Nasdaq Nordic is in the process of providing its members with further choice of CCPs in cash equities. Nasdaq Nordic introduced competitive clearing when LCH.Clearnet Ltd (“LCH”) was introduced as an additional CCP in November 2015, see IT Notice 64/15.
As a second step, SIX x-clear Ltd (“SIX x-clear”) is planned to be introduced as a third CCP on Nasdaq Nordic. SIX x-clear will become interoperable with the existing interoperable clearing partners, European Central Counterparty N.V. (“EuroCCP”) and LCH. Adding SIX x-clear as interoperable cash CCP provider is subject to necessary regulatory approvals or consent from Nasdaq Nordic regulators in Denmark, Finland and Sweden as well as from the regulators of the CCPs in the affected jurisdictions.
This IT Notice contains information for members who wish to choose SIX x-clear as their CCP. Information in this IT Notice does not affect members who do not wish to change their current CCP set-up.
1) Testing of SIX x-clear as CCP in Nasdaq Nordic test environment
Testing in INET OTF is performed at members’ discretion, but is recommended for members who choose to migrate to SIX x-clear or add SIX x-clear to their existing set-up. Testing is available from February 22, 2016.
Members who wish to test in INET OTF are asked to contact Cash Equity Operations, operator@nasdaq.com tel +46 8 405 6410 for setting up the member’s test MPID before testing. In addition, in case the member needs SIX x-clear’s support in testing, it must contact SIX x-clear through its participation at SIX x-clear (Direct Clearing Member/General Clearing Member) or through its General Clearing Member, in order to agree testing practicalities.
The symbol “XCLR” is assigned to SIX x-clear in all Nasdaq Nordic protocols, both in INET OTF and INET production environments. Symbol “XCLR” is relayed as counterparty in trade execution messages.
2) Member’s actions in connection to the introduction of SIX x-clear
Planned introduction of SIX x-clear in INET Nordic production is March 29, 2016. This is the first day when trades executed on Nasdaq Nordic can be routed to SIX x-clear.
Members who wish to change their CCP set-up during the first week of the introduction of SIX x-clear - in the period from March 29 to April 1, 2016 - are requested to notify Nasdaq Nordic by March 14, 2016, via Key Account Managers or by contacting Cash Equity Operations, operator@nasdaq.com tel +46 8 405 6410.
Necessary Nasdaq Nordic documentation for the change can be obtained from Key Account Managers or Cash Equity Operations.
Questions and feedback:
If you have any questions regarding this Exchange Notice, please contact Cash Equity Operations at:
+46 8 405 6410, operator@nasdaq.com.
Best regards,
Nasdaq Nordic
Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn and Nasdaq Vilnius are respectively brand names for NASDAQ OMX Copenhagen A/S, NASDAQ OMX Helsinki Ltd, NASDAQ OMX Iceland hf., NASDAQ OMX Riga AS, NASDAQ OMX Stockholm AB, NASDAQ OMX Tallinn AS and AB NASDAQ OMX Vilnius. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm.
