SIS x-clear AG recognised as overseas clearing house

Financial Secretary Ruth Kelly has today given the Financial Services Authority (FSA) leave under the Financial Services and Markets Act 2000 to recognise SIS x-clear AG as the first recognised overseas clearing house.

Ruth Kelly said:

“I welcome SIS x-clear AG as the first recognised overseas clearing house. This highlights the continuing confidence in London as a place to do financial services business.”

Notes for editors

1. The FSA is responsible for recognising overseas clearing houses, but needs leave from the Treasury to do so. The Treasury is required to consider a report from the Director of Fair Trading (DGFT) on whether the rules of the applicant clearing house will have any significant anti-competitive effects.

2. The DGFT concluded that the rules of SIS x-clear AG do not appear likely to restrict, distort or prevent competition to any significant extent. The Treasury agreed with the DGFT conclusion and, in line with usual procedures, has therefore given the FSA leave to recognise.

3. Section 292 of the Financial Services and Markets Act 2000 sets out the recognition requirements for an applicant to become a Recognised Overseas Clearing House. The Financial Services Authority applied to the Treasury for leave to recognise x-clear under the Act.

4. SIS x-clear AG is the first overseas clearing house to seek recognition in the UK. It is a Swiss company, and is a wholly owned subsidiary of SIS Swiss Financial Services Group AG, Zurich, a group of companies providing services to the international securities industry. SIS x-clear AG is licensed as a bank by the Swiss Federal Banking Commission.

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