ESMA recognizes SIX x-clear as a third-country CCP under EMIR
In September 2013 SIX x-clear Ltd – the clearing arm of SIX Securities Services – formally applied to ESMA for reauthorization as a CCP to provide clearing services to members and trading venues established in the European Union. On Wednesday, 30 March 2016, SIX x-clear was officially recognized by ESMA as a third-country CCP under EMIR.
The ESMA (European Securities and Markets Authority) board of supervisors approved the application of SIX x-clear Ltd as a central counterparty under the European Market Infrastructure Regulation (EMIR). This is the final step in the authorization process and a long-awaited milestone that frees SIX Securities Services to continue providing cross-border clearing services in the EU and actively pursue new international business.
According to 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 amongst the best available.”
(Picture source: ESMA)