Nasdaq to Provide Clearing Technology to SIX for Clearing Overhaul
Nasdaq post-trade technology to support clearing of pan-European equities and Nordic derivatives for SIX
STOCKHOLM, Sweden, July 12, 2018 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq:NDAQ) today announced a new contract to deliver its clearing and real-time risk management technology via the Nasdaq Financial Framework to SIX x-clear, one of Europe’s leading providers of clearing services. The technology will power SIX’s clearing of pan-European equities and Nordic derivatives.
SIX already uses Nasdaq’s matching engine technology for the trading of equities, ETFs, structured products, funds and fixed income, in addition to SMARTS Market Surveillance and Nasdaq Pre-Trade Risk Management. Nasdaq is also in the process of implementing the Nasdaq Financial Framework index technology to support SIX’s growing index business, including the SMI.
“With the ambition to provide our clearing members with the most sophisticated and efficient infrastructure, we will consolidate and renew our clearing infrastructure to strengthen our efficiency and to decrease operational complexity,” said Thomas Zeeb, Head Securities & Exchanges, Member of the Executive Board, SIX. “We are happy to collaborate with Nasdaq, a long-trusted partner. We are certain that the new clearing infrastructure will provide our clients simplified and efficient access to markets and asset classes.”
“SIX is an important central infrastructure provider, offering outstanding products and services for securities trading, stock market transactions, financial information and payment transactions,” said Adena Friedman, President and CEO, Nasdaq. “By leveraging our Nasdaq Financial Framework for the pan-European clearing business, SIX will be providing its clearing members with an integrated and streamlined experience. We are proud to support SIX’s growth ambitions through this important, long-term relationship.”
Nasdaq’s market infrastructure technologies, including trading, real-time risk, index, clearing, CSD and market surveillance systems are operated in more than 100 marketplaces, regulators, clearinghouses and central securities depositories across the Americas, Europe, Asia, Australia, Africa, the Middle East and the Caribbean.
SIX operates and develops infrastructure services in the Securities & Exchanges, Payments and Financial Information business units with the aim of raising efficiency, quality and innovative capacity across the entire value chain of the Swiss financial center. SIX is owned by its users (127 banks). With a workforce of some 4,000 employees and a presence in 23 countries, it generated operating income in excess of CHF 1.9 billion and Group net profit of CHF 207.2 million in 2017.
In the Securities & Exchanges business unit SIX offers its customers in Switzerland and around the world a comprehensive range of exchange services – listing, trading and post-trade solutions – from a single source. In doing so, SIX combines the dynamism of one of Europe’s foremost stock exchanges with the stability and reliability of one of the most respected post-trade service providers in the industry. www.six-group.com
Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit http://business.nasdaq.
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