SIX Securities clearing arm sees boon from interoperability
08 December 2011 Zurich
Image: Shutterstock
SIX x-clear has doubled its market share of clearing the London Stock Exchange’s (LSE) trades and is now looking east to the Asian market, which it says is ready to be opened up through interoperability.
Since the implementation of the interoperability framework earlier this year, SIX x-clear has increased its clearing market share for LSE transactions to a total of 27 per cent. In effect, more than a quarter of blue chip stocks traded on the LSE are being processed in Switzerland by SIX Securities Services, which is double the amount of only two months ago.
Urs Wieland, CEO of SIX x-clear, said, “The signing of the interoperability agreement was a quantum leap that has enabled us to finally compete and offer our services across Europe. It has been a great year for us.”
In addition, SIX Securities Services is one of the CCPs processing interoperable trades with UBS as its first client on BATS Europe, which recently completed its acquisition of Chi-X Europe. Currently, three CCPs participate as part of the exchange's preferred clearing service including EuroCCP and LCH.Clearnet. In January, EMCF will join this group.
In 2012, SIX Securities Services will commence clearing for Turquoise, NASDAQ OMX and Burgundy. Tapping the potential of these additional venues, the company is targeting volume growth of 80 per cent in 2012, from 20 per cent this year.
Tomas Kindler, head of clearing relations at SIX Securities Services, said, “Interoperability is no longer theory, it is a reality and it is working...With our first steps into Asia planned for 2012, we will be pushing interoperability to open up the Asian market to competition at the clearing layer.”
Since the implementation of the interoperability framework earlier this year, SIX x-clear has increased its clearing market share for LSE transactions to a total of 27 per cent. In effect, more than a quarter of blue chip stocks traded on the LSE are being processed in Switzerland by SIX Securities Services, which is double the amount of only two months ago.
Urs Wieland, CEO of SIX x-clear, said, “The signing of the interoperability agreement was a quantum leap that has enabled us to finally compete and offer our services across Europe. It has been a great year for us.”
In addition, SIX Securities Services is one of the CCPs processing interoperable trades with UBS as its first client on BATS Europe, which recently completed its acquisition of Chi-X Europe. Currently, three CCPs participate as part of the exchange's preferred clearing service including EuroCCP and LCH.Clearnet. In January, EMCF will join this group.
In 2012, SIX Securities Services will commence clearing for Turquoise, NASDAQ OMX and Burgundy. Tapping the potential of these additional venues, the company is targeting volume growth of 80 per cent in 2012, from 20 per cent this year.
Tomas Kindler, head of clearing relations at SIX Securities Services, said, “Interoperability is no longer theory, it is a reality and it is working...With our first steps into Asia planned for 2012, we will be pushing interoperability to open up the Asian market to competition at the clearing layer.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
