Cooperation will bring Tier 1 clearing solution to a wider audience
Stockholm, Oslo, 2 March 2016 – SIX x-clear Ltd and Baymarkets are pleased to announce that they have entered into an agreement whereby the support, maintenance and continued development of the Clara clearing system has been taken on by Baymarkets.
Since 2010 SIX x-clear’s Clara has been used as the platform for central counterparty clearing on trades in equities, equity certificates, derivatives, SLB contracts and ETFs for their Nordic customer base. SIX x-clear will continue to use Clara and will further expand the use of the platform for clearing of additional Exchanges and MTFs for the benefit of our customer base.
Under the new arrangement, in addition to providing support and maintenance, Baymarkets will co-market Clara with SIX x-clear to deliver the Tier 1 clearing solution to a wider range of clients – including exchanges, MTFs, clearing banks, and clearing houses.
As an independent trading system vendor, Baymarkets has unrivalled experience of both voice and exchange-traded markets and linking them with clearing houses. The addition of Clara to the product set brings a totally complementary solution to the already established and integrated platform (Edge), and creates a complete end-to-end solution.
In order to maintain stability, continuity and support for this key piece of infrastructure, the current team, who has been instrumental in developing and maintaining Clara to date, will move to Baymarkets.
Peter Fredriksson, CEO of Baymarkets Technology AB, says “We have enjoyed an excellent working relationship with SIX over the last 7 years”, adding “we are delighted to welcome such a talented group to our team extending our already exceptional operational expertise and technical delivery capability.”
Thomas Zeeb, CEO of SIX Securities Services, the owners of SIX x-clear said, “We look forward to this arrangement with Baymarkets which, for us, is a reiteration of our strategy to establish partnerships where complementary capabilities enhance the benefit that our clients can derive.”
Melanie Budden, The Realization Group
Tel: +44 (0)7974 937 970
Baymarkets – we deliver the latest clearing solutions In January 2016, the team who developed the Clara platform first within Oslo Clearing, then within SIX, transferred from SIX to Baymarkets.
Baymarkets is continuing to develop, maintain and support Clara for SIX and Oslo Exchange, as well as for our other clients.
Baymarkets – solutions for price discovery, execution, clearing, settlement
Baymarkets was originally founded in Sweden in 2007, by a group of domain experts who identified an opportunity for a trading system vendor focused exclusively on OTC markets, and on linking them with exchanges and clearing houses. The Baymarkets’ team has unrivalled experience of voice-traded markets, online marketplaces and how to migrate liquidity between one and the other. There are increasing requirements for OTC trading to become more centralized, and for trades to be cleared by exchanges and clearing houses. Baymarkets is completely focused on improving financial markets, and enabling the changes which are occurring in them.
About SIX Securities Services
SIX Securities Services provides a range of post-trade services that play a key role for Switzerland’s financial market infrastructure. As a central counterparty (CCP) for securities transactions, SIX Securities Services assumes key risk management functions in clearing for the Swiss financial center and for international exchanges as well as alternative trading platforms.
In the subsequent settlement and custody processes, SIX Securities Services ensures the electronic settlement and finalization of transactions. SIX Securities Services also serves the Swiss financial center as the central securities depository (CSD) for assets and documents and acts as an international securities depository and custodian in over 60 markets.
SIX Securities Services additionally maintains share registers and special registers for companies in Switzerland and operates the platform for the electronic processing of land registry and mortgage transactions, as well as a trading platform for the monetary transactions of the Swiss National Bank and the settlement of interbank payments. Furthermore, SIX Securities Services offers fiduciary management of registered mortgage notes, as well as e-bills and direct debits.
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