SIX x-clear, the clearing arm of Swiss financial services group SIX, has revealed a new pricing model, which favours participants with good credit ratings and high monthly transaction volumes.
The new fee structure is designed to create advantages for firms that use SIX x-clear in multiple markets by calculating charges according to the participant’s total cleared volume.
In addition, SIX x-clear is reducing its prices by CHF 3 million across the board while also waiving risk management fees. The current loyalty rebate of 10% will be dropped when the new pricing model comes into effect on 1 January 2009. According to the SIX x-clear, its new ‘market-friendlier’ model will improve transparency and traceability.
“With the introduction of this easy and transparent pricing model, SIX x-clear is undertaking a change which is completely in line with open competition and to the advantage of our customers,” said Marco Strimer, CEO of SIX x-clear. “The simultaneous and substantial reduction in price is a reflection of our efficient cost management, which we will continue to devote our attention to in the future.”
SIX x-clear currently clears for the London Stock Exchange, SWX Europe, and European dark pools SWX Swiss Block and NYFIX Euro Millennium. It is also planning to clear for NYSE Arca Europe, the MTF from exchange group NYSE Euronext, due to launch in Q1 2009.