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1A8=68=6 C74 F>A;3 C ;>=3>=BC>2:4G270=64 1A8=68=6C74 F>A;3C>;>=3>= 0=8=CA>3D2C8>=C>C74<08=<0A:4C>5C74;>=3>=BC>2:4G270=64 1A8=68=6C74F>A;3C>;>=3>= 9%:%Kfdj:f 8kkfie\pjXe[:flej\cfijXkCXn I<JLCK8E;HL8C@KP K@D<CP:FDGC<K@FEF= ;@I<:K<;J<IM@:< 8JJ@>ED<EKJ @EEFM8K@FEKF K<8DNFIB8E; JFCM<GIF9C<DJ :FE=@;<EK@8C@KP 9%:%Kfdj:f`jXc\X[`e^LbiX`e`Xe \c\Zki`Z`kpXe[i\Xc\jkXk\[\m\cfgd\ek Gc\Xj\ZfekXZkljXkk_\ c\^XcgiXZk`Z\#Xe[`e(00(nXjk_\Ôijk Xe[ZfejkilZk`fegifa\Zkj#Xjn\ccXj ]fccfn`e^f]ÔZ\j1 N\jk\iecXnÔidkffg\eXBp`mf]ÔZ\% dXepf]k_\j`^e`ÔZXekXZhl`j`k`fej Bp`mF]ÔZ\ Xe[gi`mXk`jXk`fej%N\_Xm\[\m\cfg\[ (/&(Gifi`qeXJki\\k#Jl`k\( N\Xi\`egXik`ZlcXiXc\X[\i`eLbiX`e`Xe eld\ifljkXojkilZkli\j]fik_\\]ÔZ`\ek Bp`m'('*+#LbiX`e\ j\Zli`k`\j#YXeb`e^Xe[kiX[\ÔeXeZ\ Zfdgc\k`feXe[fg\iXk`fef]jlZ_ K\c1"*/'++ )./$(''' "*/'++ +0'$-''' cXn%=fi\oXdgc\#`e(00*n\_Xe[c\[ gifa\Zkj% =Xo1"*/'++ )./$-,'/ k_\Ôijk@GF]fiXLbiX`e`XeZfdgXep#Xj "*/'++ +0'$-''( n\ccXjdXepjlYj\hl\ek@GFj`eZcl[`e^ :fdd`kd\ekkfhlXc`kp`jk_\ Cfe[feF]ÔZ\ k_\j\Zfe[cXi^\jk]le[$iX`j`e^\m\iXe[ Zfie\ijkfe\f]fligiXZk`Z\%Fm\i(/ -+Cfe[feNXcc dfjkf]k_\@GFj`ek_\\e\i^pj\Zkfi% p\Xijf]\og\i`\eZ\`eLbiX`e\^`m\ljX Cfe[fe<:)D,KG#LB C`b\n`j\#n\_Xm\_Xe[c\[k_\Ôijk j`^e`ÔZXekX[mXekX^\`ele[\ijkXe[`e^ K\c1"++' )'.-*/..(( =Xo1"++' )'.*/)0*-' jlZZ\jj]lcdXafigifa\ZkÔeXeZ`e^`e k_\dXep_`[[\egifYc\djXe[ LbiX`e\#Xe[dXepjlYj\hl\ekgifa\Zk cffg_fc\jk_Xke\\[kfY\X[[i\jj\[kf <$dX`c1Yk7YZkfdj%e\k Xe[kiX[\ÔeXeZ`e^j]fi\m\ipk_`e^]ifd \c`d`eXk\c\^Xci`jbj%N\Xi\k_\gi`eZ`gXc nnn%YZkfdj%e\k dfY`c\k\c\Zfddle`ZXk`fejXe[jk\\c Xlk_fif]k_\YffbÈ;f`e^9lj`e\jj d`ccjkfX`iZiX]kXe[j_`gj% n`k_LbiX`e\É#Xc\X[`e^^l`[\kfcXnXe[ Ylj`e\jj`eLbiX`e\#Xe[dXepfk_\i Fm\ik_\gXjk(/p\Xij#9%:%Kfdj:f glYc`ZXk`fejfeLbiX`e`XecXnZfg`\jf] _XjXcjf^l`[\[kfZfdgc\k`fedXep n_`Z_Xi\XmX`cXYc\feflin\Yj`k\fiYp f]k_\cXi^\jkX^i`ZlckliXc#f`cXe[^Xj# i\hl\jkkffliÔid % 1A8=68=6C74 F>A;3C>;>=3>= Editor Anthony Hilton Editorial consultant Susan Wall Group editorial director Claire Manuel Managing editors Suzy Robinson Lauren Rose-Smith Sub-editor Nick Gordon Published by Newsdesk Communications Ltd Group art director David Cooper 5th Floor, 130 City Road, London, EC1V 2NW Art editors Nicky Macro Tel: +44 (0)20 7650 1600 James White Fax: +44 (0)20 7650 1609 Designer Zac Casey www.newsdeskmedia.com Group production director Tim Richards Newsdesk Communications Ltd publishes a wide range of business and customer publications. For Group sales director Andrew Howard further information please contact Natalie Spencer, Sales executives Neil McPhee client relations director, or Alan Spence, chief Tony Norton executive. Newsdesk Communications Ltd is a Newsdesk Media Group company. Client relations director Natalie Spencer Group commercial director Mark Payne Deputy chief executive Hugh Robinson Publisher and chief executive Alan Spence On behalf of the London Stock Exchange Pictures: Corbis, Getty, Photolibrary, Reuters 10 Paternoster Square, London, EC4M 7LS Printed by Buxton Press Tel: +44 (0)20 7797 1000 ISBN: 978-1-905435-92-0 www.londonstockexchange.com © 2009. The entire contents of this publication are protected by copyright. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means: electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. The views and opinions expressed by independent authors and contributors in this publication are provided in the writers’ personal capacities and are their sole responsibility. Their publication does not imply that they represent the views or opinions of Newsdesk Communications Ltd or the London Stock Exchange and must neither be regarded as constituting advice on any matter whatsoever, nor be interpreted as such. The reproduction of advertisements in this publication does not in any way imply endorsement by Newsdesk Communications Ltd or the London Stock Exchange of products or services referred to therein. ;>=3>=BC>2:4G270=64 " So the Code of Conduct has its first success! The in- troduction of SIX x-clear into the UK market by the London CCPs – Stock Exchange allows its clients a choice of CCP provider. Since the announcement of SIX x-clear’s introduction in 2006, price cuts by the incumbent – LCH. Clearnet Ltd – have seen some clients reduce the fees that they pay by Interoperability more than 60%. FACT However, interoperability has been working since 2003 when virt-x (now SIX Swiss Exchange) decided that they would have a dual CCP clearing model. This model has Works – worked successfully since then, especially in these turbu- lent times. This contradicts the comments put forward by some of the new CCPs who believe that interoperability increases risk. FACT Fact or Fiction? So why is interoperability needed? The proliferation of MTFs has begun a sea change in the minds and atti- tudes of traders on both the buy-side and sell-side. But li- quidity has yet to move to the MTFs. It could be that the efficient vertically integrated market structures which the national exchanges had set up and were said to be one of the main reasons for higher costs, have been replicated by the MTFs with an added layer included in the form of set- tlement banks. FACT It is the view of SIX x-clear that interoperability pro- viding clearing choice in the form of a one stop clearing house to customers is a way of reducing costs by allowing for more efficient cross netting over a number of execu- tion venues on which the same stocks are traded, cross margining, more effective and careful handling of collateral and soft cost savings by having just one process to man- age and monitor. FACT As we have seen in recent times, interoperability re- duces the risk associated with an exchange or MTF. As banks have collapsed, CCPs have stood strong in the mid- dle of all trades providing the comfort that counterparties and regulators desire. It is now realised that although lower prices are great, efficient and effective risk management is far more important. And if there is one function in which a CCP should be expert in, it is risk management - preferably a real time risk management system which SIX x-clear op- erates rather than just once or twice a day. FACT So is interoperability fact or fiction? With the need for effective risk management and lower costs it can be seen that interoperability works and is here to stay. We at SIX x-clear aim to be at the forefront of providing clients with the choice of CCP provider over a number of exchanges and MTFs. By gaining increased trade flow we will look to reduce fees without ever forgetting that our prime func- tion is the reduction of risk. We are talking to all the major exchanges in Europe, we are talking to all the MTFs and with client support we can bring a choice of CCP provider to all of them. FACT When will we have our first contact with you? Will this soon be FACT or FICTION? SIX x-clear AG, Zurich: T +41 (0) 44 288 4311 SIX x-clear AG, London: T +44 (0) 207 550 5447 www.six-x-clear.com 2>=C4=CB 5^aTf^aSb "" 8QbfUcdY^WdXUTYfYTU^TVb_]W\_RQ\YcQdY_^ 7Qbi@Qb[Y^c_^ ) ;UU`Y^WQS_]`UdYdYfUUTWU 1\TUb]Q^9Q^<eTUb "( 8_gg_b\Tcd_S[]Qb[UdcQbUSXQ^WY^W <_bT=Qi_b_VdXU3Ydi_V<_^T_^ 4URbQ4U\eSQ !! <_^T_^ºcÃQWcXY`]Qb[Ud #" DXUSXQ^WY^WY^fUcd]U^d\Q^TcSQ`U =QbdY^7bQXQ]4YbUSd_b_V5aeYdi=Qb[Udc 1^TbUg:_X^c_^ <_^T_^Cd_S[5hSXQ^WU #' 9^dUb^QdY_^Q\YcQdY_^_VdXU=QY^=Qb[Ud @UdUb3e^\YçU ;^]S^]P]SV[^QP[XbPcX^] !' <_^T_^QcQW\_RQ\Â^Q^SYQ\SU^dbU BTccX]VcWTbcP]SPaS >YS[7__TgQi U^aTgRT[[T]RT $ 2UQdY^WQ`QdXd_<_^T_^ @UdUb3e^\YçU $$ CUSebYdYUc_^dXU=QY^=Qb[Ud 1^TbUg3QfU $& B_edUcd_dXU=QY^=Qb[Ud 1^TbUg3QfU % 7_fUb^Q^SUQ^TY^fUcd]U^d`UbV_b]Q^SU $ :Q]Uc=__bU ;>=3>=BC>2:4G270=64 $ Business from the front line. First in business worldwide 2>=C4=CB %$ 8_g<_^T_^`e^SXUcQR_fUYdcgUYWXd '( GXQdY^fUcd_bcUh`USdY^Q CY]_^5^W\YcX =QY^=Qb[UdS_]`Q^i 8eW_4e^SQ^ %' DXUb_\U_VdXU6C1*X_g]Qb[UdQSdYfYdi YcbUWe\QdUT (% DXUb_\Uc_VdXUQTfYcUbc 8eW_4e^SQ^ 1^TbUg3QfU & =QY^dQY^Y^WdXUdUSX^_\_WYSQ\UTWU ) E^TUbcdQ^TY^WdXUY]`_bdQ^SU 1^TbUg:_X^c_^ _VS_]]e^YSQdY_^c :Q]Uc=__bU &# 3QdUbY^Wd_dXUS_b`_bQdU\YVUSiS\U B_RUbd<UQ ;X`dXSXchX]cWT<PX]<PaZTc ?a^Â[Tb^UcWT_[PhTab )$ =Qb[Ud\YaeYTYdi BYSXQbTCSXgQbdj && GX_QbUdXUdbQTY^WQ^T Y^fUcdY^WSecd_]Ubc/ )' DXUQ\dUb^QdYfUdbQTY^WUh`\_cY_^ 7Qbi@Qb[Y^c_^ :_U\3\Qb[ &) DXU\_^W_^\iVe^Tc ! 1c_e^T`\QdV_b]V_bf_\e]UWb_gdX 7Qbi3_bS_bQ^ BYSXQbTCSXgQbdj '" DXU]edeQ\Ve^TY^Tecdbi ! # DXUUf_\edY_^_VdUSX^_\_WiQddXU 7Qbi3_bS_bQ^ <_^T_^Cd_S[5hSXQ^WU :_U\3\Qb[ '% <_^T_^ºcXUTWUVe^TcWUdcUbY_ec CdeQbd6YU\TX_ecU ! & 1TfUbdYcUbY^TUh ;>=3>=BC>2:4G270=64 & Far reaching, and close at hand Clifford Chance combines the highest global standards with local expertise. Leading lawyers from different backgrounds and nationalities come together as one firm, offering unrivalled depth of legal support for equity capital markets transactions across 19 offices in the EMEA region.
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