LCH Clearnet has begun implementation of a new clearing platform, allowing it to double the number of transactions it processes each day.
LCH.Clearnet, bought by the London Stock Exchange in 2012, provides clearing and settlement services for several major exchanges.
The clearing house has announced a five year extension to its contract with Atos to further enhance its Universal Clearing and Settlement System (UCS) platform. Atos will provide systems integration and ongoing managed services to support delivery of the platform, which processes information on stocks, obligations and derivatives products.
The new version of the UCS platform will enable up to six million transactions to be processed each day, Atos said, twice the amount currently possible.
Atos will provide hosting of applications supporting delivery of the UCS platform in its own data centre as part of the contract, and offer application and production management. It will also provide services for its credit default swap business launched in 2012, CDSClear, as part of the contract.
Atos was responsible for the initial development and implementation of UCS, which launched on equity markets in 2010 and derivatives markets in 2012, also providing other IT applications including risk management, data warehousing and pre-settlement systems.
Financial terms of the deal were not disclosed.