SIX launches clearing platform targeting the Nordic markets

The new platform will provide benefits including continued enhancement of the IT infrastructure and reliability, and increased functionality and processing capabilities.

SIX has launched a new clearing IT infrastructure for the Nordic markets, based on Nasdaq technology.

The new platform has been integrated into the SIX Post Trade Architecture (PTA) and according to SIX, has been in stable operation since Monday last week.

According to the exchange operator, 10 million trade legs per days will be able to be cleared thanks to the improved IT infrastructure, with SIX expecting an increase in the number of cleared trades in the future.

As the next step of the platform’s evolution, SIX intends to extend the markets and trading venue coverage for Swiss clearing onto this new platform.

The enhanced platform is said to provide benefits to clients including continued enhancement of the IT infrastructure and reliability, as well as increased functionality and processing capabilities.

“The new platform for the Nordic markets, with its increased efficiency and scalability, will enable market participants to enhance the client experience in post-trade processes,” said Javier Hernani, head of securities services at SIX.

“In addition, IT development will become more agile and adaptable to client, market, and regulatory needs, which is crucial in the fast-moving market environment.”

Earlier this month, SIX completed the acquisition of the remaining stake in European trade repository, REGIS-TR, from Clearstream to become the sole owner. SIX said the full consolidation of the business represents an opportunity for it to further integrate and deliver a suite of streamlined services to customers across Europe.

“By leveraging Nasdaq’s flexible clearing technology, SIX can further evolve and grow its clearing business and advance its scalability and efficiency, while bolstering its position as a leading provider of clearing services,” said Roland Chai, executive vice president and head of market infrastructure technology at Nasdaq Market Technology.

“We look forward to continuing our technology partnership and supporting SIX in their long-term growth ambitions.”