SIX announces its plan to integrate SIX x-clear and BME Clearing into one multi-asset CCP with international presence and interoperable links in the cash equity segment. Subject to required regulatory approvals, SIX will create a single multi-asset clearing house.

SIX operates two CCPs, SIX x-clear in Switzerland and BME Clearing in Spain. Currently, the two clearing houses collaborate but maintain separate local entities and systems. As a unified clearing house, SIX Clearing, as it will be named, will gain scale, optimize processes and create a foundation for growth in all segments.

The acquisition of BME by SIX laid the foundation for a pan-European growth platform and strengthened SIX’s position in EU capital markets. This latest strategic project merges SIX x-clear and BME Clearing into one single, multi-asset CCP headquartered in Madrid with presences in Zurich and Oslo. The unified CCP is designed to enhance resilience, efficiency and competition across European financial markets.

The interoperability links and functions of SIX x-clear will be transferred to the consolidated CCP, making the new CCP a true pan-European interoperable cash equity CCP. SIX Clearing will continue to champion and promote the adoption of interoperability across Europe to enhance efficiency in European financial markets. The existing EU license under BME Clearing will give SIX Clearing access to European Central Bank (ECB) EUR liquidity, T2 and T2S and other EU relevant regulated markets and MTFs.

The combined CCP will bring together SIX x-clear’s interoperable pan-European cash equity model with BME Clearing’s multi-asset strengths, creating a scaled, open and competitive alternative for clearing across asset classes in Europe.

“We are very pleased to announce this project, that will create a more comprehensive clearing service. As a consolidated CCP, SIX will be able to diversify into other asset classes and expand the reach of our offering. With the EU license, we are in a position to become the leading provider of integrated and digital post-trade solutions for the European market and compete internationally with a unique value proposition”, said Rafael Moral Santiago, Head Securities Services & Executive Board Member, SIX.

Disclaimer – Important Legal Notice: The above mentioned information is subject to the required regulatory approvals. The timeline as well as the currently planned form of execution of this integration are depended on these approvals.

Source: SIX