SIX, through its Spanish Central Counterparty (CCP) BME Clearing, has expanded its clearing services to include multi-currency swaps. This development follows the European Commission's EMIR 3.0 regulation, which requires market participants to maintain active accounts with European CCPs for clearing EUR-denominated Interest Rate Swaps.

Multi-Currency IRS Clearing Supported

The extended service will now support IRS clearing in six additional currencies: USD, SEK, NOK, CHF, DKK, and GBP. SIX will continue to provide clearing for EUR-denominated IRS alongside these new currencies. The organization has also indicated that further expansion to include additional currencies may be considered in the future.

SIX offers clearing services across multiple asset classes, including derivatives on equity indices, single stocks, interest rates, energy commodities, and cash instruments. The service is presented as an alternative for market participants seeking compliance with the EU’s active account requirements for IRS clearing.

“By extending the scope of currencies supported, coupled with very competitive fees and unprecedented revenue share opportunities that are open to all members, SIX is ideally positioned as an attractive and cost effective alternative for the clearing of Interest Rate swaps in the Eurozone,” said José Manuel Ortiz-Repiso, Head Clearing & Repo ops., SIX.

Introducing Revenue-Sharing Partnership Programs

The offering includes a simplified pricing model aimed at reducing clearing fees and creating revenue opportunities for liquidity providers. Risk management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term tools, such as transparent risk models and margin simulation capabilities, are integrated with Independent Software Vendor solutions for clearing and collateral needs.

Client assets are protected under the LSOC (Legally Segregated, Operationally Commingled) principle, with flexible account structures supporting both house accounts and client clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term. Additionally, SIX offers partnership programs with revenue-sharing options and CCP fee savings for eligible participants.

“SIX is acutely aware of the ramifications pertaining to additional costs and the fragmentation of portfolios and thus strive to mitigate market pain points via the support of multi-currency denominated Interest Rate Swaps and cost efficiencies,” added Manuel Ortiz-Repiso.