SIX x-clear authorised under EU clearing regulations

The clearing arm of SIX Securities Services has been officially recognised as a third-country central counterparty (CCP) under European Market Infrastructure Regulation (EMIR).

Having first applied to European Securities and Markets Authority (ESMA) in September 2013, this official approval now allows SIX x-clear to provide cross-border clearing services in the European Union.

Under EMIR regulations, which came into force in August 2012, CCP’s from countries outside the European Union (EU) can only offer clearing services if it is recognised as a third-country CCP by ESMA.

The latest development means Switzerland becomes the eighth non-EU country to be listed as a third country CCP with further clearing mandates approaching.

ESMA authorised CCPs in Australia, Hong Kong, Japan and Singapore back in April 2015. In January 2016, five more CCPs across South Africa Canada and Mexico were also recognised.

Thomas Zeeb, division CEO, SIX Securities Services, “This is excellent news. Though this decision has taken a long time to come through, it vindicates our position that our risk-models, our processes and our ability to provide competitive services across Europe are among the best available.”