SIX Securities Services and CME Clearing Europe have partnered to provided to provide EMIR-compliant platform for banks and buy side clients in Europe.
SIX and CME Clearing have collectively created software, which manages collateral for European clients.
For the first time in Europe, market participants will be able to provide collateral direct to a CCP’s [CME CE] account at the CSD [SIX SIS Ltd] to meet margin requirements.
The new software will allow users to check their collateral use at any given time, and will automatically create collateral segregation for compliance and risk control.
Lee Betsill, CEO, of CME Clearing Europe said: “Our close collaboration with SIX Securities allows clients to optimise the use of their existing pool of securities held with SIX SIS for their clearing needs in real time whilst keeping them in Switzerland.”
The collaboration will give CME CE’s clients access to SIX Securities Services’ virtual liquidity pool and collateral mobilisation capabilities.
“The agreement with CME Clearing Europe is another milestone in European clearing. Our new platform offers clients high-value collateral management services as they adjust to EMIR”, added Thomas Zeeb, CEO, SIX Securities Services.
.jpg)