Financial services providerSIX has partnered with global markets infrastructure provider TP ICAP.
As part of the mandate, TP ICAP market participants will be able to clear their UK and EU multilateral trading platform (MTF) trades on SIX’s x-clear platform.
The partnership also means that TP ICAP clients can now opt for central counterparty clearing. This is particularly beneficial for TP ICAP MTF transactions and provides an alternative to bilateral settlement for capital treatments.
SIX currently offers clearing services to 19 trading platforms, covering primary exchanges and MTFs across 20 European countries.
The addition of TP ICAP UK MTF and TP ICAP EU MTF will both expand SIX’s market coverage and increase clients’ settlement efficiency, TP ICAP says.
José Manuel Ortiz, head of clearing and repo operations at SIX, says: “This expansion of our portfolio of connected platforms is an important step for our organisation. Even more importantly, we are delighted to prove our commitment to continuously increase efficiency and create value for the benefit of our members..”
Dan Fields, CEO of global broking at TP ICAP, comments: “We are pleased to welcome SIX to our platforms. Their clearing service is market leading and will be advantageous to all market participants, enabling increased transparency, sustainability, and resilience in the financial sector.”
