SIX x-clear Ltd is a strong advocate of clearing interoperability and since 2003, has operated and competed in markets where more than one active central counterparty is permitted.
Interoperability means members can consolidate their clearing activities across multiple trading venues via their preferred CCP. The resulting competition is a driver for ongoing innovation, cost reduction and, ultimately, consolidation.
In May 2011, SIX x-clear Ltd received the final approval from FINMA, the SNB and the FSA to provide comprehensive clearing services under the new interoperability framework. This new framework was requested by regulators in order to address concerns regarding the additional risk that arises between multiple CCPs servicing the same trading venue.
SIX x-clear Ltd underpins its commitment to interoperability and provides an attractive solution to its customers by contributing the same amount to cover inter-CCP exposure as it collects from its clients.
With SIX x-clear Ltd Norwegian Branch, this interoperability is further supported in the Nordic markets.