“Their clearing service is market leading and will benefit all market participants, enabling greater transparency, sustainability and resilience in the financial industry.”
SIX Group’s clearing services division has joined TP ICAP’s trading platforms to enable the market infrastructure provider’s participants to clear their UK and European MTF trades on SIX x-clear.
TP ICAP operates several trading platforms and the partnership with SIX allows its clients to opt for CCP clearing, which is advantageous for the treatment of capital as well as for the liquidity and risk aspects, compared to bilateral settlement .
Increased transparency, sustainability and resilience in the financial sector
José Manuel Ortiz, Head Clearing and Repo Operations at SIX, said: “This expansion of our portfolio of connected platforms is an important milestone for our organization. Most importantly, we are excited to demonstrate our commitment to continually increasing efficiency and creating value for the benefit of our members. We believe that the implementation of CCP clearing on TP ICAP MTFs is beneficial for all market participants and we believe that it will contribute to increasing the transparency, sustainability and resilience of the financial sector.
Dan Fields, CEO of Global Broking at TP ICAP, added: “We are delighted to welcome SIX to our platforms. Their clearing service is market leading and will benefit all market participants, enabling greater transparency, sustainability and resilience in the financial industry.
SIX already offers clearing services to 19 different trading venues, which include both primary exchanges and multilateral trading venues (MTFs) based in several European countries and the UK.
The addition of TP ICAP UK MTF and TP ICAP EU MTF will increase SIX’s market coverage and allow TP ICAP members to further increase their settlement efficiency.
Dan Fields is the new CEO of Global Broking at TP ICAP
Daniel Fields was named CEO of the Global Broking division at the end of June. He is responsible for driving business growth and providing strategic execution, including the continued deployment of TP ICAP’s electronic platform, Fusion.
Reporting directly to Group CEO Nicolas Breteau, Daniel Fields joins TP ICAP from Altero Capital Partners, where he focused on strategic advisory and capital markets.
Having worked in capital markets for more than 25 years, Daniel Fields will serve as CEO of Global Broking at TP ICAP after having held several management positions at industry leaders, including Global Head of Markets at Societe Generale and Global Head of Trading and Global Head of Sales within its Global Banking and Investor Solutions division.
Following this appointment, Andrew Polydor, who led both Global Broking and Energy & Commodities (E&C) throughout the pandemic, will once again focus on the E&C business as CEO. George Dranganoudis will leave APAC to become Deputy Managing Director of E&C and Managing Director EMEA of E&C.