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Spanish multilateral trading facility platform PAVE brought to a halt

LONDON | PAVE Platform on Wednesday announced the suspension of its plans for an ultra-fast marketplace focusing on Spanish, Portuguese and Latin American listed equities and ETFs. The Spanish equity market is one of the few major markets in Europe where deregulation and increased competition have yet to arrive and the Barcelona-based project’s aim was to bring in competition. The lack of capital resources, though, has forced it to admit defeat,…

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Is Mr Tordable the Spanish financial markets’ death threat, or their saviour?

LONDON | City and local investors in PAVE, a new Spanish secondary trading platform, must be happy to have recently got Equiduct and EuroCCP on board. Equiduct will be the electronic service provider for PAVE’s stock operations. It will connect private equity firms in Spain to the Square Mile’s capital funds and brokerage houses, which according to PAVE will allow it to reduce position fees 66 per cent and stir competition in one of the, so far, most conservative capital markets of the European Union. On the other hand, the pan-European clearing house EuroCCP will provide central cash equity clearing.