SIX will admit European Central Counterparty N.V.(EuroCCP) to the Swiss market to become the third Central Counterparty (CCP) on SIX Swiss Exchange.
EuroCCP will become interoperable with SIX x-clear AG and LCH.Clearnet Ltd in equity and ETF products.
At the same time, Nasdaq has agreed to admit SIX x-clear AG to the Nordic markets to become interoperable with EuroCCP and LCH.Clearnet Ltd.
These two linked initiatives allow SIX to provide further choice to market participants to streamline their clearing capabilities across geographies and benefit from economies of scale. Both initiatives will require regulatory approvals in the jurisdictions affected.
SIX is currently working with its partners on these initiatives to identify when they will be delivered. SIX will advise the market accordingly as soon as a definitive timeline has been agreed.
Urs Rüegsegger, Group CEO SIX, stated: “Interoperability in cash equities and ETFs is a reality and it is working. SIX Swiss Exchange was one of the first markets to provide choice to participants in 2003. This trend has continued and resulted in further European markets benefiting from a greater choice of providers. By extending the service and implementing the new offerings to our clients, they will benefit from increased competition, more options to consolidate, lower costs, greater transparency and ideally, higher service quality for all clients.”