EuroCCP and SIX x-clear have signed a Memorandum of Understanding outlining their commitment to interoperate with each other, thus offering any of the exchanges or platforms they work with competitive clearing services under an accelerated multi-CCP model if the exchange or platform so wishes.
The first platform to offer this model to its participants will be Turquoise.
This model allows for competitive clearing within those exchanges or platforms who wish to adopt a multi-CCP model, allowing customers around Europe to select the CCP of their choice.
The agreement will be designed generically, to allow any platform that chooses to have a multi-CCP model with EuroCCP and SIX x-clear a speedy implementation. The agreement should speed connectivity and availability of interoperable clearing if and when a trading platform selects both clearing firms.
The agreement comes at a difficult time for Turquoise. The MTF has recently cut a small number of staff due to low trading volumes.