Six Adds Multicurrency Swaps Clearing

Following 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 Group, through its Spanish CCP, BME Clearing, has announced the extension of its offering to encompass the support multi-currency swaps.

The extension includes the support of clearing of IRS in six new underlying currencies to include USD, SEK, NOK, CHF, DKK and GBP.  Six says it will continue to provide clearing services for EUR denominated IRS in addition to the aforementioned currencies and may consider a further extension to scope to support additional currencies at a later date.

“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,” explains José Manuel Ortiz-Repiso, head clearing and repo operations at six. “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,” he adds.