SIX has unveiled plans to combine its two central counterparties (CCPs) into a single multi-asset CCP, based in Spain, subject to regulatory approval.
The move marks a further step in the firm’s efforts to form a pan-European clearing business. It aims to create a unified clearing house for the firm, called SIX Clearing, integrating SIX x-clear, operating in Switzerland and BME Clearing in Spain, to enhance the firm’s post-trade infrastructure and increase resilience, efficiency and competition across Europe’s financial markets.
Specifically, the offering will combine SIX x-clear’s interoperable pan-European cash equity model with BME Clearing’s multi-asset capabilities to form the new CCP.
The new CCP will be headquartered in Madrid, but is set to retain presences in Zurich and Oslo. Additionally, the offering will make use of BME Clearing’s existing EU license to provide SIX Clearing with access to European Central Bank (ECB) EUR liquidity, as well as T2, T2S and other EU relevant regulated markets and multilateral trading facilities (MTFs).
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“We are very pleased to announce this project, that will create a more comprehensive clearing service,” said Rafael Moral, head securities services at SIX.
As a consolidated CCP, SIX will be able to diversify into other asset classes and expand the reach of our offering. With the EU license, we are in a position to become the leading provider of integrated and digital post-trade solutions for the European market and compete internationally with a unique value proposition.”
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The move follows the firm’s recent acquisition of Norwegian clearing technology provider, Baymarkets, in November 2025.
The merger is expected to strengthen SIX’s derivatives clearing capabilities and represents a further expansion of the firm’s post-trade offering across Europe.