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ESMA recognizes SIX x-clear as a third-country CCP under EMIR

In September 2013 SIX x-clear Ltd – the clearing arm of SIX Securities Services – formally applied to ESMA for reauthorization as a CCP to provide clearing services to members and trading venues established in the European Union. Yesterday, SIX x-clear was officially recognized by ESMA as a third-country CCP under EMIR. This long-awaited milestone frees SIX x-clear to continue providing cross-border clearing services in the EU and actively pursue new international business.

The ESMA (European Securities and Markets Authority) board of supervisors yesterday approved the application of SIX x-clear Ltd as a central counterparty under the European Market Infrastructure Regulation (EMIR). This is the final step in the authorization process.

According to Thomas Zeeb, Division CEO, SIX Securities Services, “This is excellent news. Though this decision has taken a long time to come through, it vindicates our position that our risk-models, our processes and our ability to provide competitive services across Europe are amongst the best available.”