Netherlands-based European Multilateral Clearing Facility (EMCF) is providing central counterparty clearinghouse services for QUOTE MTF, the newly-launched multilateral trading facility (MTF).

QUOTE MTF – which offers a “no-frills” approach to trading - began operating on 4^th September and every trade executed on the Hungary-based exchange will be handled by EMCF.

According to EMCF, it provides CCP services for nearly four-fifths of the European MTF market and clears 1.8 million transactions daily.

In addition to QUOTE, the firm provides services for BATS Europe, Chi-X Europe and Nasdaq OMX Europe.

Tamas Madlena, chief executive of QUOTE MTF, said that EMCF’s popularity in the MTF sphere was a factor in the decision to employ the Dutch firm.

“Given that the EMCF is the CCP provider for many other MTFs it offers us [a] very large scale of optimisation,” he said.

“Liquidity is provided by two committed high-frequency market makers offering the narrowest possible spreads in Europe from the start.”

The main shareholders in EMCF are Fortis Bank Nederland NV and Nasdaq OMX Nordic Group.