SIX to Merge x-clear and BME Clearing Into Single CCP
SIX is combining SIX x-clear in Switzerland and BME Clearing in Spain into one unified multi-asset central counterparty (CCP). The new entity will be called SIX Clearing.
About This Integration
The decision builds on SIX’s earlier acquisition of BME. It strengthened its position in EU capital markets. SIX aims to create a scaled clearing house for resilience, efficiency, and international competitiveness by merging both CCPs.
Details of the Integration
Headquarters and Presence
- A headquarters in Madrid
- Additional presences in Zurich and Oslo
Regulatory Framework and Access
The integration is subject to regulatory approvals. The existing EU license under BME Clearing allows direct access to ECB EUR liquidity, T2, T2S, and other EU-regulated markets and MTFs.
Interoperability and Market Reach
All interoperability links and functions of SIX x-clear will move to the consolidated CCP. It will make SIX Clearing a pan-European interoperable cash equity CCP. SIX will continue promoting broader interoperability across Europe.
What the Combined CCP Offers
Enhanced Scale
SIX gains the scale needed to optimise processes and grow across multiple segments.
Multi-Asset Strength
SIX x-clear’s interoperable European cash equity model merges with BME Clearing’s multi-asset capabilities. Together, they form an open and competitive clearing alternative for various asset classes.
Strategic Vision
The consolidation will help SIX diversify into more asset classes and expand its reach across Europe and beyond. Says Rafael Moral Santiago, Head of Securities Services and Executive Board Member at SIX,
About SIX
SIX is a global financial services provider specializing in infrastructure for the financial sector. It offers services across securities trading, settlement, and information dissemination to enhance efficiency, quality, and innovative capacity. SIX combines advanced technology and data to make financial transactions more secure and efficient.
Summing Up
SIX’s move is a push toward building a larger, more efficient, and more competitive European clearing ecosystem. The new structure aims to deliver integrated and digital post-trade solutions.
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