SIX to Clear for TP ICAP’s MTF

SIX to Clear for TP ICAP’s MTF

SIX, the leading clearing services provider, has partnered with TP ICAP, a leading global markets infrastructure provider, to allow participants of TP ICAP’s markets to clear their UK and EU MTF trades on SIX x-clear.

SIX already offers clearing services to 19 different trading platforms, which include both primary exchanges and multilateral trading platforms (MTFs) based in several European countries and the UK. The addition of TP ICAP UK MTF and TP ICAP EU MTF will increase the market coverage of SIX and allow the TP ICAP members to increase their settlement efficiency even further.

José Manuel Ortiz, Head Clearing and Repo Operations, SIX, is pleased with the successful completion of the project: “This expansion of our portfolio of connected platforms is an important step for our organization. Even more importantly, we are delighted to prove our commitment to continuously increase efficiency and create value for the benefit of our members. We see the go-live of CCP clearing at TP ICAP MTF’s as advantageous to all markets participants and we believe this will contribute to increased transparency, sustainability, and resilience in the financial sector.”

TP ICAP operates several trading venues and, with this step, the possibility to opt for CCP clearing is being introduced for the first time. As transactions on TP ICAP MTF tend to be high in value, CCP clearing will be particularly advantageous for capital treatment as well as liquidity and risk aspects, compared to bilateral settlement.

Dan Fields, CEO, Global Broking, TP ICAP said: “We are pleased to welcome SIX to our platforms. Their clearing service is market leading and will be advantageous to all markets participants, enabling increased transparency, sustainability, and resilience in the financial sector.”

Source: SIX

Related articles

  1. Regulators Defend MiFID II Transparency

    CPMI and IOSCO encourage work to enhance transparency regarding new access models and facilitate porting.

  2. Users can further consolidate their CDS portfolios in the clearing space.

  3. Buy Side Forced to Review Collateral Arrangements

    More buy-side firms will be caught by the new rules.

  4. New Collateral Transformers To Emerge

    Exposures and margin calls can be monitored in real-time.

  5. Reducing costs associated with funding and liquidity is becoming increasingly important.