SIX x-clear Ltd., the central counterparty (CCP) and licensed Swiss bank, and QUOTE MTF Ltd., the pan-European multi-lateral trading facility (MTF), have begun offering competitive clearing services for all trades conducted on the QUOTE MTF platform.
The move will provide a competitive clearing environment for QUOTE MTF’s equity trade flows as it adopts a dual CCP model, which allows customers to select the CCP of their choice. SIX x-clear will provide netting, collateral management, margining and settlement in all stocks that are traded on QUOTE MTF.
This development follows the co-operation first announced in February 2009 where EMCF, QUOTE MTF’s incumbent CCP, and SIX x-clear outlined their commitment to offer competitive clearing services under the multiple CCP model to any of the exchanges or platforms they work with.
“Offering clearing services and supporting QUOTE MTF is another important step in our market coverage and will provide clients with clearing choice at a wider number of venues,” says Marco Strimer, CEO of SIX x-clear. “We look forward to working closely with QUOTE MTF and are pleased to see that another market is embracing the healthy competition that the dual CCP model provides.”
“QUOTE MTF will go live on 4th September, so SIX x-clear will service our customers almost from the start,” says Tamas Madlena, CEO of QUOTE MTF. “For QUOTE MTF – being a ‘no-frills’ trading venue – industry standards and market efficiencies are essential. We are strongly committed to driving efficiencies across the market and passing on benefits to our clients. We look forward to working with SIX x-clear and feel certain our subscribers will value the choice of CCPs.” — cjg