PwC Switzerland And Baymarkets Form Strategic Alliance
Baymarkets AS (“Baymarkets”), the award-winning provider of independent post-trade clearing systems, today announced a joint business relationship with PwC Switzerland, the leading audit and advisory company in Switzerland and financial markets expert, to deliver global post-trade and clearing solutions.
The joint business relationship will combine the practical know-how, experience and skills of both companies to design, implement, deliver and operate post-trade and clearing solutions to the highest standards in the financial markets. This includes the Baymarkets ‘real-time clearing’ Clara platform; deep knowledge and first-hand experience of providing both exchange and OTC trading and clearing technology, across multiple asset classes; and the expertise of PwC Switzerland in the project management, rulebook creation, regulatory applications and operational routine verticals.
Building on previous collaborations within the risk and post trade marketplaces, PwC Switzerland and Baymarkets are looking forward to extending their traditional post-trade collaboration, to also look into possibilities within the newer digital and crypto markets over the coming months. The joint business relationship is well positioned to support firms who are starting to investigate and initiate transformative programmes.
Martin Liebi, Head of Capital Markets at PwC Switzerland commented, “We are very pleased to announce this collaboration. We see a number of opportunities to work together combining the strength of our expertise and their globally-established Clara platform to respond to new opportunities, within the traditional marketplace, as well as emerging markets and technologies.” He added, “Baymarkets is a leading challenger to the large exchange-controlled vendors and, as an independent and agile provider, can implement new risk algorithms and functionality quickly and effectively.”
Peter Fredriksson, Chairman of Baymarkets, commented “We are delighted to announce this extension of our collaboration with PwC. We have already proved our proposition delivering good business practice and advanced technology to the highest possible standards.”
Tore Klevenberg, CEO of Baymarkets, added “The combined power of PwCs unparalleled global network of financial markets experts and Baymarkets expertise and longevity in delivering solutions in the post-trade and clearing space, will provide leverage to enable both organisations to identify mutually beneficial opportunities and deliver solutions for this important part of the trading value chain.”
Baymarket’s Clara platform is together with our clients approved by a number of competent national authorities and has a proven operational track record for clearing cash and derivatives in multiple asset classes with world leading clearing houses since 2010. PwC notes that in the recent turbulent markets, Baymarkets Clara has proven its capabilities by handling almost double previous volumes with no drop in performance.
Latest phase of the uncleared margin rules were implemented in September.
ICEU allegedly violated regulations requiring written acknowledgment letters from a depository.
Benefits include a reduction in settlement and counterparty risk, and lower risk of market disorder.
Year-to-date cleared contract volume through end of September up 35%.
Operating 24 hours a day, five days a week will better support the Asia Pacific region.