SIX Swiss Exchange adds EuroCCP to clearing services

EuroCCP joins LCH and SIX x-clear as CCP providers at the Swiss exchange.

EuroCCP has joined SIX Swiss Exchange as a third central counterparty (CCP) for the Swiss market, as it moves forward with expansion plans.

The addition brings the exchange’s number of CCP providers to three, with LCH and SIX x-clear already available to trading participants.

EuroCCP will provide clearing for equity and ETF trades executed on SIX order books containing 4,000 equities and ETFs issued across Europe.

Diana Chan, CEO at EuroCCP, explained the trend for exchanges to offer clients full choice in clearing arrangements continues. 

“We will continue to work towards all exchanges that are already cleared by any interoperating CCP to offer the full choice of all interoperating CCPs to their clients,” she said. 

SIX added, “with the go-live of EuroCCP, the Swiss exchange strengthens its interoperability and caters even better to the needs of its clients.”

Last month, SIX announced plans to extend its clearing services to the Nasdaq Nordic cash equity markets.

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 clearing service, which allows members to have one net settlement for all trades across all platforms cleared by x-clear.