"As a proponent of the user-owned, user-governed model we welcome LCH.Clearnet's shift to the at-cost based structure which we have operated since our inception. As we have seen with Lehman Brothers, risk management is the most important function of a CCP and has proven critical at time of default. Given the rapidly changing market environment real-time calculation of risk exposures is the best form of risk management and we strongly believe it should be standard across the industry.
"The merger highlights some interesting points regarding the structure of the clearing and settlement landscape in Europe. Demand for growth in new markets at SIX x-clear is very much driven by client demand. We continue to focus on our European operations and are committed to best practice and reducing tariffs in the trading and exchange markets, fully supporting interoperability and the European Code of Conduct on Clearing and Settlement.
"The clearing landscape is rapidly evolving and it's important to focus on innovation and client service. SIX x-clear is fully focused on targeting the markets that clients want us to and delivering efficiencies in terms of tariff, technology and risk management. The winners in the provision of risk management services in the cash equities markets are the customers, the exchanges and the markets more broadly, who effectively manage their counterparty risk."