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SIX Securities Services ‘clears up’ in 2011 as interoperability becomes a reality

The clearing arm of SIX Securities Services doubles its market share of clearing London Stock Exchange’s trades; eyes Asia as market ripe to be opened up through interoperability.

Since the implementation of the interoperability framework earlier this year, the clearing arm of SIX Securities Services, SIX x-clear Ltd, has increased its clearing market share for London Stock Exchange (LSE) transactions to a total of 27%. In effect, more than a quarter of blue-chip stocks traded on the LSE are being processed in Switzerland by SIX Securities Services. This is double the amount of only two months ago.

In addition, SIX Securities Services has become one of two central counterparties (CCPs) processing interoperable trades on BATS, with UBS as its first client.

Urs Wieland, CEO of SIX x-clear Ltd, commented: “The signing of the interoperability agreement was a quantum leap that has enabled us to finally compete and offer our services across Europe. It has been a great year for us.”

Interoperability has allowed European markets to finally benefit from a greater choice of providers. Long term, this increased competition will lead to lower costs, greater transparency and ideally, higher service quality for all clients.

In 2012, SIX Securities Services will commence clearing for an additional four trading venues: Chi-X, Turquoise, NASDAQ OMX and Burgundy. Tapping the potential of these additional venues, the company is targeting volume growth of 80% in 2012, from 20% in 2011.

Tomas Kindler, head of clearing relations at SIX Securities Services, added: “Interoperability is no longer theory, it is a reality and it is working. We are very proud of our achievements and growth in 2011. With our first steps into Asia planned for 2012, we will be pushing interoperability to open up the Asian market to competition at the clearing layer.”