Trade Acceptance

As a function of a CCP, SIX x-clear Ltd novates the trade in real-time as soon as it is accepted in the system for clearing.

SIX x-clear Ltd interposes itself into a trade as the buyer to the seller and the seller to the buyer. In effect, one trade contract received from a trading venue is replaced with two contracts.

This ensures anonymity of the trade and the counterparty risk of the clearing member is limited to the CCP.