SIX Securities Services and Clearstream team up for European post-trade boost
Post-trade firms SIX Securities Services and Clearstream are partnering to potentially provide services to the Swiss and European markets.
Both firms recently signed a letter of intent and are now focused on fleshing out the details that will lead to a memorandum of understanding targeted for mid-December.
This signing will clear the way for a final contract to be signed followed by the beginning of the collaboration in 2017.
The companies say European financial market infrastructures are “facing substantially increased costs of regulation and compliance” and so they want to work together.
Thomas Zeeb, division CEO SIX Securities Services, says should its partnership “prove successful” then it can offer clients “potential cost-savings”.
Jeffrey Tessler, chairman of Clearstream and member of the executive board of Deutsche Börse, adds that this is the “latest milestone in a joint project tasked to identify mutually beneficial strategic opportunities on core international and domestic business”.