Baymarkets takes over SIX x-clear’s Clara clearing solution
Sweden’s Baymarkets has taken over the support, maintenance and development of SIX x-clear’s Clara clearing system.
Baymarkets says the addition of Clara to its product set will “complement” its integrated Edge platform, and creates a complete end-to-end solution.
The Swedish company adds that the current team, who were developing and maintaining Clara to date, will move to Baymarkets.
Since 2010 SIX x-clear’s Clara has been used as the platform for central counterparty clearing on trades in equities, equity certificates, derivatives, SLB (sale and leaseback) contracts and ETFs (exchange traded fund) for Baymarkets’ Nordic customers.
Switzerland-based SIX x-clear will continue to use Clara and expand the use of the platform for clearing of additional exchanges and MTFs (multilateral trading facility) for its customer base.
Under the new arrangement, in addition to providing support and maintenance, Baymarkets will 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.
Peter Fredriksson, CEO of Baymarkets Technology, says it has had an “excellent working relationship” with SIX over the last seven years.