SIX expands its multicurrency swaps
06 December 2024 US
Image: Yingko/stock.adobe.com
SIX has extended its product offering to include and support multi-currency swaps.
This comes after the EMIR 3.0 Active Account requirement, where market participants are required to open active accounts at a European CCP for the clearing of euro interest rate Swap (IRS) trades.
The company will now support the clearing of IRS in six new currencies, including US dollars, Swedish krona, Norwegian Krone, Swiss franc, Danish krone and UK pound sterling. This will be in addition to clearing services for euro denominates IRS, with scope to add more currencies at a later date.
José Manuel Ortiz-Repiso, head of clearing and repo operations, comments: “SIX wants to ensure that we remain at the forefront of the interest rate swap clearing community in relation to the mitigation of systemic risk.
“By extending the scope of currencies supported, coupled with very competitive fees and revenue share opportunities that are open to all members, SIX is ideally positioned as a cost effective alternative for the clearing of interest rate swaps in the Eurozone.”
This comes after the EMIR 3.0 Active Account requirement, where market participants are required to open active accounts at a European CCP for the clearing of euro interest rate Swap (IRS) trades.
The company will now support the clearing of IRS in six new currencies, including US dollars, Swedish krona, Norwegian Krone, Swiss franc, Danish krone and UK pound sterling. This will be in addition to clearing services for euro denominates IRS, with scope to add more currencies at a later date.
José Manuel Ortiz-Repiso, head of clearing and repo operations, comments: “SIX wants to ensure that we remain at the forefront of the interest rate swap clearing community in relation to the mitigation of systemic risk.
“By extending the scope of currencies supported, coupled with very competitive fees and revenue share opportunities that are open to all members, SIX is ideally positioned as a cost effective alternative for the clearing of interest rate swaps in the Eurozone.”
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