Baymarkets to Support SIX x-clear’s Clara Clearing Solution
- 02.03.2016 11:45 am
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.”