SIX, through its Spanish Central Counterparty (CCP) BME
Clearing, has expanded its clearing services to include multi-currency swaps.
This development follows the European Commission’s EMIR 3.0 regulation, which
requires market participants to maintain active accounts with European CCPs for
clearing EUR-denominated Interest Rate Swaps.
Multi-Currency IRS Clearing Supported
The extended service will now support IRS clearing in six
additional currencies: USD, SEK, NOK, CHF, DKK, and GBP. SIX will continue to
provide clearing for EUR-denominated IRS alongside these new currencies. The
organization has also indicated that further expansion to include additional
currencies may be considered in the future.
SIX offers clearing services across multiple asset classes,
including derivatives on equity indices, single stocks, interest rates, energy
commodities, and cash instruments. The service is presented as an alternative
for market participants seeking compliance with the EU’s active account
requirements for IRS clearing.
Introducing Revenue-Sharing Partnership Programs
The offering includes a simplified pricing model aimed at
reducing clearing fees and creating revenue opportunities for liquidity
providers. Risk management tools, such as transparent risk models and margin
simulation capabilities, are integrated with Independent Software Vendor
solutions for clearing and collateral needs.
Client assets are protected under the LSOC (Legally
Segregated, Operationally Commingled) principle, with flexible account
structures supporting both house accounts and client clearing. Additionally,
SIX offers partnership programs with revenue-sharing options and CCP fee
savings for eligible participants.
This article was written by Tareq Sikder at www.financemagnates.com.
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