SIX Securities Services signs MoU with Turkey's Takasbank and MKK

Source: SIX Securities Services

In a landmark agreement, Switzerland's post-trade services provider, SIX Securities Services signed a Memorandum of Understanding (MoU) with both Takasbank and MKK to provide international clearing, settlement and custody services.

This move is a precursor to the opening up of Turkey's financial markets to international investment and aligns with SIX Securities Services' internationalization strategy.

The clearing and settlement arms of SIX Securities Services, SIX x-clear Ltd and SIX SIS Ltd, both signed a MoU with Takasbank and MKK, Turkey's domestic providers for post trade services, to establish international post trade services for Turkey. Through the agreement, SIX Securities Services will play the roles of international Central Counterparty (CCP) for the Turkish market and global custodian for Takasbank. In return, Takasbank will become a full-service provider for the Turkish market via a direct CSD link with SIX SIS Ltd.

The agreement also covers the exploration of joint business opportunities - especially in the area of Islamic finance products and access to the respective markets. The MoU, signed in April in Zurich is the result of two years of discussion and collaboration between all four institutions. First benefits of this cooperation are expected as early as 2013.

With this step, SIX Securities Services continues its global expansion and reiterates its commitment as a truly international service provider.

Urs Wieland, CEO SIX x-clear Ltd: "We are excited by the prospect of working with the Turkish market as a whole. Now we are focusing on implementation and moving quickly to bring this comprehensive offering to our mutual customers. For SIX Securities Services, this is just the beginning of what we believe to be enormous potential in the region." 

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