SIX has outlined a plan to consolidate its clearing operations by combining SIX x-clear in Switzerland and BME Clearing in Spain into a single international, multi-asset CCP. The initiative, announced by SIX and still subject to regulatory approval, would bring the two currently separate entities under one structure called SIX Clearing.
Both CCPs today operate with their own systems and regulatory setups, though they already collaborate. Under the proposed integration, the merged CCP would be headquartered in Madrid, with additional presence in Zurich and Oslo. SIX says the aim is to achieve greater scale and more efficient processes, creating what it describes as a platform for future growth across market segments.
The move follows SIX’s acquisition of BME, which the company viewed as a step toward building a broader European footprint.
Interoperability to be consolidated
A key element of the plan is the transfer of SIX x-clear’s interoperability links in the cash-equity space to the unified CCP. This would make SIX Clearing an interoperable cash-equity CCP across multiple European markets. According to the announcement, the EU licence already held by BME Clearing will allow the merged entity to retain access to ECB euro liquidity as well as T2 and T2S, and to continue serving EU-regulated markets and MTFs.
SIX states that the integration will bring together x-clear’s pan-European interoperable cash-equity model with BME Clearing’s multi-asset setup. The company presents this as creating a scaled alternative for clearing services across asset classes.
Rafael Moral Santiago, head of Securities Services at SIX, said the consolidation would enable a broader clearing service, though all plans remain contingent on regulatory approval.
