In light of the EMIR 3.0 Active Account requirement announced by the European Commission, whereby market participants are required to open active accounts at a European CCP for the clearing of EUR denominated Interest Rate Swap (IRS) trades, SIX (through the Spanish CCP, BME Clearing)  is extending its offering to encompass the support multi-currency swaps^[1].

The extension to scope includes the support of clearing of IRS in six new underlying currencies to include USD, SEK, NOK, CHF, DKK and GBP.  SIX will continue to provide clearing services for EUR denominated IRS in addition to the afore mentioned currencies and may consider a further extension to scope to support additional currencies at a later date.

José Manuel Ortiz-Repiso, head Clearing & Repo ops., SIX “SIX wants to ensure that we remain at the forefront of the Interest Rate swap clearing community in relation to the mitigation of systemic risk. By extending the scope of currencies supported, coupled with very competitive fees and unprecedented revenue share opportunities that are open to all members, SIX is ideally positioned as an attractive and cost effective alternative for the clearing of Interest Rate swaps in the Eurozone.  SIX is acutely aware of the ramifications pertaining to additional costs and the fragmentation of portfolios and thus strive to mitigate market pain points via the support of multi-currency denominated Interest Rate Swaps and cost efficiencies. SIX looks forward to continued support and collaboration with members and prospects alike in this regard”.

Benefits of Clearing IRS with SIX

SIX offers clearing services for a full range of asset classes: derivatives on Equity Index and Single Stocks (F&O), derivatives on Interest Rates (Swaps), , Energy commodities (Gas & Power), cash instruments on Repos, Buy-Sell Backs (BSB), Cash Equity and fixed income, and crypto derivatives in the coming future.

Its offering provides an attractive alternative for clearing IRS in mainland EU while fulfilling the mandatory active account in an EU CCP.

The simplified & cost-effective nature of our pricing model offers all counterparties in the clearing ecosystem exponential clearing fee savings and provides execution revenue opportunities for the dealer community acting as liquidity providers.

SIX’s state-of-the-art transparent risk model and margin simulation capabilities include Independent Software Vendor (ISV) partnerships for clearing and collateral solutions (End to end connectivity & facilitation of post trade services).

Client asset protection is guaranteed with the flexible account structure including support of house accounts and client clearing solutions, always under LSOC (Legally Segregated, Operationally Commingled) principle.

We offer unprecedented IRS and Repo Partnership Programmes with generous revenue sharing and significant CCP fee savings, open to all members meeting a modest threshold of €100m for IRS and €120m for Repo, making us a unique and attractive option in Europe.

For more information about our IRS Partnership Program please contact: sixclearing-sales@six-group.com

*pending regulatory approval

Source: SIX