Swiss stock exchange giant, SIX announced on Tuesday the launch of its new IT clearing infrastructure for the Nordic markets. The platform is based on the Nasdaq technology and has been operational since March 28.
SIX has already integrated the new clearing infrastructure into its SIX Post Trade Architecture (PTA).
“This upgrade reinforces the position of SIX as a source of high-quality market infrastructure,” said Javier Hernani, the Head of Securities Services at SIX.
“The new platform for the Nordic markets, with its increased efficiency and scalability , will enable market participants to enhance the client experience in post-trade processes. In addition, IT development will become more agile and adaptable to client, market and regulatory needs, which is crucial in the fast-moving market environment.”
Plans to Expand the Services
Additionally, the press release detailed that the new infrastructure will enable the clearing of 10 million trade legs per day. But, the Swiss exchange is planning to increase the number of cleared trades in the future. In addition, it wants to expand the markets and trading venue coverage of its clearing services.
According to SIX, the services will enhance its IT infrastructure and reliability, along with functionality and processing capabilities.
“This demonstrates Nasdaq´s ability to deliver robust next-generation architecture at the core of European interoperable cash equities markets,” said Roland Chai, the Executive Vice President and Head of Market Infrastructure Technology at Nasdaq Market Technology.
“By leveraging Nasdaq’s flexible clearing technology, SIX can further evolve and grow its clearing business and advance its scalability and efficiency, while bolstering its position as a leading provider of clearing services. We look forward to continuing our technology partnership and supporting SIX in their long-term growth ambitions.”
Meanwhile, SIX’s profits for 2021 declined by 83 percent, while its revenue saw a marginal increase. Furthermore, it is bullish on cryptocurrencies and has partnered with LMAX Group to launch several crypto futures products.
