Six x-clear ready for Nordic clearing
SIX x-clear is launching their Nordic services 20 February 2017. With the arrival of SIX x-clear at the Danish stock exchange, the market participants can choose between three international CCPs. This improves efficiency for the traders.
SIX x-clear will provide clearing services for the Nasdaq Nordic cash equity markets. SIX x-clear is the third interoperating CCP (Central Counter Party). The two others are Euro-CCP and London Clearing House. SIX x-clear will offer clearing services for trades executed on Nasdaq Nordic trading platforms including Copenhagen.
“We look forward to be able to provide comprehensive clearing services in the Nordic region, and especially in Denmark, which is known for its reliable infrastructure provided by VP SECURITIES,” says Roger Storm, Interim Head Clearing, SIX Securities Services.
With the arrival of SIX x-clear on the Danish market, the market participants can choose between a wider ranges of international CCPs. The advantage for especially the international traders is that with three CCPs there is an increased possibility for using the same CCP on different markets. Hence, they do not have to move collateral between CCPs.
“We are pleased to welcome SIX x-clear. In a broader perspective, every entrance of a CCP will lead to greater competition among them, which again will lead to improved efficiency and the introduction of new products and services,” says Chief Operating Officer Morten Kierkegaard, VP SECURITIES.
VP SECURITIES has established interoperability between the CCPs in Denmark. Buyers and sellers of securities therefore can use the CCP of choice and VP SECURITIES will settle the trades ensuring exchange of both cash and securities in an efficient and secure manner.
If you would like to hear more, please do not hesitate to contact us.