SIX’s Clara adopted by Baymarkets 02 March 2016Stockholm Reporter: Stephanie Palmer
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Baymarkets Technology has taken over the support, maintenance and continued development of SIX x-clear’s Clara clearing solution.
The clearing platform is used for central counterparty clearing for trades in equities, equity certificates, derivatives and exchange-traded funds for SIX x-clear’s Nordic client base.
SIX x-clear will continue to use the platform, and both firms will market the solution, in order to deliver it to a wider range of clients, including exchanges, multilateral trading facilities, clearing banks and clearinghouses.
According to Baymarkets, Clara is complementary to its existing platform, and creates a complete, end-to-end solution.
In order to maintain maximum stability and continuity on the infrastructure, the team currently working on the Clara platform will transfer to Baymarkets with the product.
Peter Fredriksson, CEO of Baymarkets, said: “We are delighted to welcome such a talented group to our team extending our already exceptional operational expertise and technical delivery capability.”
Thomas Zeeb, CEO of SIX x-clear parent company SIX Securities Services, added: “We look forward to this arrangement with Baymarkets which, for us, is a reiteration of our strategy to establish partnerships where complementary capabilities enhance the benefit that our clients can derive.”
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