For the past two years, SIX x-clear has been engaged in discussions with the FSA, the UK’s regulatory body and the Swiss regulators, the Swiss National Bank and FINMA, to agree a new updated interoperability agreement to address concerns raised by regulators.
The main concerns were around the framework for inter-CCP risk and how it should be managed in order to allow multiple clearing providers to offer their services to the same trading platforms.
SIX Securities Services CEO Thomas Zeeb said this represents a major step forward in the implementation of one of the core tenets of the Code of Conduct on Clearing & Settlement signed in 2007, and will benefit clients by giving them additional choice in a level and fair European clearing landscape.
SIX Securities Services said that this development will allow interoperability to be extended beyond the existing stock exchanges, London Stock Exchange and SIX Swiss Exchange, allowing UK, Swiss and international financial institutions the multiple benefits of increased competition.
