In light of the EMIR 3.0 Active Account requirement announced by the European Commission, whereby market participants are required to open active accounts at a European CCP for the clearing of EUR denominated Interest Rate Swap (IRS) trades, SIX (through the Spanish CCP, BME Clearing) is extending its offering to encompass the support multi-currency swaps .

The extension to scope includes the support of clearing of IRS in six new underlying currencies to include USD, SEK, NOK, CHF, DKK and GBP.

SIX will continue to provide clearing services for EUR denominated IRS in addition to the afore mentioned currencies and may consider a further extension to scope to support additional currencies at a later date.

José Manuel Ortiz-Repiso, Head Clearing & Repo Ops.:

“SIX wants to ensure that we remain at the forefront of the Interest Rate Swap clearing community in relation to the mitigation of systemic risk. By extending the scope of currencies supported, coupled with very competitive fees and unprecedented revenue share opportunities that are open to all members, SIX is ideally positioned as an attractive and cost effective alternative for the clearing of Interest Rate swaps in the Eurozone.

SIX is acutely aware of the ramifications pertaining to additional costs and the fragmentation of portfolios and thus strive to mitigate market pain points via the support of multi-currency denominated Interest Rate Swaps and cost efficiencies. SIX looks forward to continued support and collaboration with members and prospects alike in this regard”.

SIX offers clearing services for a full range of asset classes: derivatives on Equity Index and Single Stocks (F&O), derivatives on Interest Rates (Swaps), Energy commodities (Gas & Power), cash instruments on Repos, Buy-Sell Backs (BSB), Cash Equity and fixed income, and crypto derivatives in the coming future. Its offering provides an attractive alternative for clearing IRS in mainland EU while fulfilling the mandatory active account in an EU CCP.