Swiss clearer targets Asia as European interoperability deals boost volumes

Swiss clearer targets Asia as European interoperability deals boost volumes

SIX Securities Services is to push for clearing interoperability in Asia after doubling its market share of clearing London Stock Exchange trades following the introduction of similar measures in Europe.

Since the implementation of an interoperability framework earlier this year, SIX x-clear says it now handles more than a quarter (27%) of blue chip stocks traded on the LSE from its clearing operations in Switzerland. This is double the amount of only two months ago.

In addition, SIX Securities Services has become one of two central counterparties (CCPs) processing interoperable trades on Bats, with UBS as its first client.

Urs Wieland, CEO of SIX x-clear says: "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 2012, SIX Securities Services will commence clearing for an additional four trading venues: Chi-X, Turquoise, Nasdaq OMX and Burgundy. Tapping the potential of these additional venues, the company is targeting volume growth of 80% in 2012, from 20% in 2011.

Tomas Kindler, head of clearing relations at SIX Securities Services, says: "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."

Comments: (1)

Alan Jenkins
Alan Jenkins - Jenkins UK Limited - London 09 December, 2011, 07:58Be the first to give this comment the thumbs up 0 likes

Excellent news!