SIS x-clear, the CCP to the Virt-X market, is to cut its prices by more than 40% from 1 April 2006. This follows what SIS x-clear describes as a “successful 2005 business year,” plus a decision by SWX Swiss Exchanges to add a CCP service for small and mid-cap equity transactions.
The price reduction affects risk management fees, which make up the bulk of the costs incurred by the CCP. “Of course, our clients are invited to participate in our good financial result for 2005,” says Marco Strimer, CEO of SIS x-clear. “What is more, the increase in transaction volumes following the introduction of a central counterparty for SWX enables a further price reduction, which we wish to implement already today. We are in an excellent position in that we are able to process higher volumes easily with our existing infrastructure.”
Strimer says that in 2006 SIS x-clear will focus on implementing the CCP for SWX and on strengthening its competitive position in Europe.