Baymarkets has taken on the support, maintenance and continued development of the Clara clearing system which has been used by SIX x-clear since 2010 as the platform for central counterparty clearing on trades in equities, equity certificates, derivatives, securities lending and borrowing contracts and exchange-traded funds for the SIX Nordic customer base.
Baymarkets will also 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 experience of both voice and exchange-traded markets and linking them with clearing houses. It says 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, instrumental in developing and maintaining Clara to date, will move to Baymarkets.
Thomas Zeeb, CEO of SIX Securities Services, the owners of SIX x-clear said the arrangement “is a reiteration of our strategy to establish partnerships where complementary capabilities enhance the benefit that our clients can derive”.