The history of SIX x-clear begins in 2003 when it was established as a subsidiary of SIX Swiss Exchange, the primary stock exchange in Switzerland. Initially focused on clearing services for the Swiss market, SIX x-clear quickly expanded its operations to serve international clients and cater to the growing demand for cross-border clearing.
SIX x-clear was a pioneer in the establishment of an interoperability arrangement with LCH Clearnet, after which both CCPs were able to clear the Swiss and London Stock Exchanges interoperably, allowing their Members to trade on the same order book while having the possibility to choose their CCP. This model has since expanded to multiple trading venues and MTFs in Europe. The inclusion of a third interoperable CCP enhanced the value proposition of interoperability, as Members can net trades across several trading venues, thereby minimizing their liquidity requirements.
The financial crisis of 2008 highlighted the importance of clearinghouses in mitigating counterparty risk and ensuring the integrity of financial markets. SIX x-clear actively worked to enhance its risk management framework and collateral management capabilities to meet the evolving regulatory requirements and support market stability.
Over the years, SIX x-clear continued to invest in technology and innovation to provide efficient, secure, and cost-effective clearing solutions. It implemented state-of-the-art risk management systems, adopted advanced collateral optimization techniques, and leveraged new technologies to enhance operational efficiency and has been at the forefront of regulatory developments and industry initiatives aimed at improving the transparency and resilience of financial markets.
With the integration of BME, SIX Clearing services have significantly evolved. SIX now offers two trusted and well-established clearinghouses in two jurisdictions, providing clearing services to numerous trading venues and market participants across multiple asset classes. With our robust risk management framework, extensive market reach, and commitment to technological innovation, SIX continues to contribute to the stability and efficiency of European financial markets.
Over the last 20 years, our CCPs have seen the introduction of a multitude of new regulations, remained resilient and stable during several crises, and have continued offering excellent clearing services in a growing range of markets.
As we raise a toast to this remarkable journey, we celebrate two decades of unwavering dedication, innovation and excellence. It stands as a testament to the indomitable spirit of its founders, employees, Members and partners, who have propelled the company to the forefront of the clearing industry. Thank you!
Find out more about our Clearing offering: www.six-group.com/clearing / www.bmeclearing.es