SIX says that it has now strengthened its clearing business with acquisition of Baymarkets AS. According to the update from SIX, the latest acquisition of Baymarkets AS enables them to accelerate product development in clearing technology, reinforcing their existing position as a pan-European provider of post-trade solutions.
With this recent acquisition, SIX takes a step forward in its strategy to be a leading pan-European provider of “integrated and digital post-trade solutions.”
The addition of Baymarkets’ tech and expertise aligns with the commitment of SIX to continuous product development, “enabling Baymarkets to offer a broader suite of services that address the evolving needs of clients.”
Founded in 2007 and headquartered in Oslo, Baymarkets’ clearing platform supports “exchange-traded and OTC markets.”
The platform offers a clearing system with a risk model for multiple currencies and asset classes.
Baymarkets will provide SIX with a derivatives clearing platform “that is ready to scale with its growth, strengthen innovation in clearing, and enhance in-house post-trade technology expertise.”
Through its acquisition by SIX, Baymarkets reinforces its position as “a provider of post-trade tech solutions.”
The integration of Baymarkets’ technology “into the infrastructure of SIX will further enhance the breadth and competitiveness of its product portfolio.”
Rafael Moral Santiago, Head Securities Services & Executive Board Member, SIX said that the expertise of Baymarkets in clearing technology strengthens their ability to “deliver faster and more flexible post-trade services to our clients.”
Santiago added that by combining Baymarkets’ systems and team, they can accelerate the “modernization of clearing technology and bring tangible benefits to market participants across Europe.”
The parties have agreed “not to disclose the financial terms of the transaction.”
In other updates, it was noted that Swiss banks are launching multibanking for private customers via the open banking platform bLink from SIX. In this way, the participating banks are making an “important contribution to an open and innovative Swiss financial ecosystem.”
Individuals are now able to bundle their accounts from different banks in one banking app or – if they “explicitly” consent to such – “integrate them into non-bank apps, thus giving them a convenient and straightforward way to manage their finances.”
Starting this week, customers of eight Swiss banks as well as two third-party providers can connect their various accounts “to consolidate and display account information in a single app.”
Over 30 different banks offer the necessary data interface.
Bank customers are reportedly able to use the same interface in order to “access this information in apps from third parties (e.g. Fintechs).”
Possible applications currently include “account overviews, spending analyses, and budget planners.”