Following the successful go-live of EuroCCP’s clearing services for trades executed on the SIX Swiss Exchange, EuroCCP would like to advise Clearing Participants of the enhanced settlement arrangements now available for trades settling at SIS CSD.
EuroCCP can now offer clearing participants CSD Power of Attorney (PoA) on all trades settling at SIS CSD including Auto-Split functionality up to six times a day for CCP settlement instructions. This functionality is available for Swiss Stock Exchange and MTF trading activity enabling clearing participants to use this functionality on trades that have been Cross Platform netted. Many clearing participants already use this facility as a mandatory requirement for their SIX Swiss Exchange flow and can now use it for all flow, when using EuroCCP.
The application for the Auto-split facility and CSD PoA is optional however, given the positive impact on the settlement efficiency, EuroCCP highly recommends the use of Auto-split functionality and CSD PoA. This service is very similar to EuroCCP’s Settlement agent POA set up and requires minimal changes to benefit from the increased settlement efficiency and reduction in post trade costs.
For further details about the CSD PoA, Auto-Split and EuroCCP reference (Pool reference), we would refer you to Service Description – CSD PoA Swiss market.
Clearing participants that use Settlement Agent POA will be contacted shortly by EuroCCP to discuss this initiative in more detail. For further detail, please contact EuroCCP’s Client Services Team at firstname.lastname@example.org .