SIX Gets ESMA Approval For Clearing Operations
x-clear unit of SIX Securities Services to serve as central counterparty
The European Securities and Markets Authority's (ESMA) board of supervisors has approved the application of SIX x-clear as a central counterparty under the European Market Infrastructure Regulation (EMIR).
SIX x-clear is the clearing arm of SIX Securities Services. As a central counterparty under EMIR, it may now provide clearing services to members and trading venues in the European Union. This approval frees SIX x-clear to continue providing cross-border clearing services in the EU and pursue new international business.
Thomas Zeeb, division CEO of SIX Securities Services, says: "This is excellent news. Though this decision has taken a long time to come through, it vindicates our position that our risk models, our processes and our ability to provide competitive services across Europe are amongst the best available."
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