Burgundy selects SIX x-clear as alternative CCP service provider

Source: Burgundy

Burgundy takes another step to enhance competitiveness for financial markets in the Nordic region having selected SIX x-clear as its alternative CCP service provider.

"We are pleased to announce the selection of our second CCP, SIX x-clear. The ability to offer another clearing house to the trading participants will further improve our competitive offer," says Olof Neiglick, CEO of Burgundy.

"This latest partnership with Burgundy is an important development for SIX x-clear as we increase our footprint in the Scandinavian markets. We remain steadfast proponents of an open and transparent CCP framework as we have seen the benefits for the end user first-hand. We welcome the opportunity to provide high class services at attractive prices to Burgundy clients," added Marco Strimer, CEO of SIX x-clear.

The central counterparty service provider steps in as an intermediary between buyer and seller in each transaction. Counterparty risk is therefore reduced and the settlement process becomes more efficient.

An initial CCP service was introduced on Burgundy on 9 October 2009, with EMCF as service provider. The CCP service from SIX x-clear, which is expected to be introduced in the second quarter 2010 is conditional on final agreement between parties and approval of Interoperability agreements by relevant European regulators.

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