On September 7, 2007 SIS x-clear will start as the single CCP service provider for SWX eligible equities.
SWX members need to either be a member of SIS x-clear or alternatively have a valid clearing agreement with a CCP clearing member. This condition must be met at all times. Failure to do so will result in the immediate suspension of the SWX member from trading in Swiss equities, including the removal of any outstanding orders from the order book.
“The current clearing model is considered by SWX to be an interim step towards a more open model with multiple CCPs providing clearing services for SWX eligible equity products,” says a Credit Suisse spokesman. “The delivery of this model will depend on user demand and on CCPs requesting to participate.”