Nasdaq Inc (Nasdaq), a financial technology provider and stock exchange operator, announced this Thursday that it would be providing risk management services to SIX, a major provider of clearing services in Europe. Nasdaq’s risk management solution for clearing services, the Nasdaq Financial Framework, will support SIX’s clearing of European equities and Nordic derivatives.
Although it may be best known for operating the eponymous, New York-based NASDAQ stock exchange, Nasdaq has made further headway in the institutional trading world by providing technology for a mix of financial companies and governmental bodies.
The firm now provides risk management, clearing, and market surveillance technology in over 100 marketplaces across the globe. Its clients range from regulators and central securities depositories to marketplaces and clearing houses.
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Streamlining the clearing process
Nasdaq Financial Framework will be integrated into SIX’s existing clearing solutions. Nasdaq claims that, by adopting its risk management technology, SIX will be able to streamline its clients’ clearing processes.
SIX’s announcement comes just a week after it confirmed it would be expanding its clearing services to the cryptocurrency market. Last Friday, the firm stated that it would be launching Swiss Digital Exchange in 2019. The new exchange will provide trading and clearing services to the cryptocurrency market.
Commenting on his firm’s decision to adopt Nasdaq’s technology, Thomas Zeeb, Head of Securities and Exchanges at SIX, said: “We are happy to collaborate with Nasdaq, a long-trusted partner. We are certain that the new clearing infrastructure will provide our clients [with] simplified and efficient access to markets and asset classes.”