SIX x-clear has announced that it will become the third interoperating Central Counterparty (CCP) for Nasdaq Nordic from 20 February, pending final regulatory and operational arrangements.

The clearing arm of SIX Securities Services will offer comprehensive clearing services for cash equity trades executed on Nasdaq Nordic trading platforms Copenhagen, Helsinki, Stockholm and First North Sweden, which is operated by Nasdaq Stockholm. 

Settlement will take place in market of the issuer of the securities.

Valerio Roncone, head of markets & clients SIX Securities Services, said: “This is an important step which offers clients an opportunity to extend their clearing consolidation with SIX x-clear and further optimize their post-trade processing.”

The new service provides one net settlement entity for all trades cleared by SIX x-clear. Clearing members can use the clearing services seamlessly by switching the trade flow to SIX x-clear. 

Its cross-platform netting and the cross-margining of risk improves scale, cost, risk and liquidity, according to the firm.

SIX Securities Services will centrally manage counterparty risk and reduce post-trade costs.