New Structure For Equity Clearing

Amsterdam Exchanges has a central, order-driven market structure. In such a structure it is not possible to select independently one's trading partner, because of the risk involved. For those parties who consider it important to control this risk, this can prove a reason not to make use of the central market. It is therefore in the interests of the trading parties that Amsterdam Exchanges covers this trading partner risk and that, in so doing, it maintains a structure that guarantees the completion of transactions, even under extreme circumstances.

There are two reasons to change to a new clearing structure. Firstly, there is the merger of the options exchange and the stock exchange, during which the members of the Stock Exchange Association made it known that they wished to abolish the association and to divide the capital between the members. The capital included a reserve fund to cover the clearing risk, the 'assessment fund' (omslagfonds). In addition, the Ministry of Finance