The operator of the Swiss financial market infrastructure is investing in the area of clearing. SIX has taken over the Norwegian platform Baymarkets in order to «consolidate its position as a leading pan-European provider of integrated post-trade solutions», according to the announcement published on Tuesday evening.

The technology and expertise of Baymarkets support SIX's ambition to drive continuous innovation and operational excellence.

Echchange-traded and OTC, multi-asset and multi-currency 

Founded in 2007 and headquartered in Oslo (with an additional location in Stockholm), Baymarkets operates a clearing platform that supports both exchange-traded and over-the-counter markets. According to SIX, the platform offers a scalable clearing system with a risk model that is multi-currency capable and suitable for various asset classes.

Rafael Moral Santiago, Head Securities Services & Executive Board Member at SIX, commented on the acquisition: «Baymarkets' proven expertise in clearing technology strengthens our ability to deliver faster and more flexible post-trade services to our clients. By combining this expertise with Baymarkets' innovative systems and talented teams, we are accelerating the modernization of clearing technology and creating tangible benefits for market participants across Europe.»

SIX is less forthcoming when in comes to the purchase price: «The parties have agreed not to disclose the financial terms of the transaction,» the announcement states.