Burgundy has selected SIX x-clear as its alternative central counterparty (CCP) service provider to enhance competitiveness for financial markets in the Nordic region.
“We are pleased to announce the selection of our second CCP, SIX x-clear. The ability to offer another clearing house to the trading participants will further improve our competitive offer,” said Olof Neiglick, chief executive officer (CEO) of Burgundy.
The CCP service provider steps in as an intermediary between buyer and seller in each transaction. Counterparty risk is therefore reduced and the settlement process becomes more efficient.
An initial CCP service was introduced on Burgundy on 9 October 2009, with EMCF as service provider. The CCP service from SIX x-clear, which is expected to be introduced in the second quarter 2010, is conditional on final agreement between parties and approval of interoperability agreements by relevant European regulators.
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