The Financial Services Authority (FSA), the UK regulator, yesterday granted SIS x-clear AG, the Swiss Central Counterparty (CCP) for securities transactions on virt-x, the status of a Recognised Overseas Clearing House (ROCH). It follows the receipt of a banking licence from the Swiss Federal Banking Commission (SFBC) last year.
The FSA’s decision officially confirms SIS x-clear’s ability to provide investor protection according to British law as well. Confirmation of ROCH status was preceded by scrutiny of documentation submitted by SIS x-clear and required the approval of the British Office of Fair Trading and the Treasury.
“ROCH status lends us further credibility when offering our services as Central Counterparty to British clients,” says Peter Sami, CEO of SIS x-clear. “In addition, the ROCH status allows SIS x-clear to maintain an official representation in London, giving British participants access to their own local office and competent customer support.”