UK / FRANCE / US – The world’s major clearing houses have got together to form an association dedicated to improving the global clearing process.

The new association will be called CCP 12, CCP standing for central counterparty services and 12 representing the number of organisations informally taking part. It has no formal base as yet, with contact mainly through the chairman’s office, and will look at improved information sharing, enhancement of collateral usage, development of collaborative opportunities and identifying minimum standards for risk management.

The first chairman of the association is Patrice Renault, who is formally chief executive officer of Clearnet, the pan-European clearing house and central counterparty of Euronext , and will be chairman for the first year. The chairman will represent the association in key forums and co-ordinate CCP 12 working groups. There will be plenary sessions every six months or so.

A spokesperson for CCP12 said that the association remains an informal and friendly link up of the world’s leading clearing organisations. “It is still very much in its infancy and as such has no legal foundation for the time being, but who knows where it might go,” she comments.

The association’s 12 members are : Australian Stock Exchange; Brazilian Clearing and Depository Corporation; Canadian Depository for Securities; Clearnet (Paris); Depository Trust and Clearing Corporation (New York); Eurex Clearing (Frankfurt); Hong Kong Exchanges and Clearing; S.D. Indeval (Mexico City); London Clearing House; Options Clearing Corporation (Chicago); Singapore Exchange and Central Depository; Tokyo Stock Exchange; Chicago Mercantile Exchange.