Nasdaq opts for SIX clearing services

Nasdaq Nordic signs up for SIX’s clearing service, x-clear, for its cash equities markets.

Nasdaq Nordic has confirmed it will use SIX Securities Service’s x-clear for clearing its cash equities markets from February this year.

The agreement will see SIX become a third interoperating central counterparty for Nasdaq, clearing trades executed on its Nordic trading platforms.

Nasdaq Nordic’s cash equity markets include trading venues in Copenhagen, Helsinki, Stockholm and the First North Sweden platform.

SIX Securities Services claims to centrally manage counterparty risk and reduce post-trade costs via its new clearing service, which allows members to have one net settlement for all trades across all platforms cleared by x-clear.

“Cross-platform netting and cross-margining of risk combined with a tiered pricing structure offer clients the best suited solution for their needs in terms of scale, cost, risk and liquidity,” SIX explained.

Head of markets and clients at SIX Securities Services, Valerio Rancone, added the partnership is an “important step which offers clients an opportunity to extend their clearing consolidation with SIX x-clear and further optimise their post trade processing.”

The agreement is subject to regulatory approval and operational arrangements and is expected to close on 20 February this year.