Implementing multi-asset post-trade and clearing solutions
Oslo, Zurich, 29th April 2020: Baymarkets AS (“Baymarkets”), the award-winning provider of independent post-trade clearing systems, today announced a joint business relationship with PwC Switzerland, the leading audit and advisory company in Switzerland and financial markets expert, to deliver global post-trade and clearing solutions.
The joint business relationship will combine the practical know-how, experience and skills of both companies to design, implement, deliver and operate post-trade and clearing solutions to the highest standards in the financial markets. This includes the Baymarkets ‘real-time clearing’ Clara platform; deep knowledge and first-hand experience of providing both exchange and OTC trading and clearing technology, across multiple asset classes; and the expertise of PwC Switzerland in the project management, rulebook creation, regulatory applications and operational routine verticals.
Building on previous collaborations within the risk and post trade marketplaces, PwC Switzerland and Baymarkets are looking forward to extending their traditional post-trade collaboration, to also look into possibilities within the newer digital and crypto markets over the coming months. The joint business relationship is well positioned to support firms who are starting to investigate and initiate transformative programmes.
Martin Liebi, Head of Capital Markets at PwC Switzerland commented, “We are very pleased to announce this collaboration. We see a number of opportunities to work together combining the strength of our expertise and their globally-established Clara platform to respond to new opportunities, within the traditional marketplace, as well as emerging markets and technologies.” He added, “Baymarkets is a leading challenger to the large exchange-controlled vendors and, as an independent and agile provider, can implement new risk algorithms and functionality quickly and effectively.”
Peter Fredriksson, Chairman of Baymarkets, commented “We are delighted to announce this extension of our collaboration with PwC. We have already proved our proposition delivering good business practice and advanced technology to the highest possible standards.”
Tore Klevenberg, CEO of Baymarkets, added “The combined power of PwCs unparalleled global network of financial markets experts and Baymarkets expertise and longevity in delivering solutions in the post-trade and clearing space, will provide leverage to enable both organisations to identify mutually beneficial opportunities and deliver solutions for this important part of the trading value chain.”
Baymarket’s Clara platform is together with our clients approved by a number of competent national authorities and has a proven operational track record for clearing cash and derivatives in multiple asset classes with world leading clearing houses since 2010. PwC notes that in the recent turbulent markets, Baymarkets Clara has proven its capabilities by handling almost double previous volumes with no drop in performance.
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Baymarkets AS, based in Oslo and Stockholm, is an independent vendor of clearing systems for the financial markets and has been operating since 2007.
Baymarkets AS, is a provider of FinTech solutions to the financial services industry. Baymarkets experience has been gained building and operating multi-asset exchange and OTC trading and clearing solutions for some of the largest firms in the industry. These include banks, brokers, exchanges, CCPs and technology providers.
The team has deep knowledge and first-hand experience of providing clearing technology, across multiple asset classes including; commodities, equities, rates and credit products, for cash and derivatives.
Baymarkets owns and develops the full-service Clara Clearing system and is responsible for the operation, support, maintenance and product development of Clara as the SIX X-clear CCP system, which provides clearing services to Oslo Exchange, Nasdaq Nordic and multiple European MTFs.
Baymarkets has access to world leading clearing and post-trade expertise, both internally, in the board and close external liaisons.
Some of our unique features are CCP interoperability and advanced risk management algorithms. Clara features standardised APIs for integration with marketplaces, banks, CSDs, clients etc.
To find out more visit www.baymarkets.com
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with over 276,000 people who are committed to delivering quality in assurance, advisory and tax services. PwC Switzerland has over 3,300 employees and partners in 14 locations in Switzerland and one in the Principality of Liechtenstein.
Find out more and tell us what matters to you by visiting us at www.pwc.ch.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.