The Swiss exchange is exploiting a regulatory requirement to join Cboe as a preferred CCP alongside Euronext’s in-house option.
Euronext market participants can now use SIX’s x-clear as an alternative clearinghouse to the group’s proprietary Euronext Clearing service.
Euronext Clearing remains the default central counterparty clearinghouse (CCP) for the exchange, but if selected by both counterparties x-clear can now be used to clear trades across Euronext markets. Amsterdam, Brussels, Lisbon, Dublin and Milan are being onboarded initially, with Euronext Italy included by Q2.
Under MiFID and MiFIR, trading venues must take a non-discriminatory approach to CCP access. As such, Euronext is obligated to accept requests for CCPs to clear in its markets.
Cboe Clear is also a preferred CCP for the Euronext, covering cash equity and ETF trades.
Through the arrangement, SIX aims to improve market interoperability and competition, it said. Laura Bayley, head of clearing services at SIX, commented: “We are pleased to further demonstrate our commitment to enhancing efficiency and creating value for our members. By offering an additional choice of CCP, we are confident that this will boost transparency, sustainability, and resilience within the financial sector.”
Euronext reported €144.3 million in revenue from clearing services in 2024, up 19% year-on-year.
Evolved from the acquisition of CC&G in 2021, Euronext Clearing is one of the largest clearing houses in Europe. The group migrated its cash markets from LCH SA to Euronext Clearing in November 2023, facilitating the clearing of cash equities, ETFs, structured products, warrants and bonds across six Euronext markets.
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