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Risk Management

09:05 AM
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SIX x-clear to Offer Central Counterparty Clearing to QUOTE MTF

Pan European MTF will adopt a dual CCP model allowing customers to pick the CCP of their choice.

Central Counterparty SIX x-clear Ltd. will offer competitive clearing services for all trades conducted on the QUOTE MTFplatform.

QUOTE MTF is a new pan-European multi-lateral trading facility slated to go live on Sept. 4, 2009. Positioning the MTF as a "no-frills" trading venue means that industry standards and market efficiencies are essential, according to the company.

The move will provide a competitive clearing environment for QUOTE MTF's equity trade flows as it adopts a dual CCP model which allows customers to select the CCP of their choice, according to today's release. SIX x-Clear, which is also a licensed Swiss bank, will provide customers with benefits in netting, collateral management, margining and settlement in all stock that are traded on QUOTE MTF.

This development follows the co-operation first announced in February 2009 where EMCF — QUOTE MTF's incumbent CCP — and SIX x-clear outlined their commitment to offer competitive-clearing services under the multiple CCP model to any of the exchanges or platforms they work with.

In a statement, Marco Strimer, CEO of SIX x-clear, said: "Offering clearing services and supporting QUOTE MTF is another important step in our market coverage and will provide clients with clearing choice at a wider number of venues. We look forward to working closely with QUOTE MTF and we are pleased to see that another market is embracing the healthy competition that the dual CCP model provides," stated Strimer in the release.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio

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