The clearing arm of SIX Securities Services, SIX x-clear Ltd, has signed a Memorandum of Understanding (MoU) with the Prague Stock Exchange (PSE) to become the international clearing house for the Czech market.
SIX x-clear Ltd will offer its highly recognized clearing and risk management services to the cash markets operated by PSE over the course of 2012 by establishing interoperability with CSD Prague. Going forward, the Czech market will benefit from choice and competition in clearing, resulting in more efficient services and lower end-to-end costs.
Urs Wieland, CEO SIX x-clear Ltd, commented: “We are delighted with our progress since the new interoperability framework was finally cleared this year, and we very much look forward to working with our partners in Prague.”
Tomas Kindler, Head Clearing Relations SIX Securities Services, added: “This is yet another important step for SIX Securities Services towards full European expansion, underpinning our superior coverage of primary exchanges. We are very pleased to offer our clients the option to consolidate another market and are fully committed to further extend our services in the Central & Eastern Europe (CEE) region.”