ESMA grants SIX x-clear third-country approval 01 April 2016Zurich Reporter: Stephanie Palmer
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SIX x-clear has been recognised by the European Securities and Markets Authority (ESMA) as a third-country central counterparty (CCP) under the European Market Infrastructure Regulation (EMIR).
The recognition means that SIX x-clear, the clearing arm of SIX Securities Services, can continue to provide cross-border clearing services to member and trading venues in the European Union, and can start to actively seek new international business.
Under EMIR, countries outside the EU can only continue to offer their services in the EU if the third country, in this case Switzerland, has a legal framework deemed equivalent to EMIR.
SIX x-clear formally applied to ESMA to be re-authorised as a CCP in September 2013. The ESMA board of supervisors has now approved the application, marking the completion of the final step of the process.
Thomas Zeeb, division CEO of SIX Securities Services, said: “This is excellent news. Though this decision has taken a long time to come through, it vindicates our position that our risk-models, our processes and our ability to provide competitive services across Europe are amongst the best available.”
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