SIX x-clear, the clearing arm of SIX Securities Services, has achieved a 27% market share for clearing London Stock Exchange trades, double of what the service provider had since the implementation of the interoperability framework earlier this year. In effect, more than a quarter of blue-chip stocks traded on the LSE are being processed in Switzerland by SIX Securities Services.
In addition, SIX Securities Services has become one of three central counterparties (CCPs) processing interoperable trades on BATS, with UBS as its first client. The other CCPs are LCH.Clearnet and EuroCCP, with the EMCF set to join the fray in January. Urs Wieland, CEO of SIX x-clear, commented: The signing of the interoperability agreement was a quantum leap that has enabled us to finally compete and offer our services across Europe. It has been a great year for us.
Interoperability has driven down costs for European markets by allowing them greater choice and as a result increasing competition .
In 2012, SIX Securities Services will commence clearing for an additional four trading venues: Chi-X, Turquoise, NASDAQ OMX and Burgundy. Tapping the potential of these additional venues, the company is targeting volume growth of 80% in 2012, from 20% in 2011.
Tomas Kindler, head of clearing relations at SIX Securities Services, added: Interoperability is no longer theory, it is a reality and it is working. We are very proud of our achievements and growth in 2011. With our first steps into Asia planned for 2012, we will be pushing interoperability to open up the Asian market to competition at the clearing layer.
Separately, SIX Securities Services last week announced it had launched in Vietnam and Bosnia-Herzegovina and plans to open Qatar by December 12.
The company has already opened eight new markets this year – Abu Dhabi, Dubai, Egypt, Israel, the Kingdom of Saudi Arabia, Peru, Cyprus and Colombia. The latest additions bring the number of markets in which SIX operates to 66.
(JDC)