SIX has partnered with TP ICAP.to allow market participants to clear their UK and European Union MTF trades on SIX x-clear.
The partnership also means that TP ICAP clients can now opt for central counterparty clearing.
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.
SIX currently offers clearing services to 19 trading platforms, covering primary exchanges and MTFs across 20 European countries.
The addition of TP ICAP UK MTF and TP ICAP EU MTF will both expand SIX’s market coverage and increase clients’ settlement efficiency, according to TP ICAP.
“This expansion of our portfolio of connected platforms is an important step for our organisation,” says José Manuel Ortiz, head of clearing and repo operations at SIX. “Even more importantly, we are delighted to prove our commitment to continuously increase efficiency and create value for the benefit of our members..”
Dan Fields, CEO of global broking at TP ICAP, comments: “We are pleased to welcome SIX to our platforms. Their clearing service is market leading and will be advantageous to all market participants, enabling increased transparency, sustainability, and resilience in the financial sector.”