K.’s Financial Services Authority to clear under interoperable arrangements for BATS Europe and UBS MTF. EuroCCP’s Preferred Interoperable Clearing Service will go live on July 29, 2011. The service, to be rolled out by BATS Europe, will allow trading firms to elect a preferred central counterparty (CCP) to clear their trades. Under the service, if trading firms on both sides of a trade have picked a preferred CCP, then each side will be cleared by the respective CCP that they have chosen. As part of the arrangements, firms trading on UBS MTF will be able to select EuroCCP to clear their trades as it now interoperates with an already existing CCP.

Click here for the release from EuroCCP.