SIX x-clear and Cboe Clear appointed as interoperable clearing counterparties for the new segment, with DTCC T+1 settlement.

LONDON, April 21, 2026 /PRNewswire/ -- Equiduct, Europe's leading pan-European retail-focused exchange, today announces the launch of a dedicated US stocks trading segment effective 1 June 2026, marking the first time a European exchange has offered on-exchange trading of US securities in US dollars with extended hours covering both European and US market sessions.

The new segment, operating under the exchange MIC code XEQU, will enable European retail brokers to trade leading US equities in US dollars through a fully on-exchange, centrally cleared solution, eliminating the costly off-exchange intermediary arrangements that have historically defined European retail access to US stocks.

Extended Trading Hours 

The US segment will operate on an uninterrupted continuous trading schedule from 10:00 CET to 22:00 CET, covering both European and US market open hours within a single trading window. Order entry and management will be available from 07:00 CET.

Instruments Universe

At launch, the segment will cover approximately 700 instruments comprising all S&P 500 constituents and 200 of the most actively traded US names outside the S&P 500, selected for retail relevance and trading volume. The universe will be expanded in subsequent phases to include Russell 2000 and Russell 3000 constituents and additional names with demonstrated retail demand.

Commercial Model

Trading on the US segment is commission-free for retail client orders, consistent with Equiduct's existing European equities offering. There are no access fees, no per-trade charges, and no minimum volume requirements for retail flow. US segment market data will be included within existing Equiduct market data packages at no additional cost for active trading members.

Interoperable European Clearing and US DTCC T+1 Settlement

Equiduct has appointed SIX x-clear AG and Cboe Clear Europe N.V.as the two fully interoperable central counterparties for the US segment, subject to regulatory approvals. Members may connect to either CCP. The interoperable model ensures that trades between participants clearing through different CCPs match and clear without friction, with no changes required to existing clearing arrangements for European equities activity.

Both CCPs will extend their operating hours to support Equiduct's extended US trading window, introducing a second End-of-Day processing cycle at 22:05 CET following the close of the US session. Settlement instructions are submitted to DTCC at 23:00 CET on trade date, with settlement at DTCC on T+1.

José Manuel Ortiz‑Repiso, Head of Clearing, SIX, said: "This initiative further demonstrates SIX x‑clear's capacity as a neutral and interoperable European CCP, enabling efficient cross‑border access to US equities while upholding robust risk management and operational resilience standards. It reflects our commitment from SIX to supporting evolving trading models through scalable clearing solutions that meet the needs of global market participants."

Vikesh Patel, Global Head of Clearing and President, Cboe Clear Europe, said: "This initiative demonstrates our focus on delivering innovative services that enable greater participation by European retail investors and effective risk management. It also underscores our belief in the principle of open access and clearing interoperability, which unlocks proven benefits including increased post-trade efficiencies and broader participation through lower costs."

A Structural Shift in the Economics of US Equity Access

European retail brokers currently access US equities through uncleared intermediary arrangements, incurring combined trading and settlement costs of up to EUR 1.17 per trade. Equiduct's US segment replaces this model with commission-free execution, CCP clearing starting at EUR 0.005 per trade, and settlement at DTCC bringing the total post-trade cost of a trade to as low as EUR 0.12 for a large broker executing 8,000 trades per day, translating to an annual US-trade cost saving in excess of EUR 1.7 million.

Wail Azizi, Chief Strategy Officer at Equiduct, said: "European retail brokers have been paying a significant premium to access US equities through fragmented, uncleared off-exchange arrangements for too long. With this launch, Equiduct brings the same on-exchange discipline, cost efficiency, and transparency we have delivered for European equities to the world's largest equity market. Commission-free execution, central clearing, and DTCC settlement at a fraction of the current cost is not an incremental improvement; it is a structural reset of the economics of US equity access for European retail brokers."

Timeline

• UAT environment available: 1 May 2026
• Production go-live: 1 June 2026

About Equiduct

Equiduct is Europe's leading pan-European retail-focused exchange and a market segment of Börse Berlin, operating under Article 44 of MiFID II and regulated by the Senatsverwaltung für Wirtschaft, Energie und Betriebe. In 2025, Equiduct reported 36 active retail brokers, 18.6 million trades executed, and a turnover of EUR 108.3 billion across 13 European markets and 18 leading indices.

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Im hessischen Wirtschaftsministerium steht ein personeller Einschnitt an: Ressortchef Kaweh Mansoori (SPD) hat Ministerpräsident Boris Rhein (CDU) darum gebeten, seinen Staatssekretär Umut Sönmez mit sofortiger Wirkung aus dem Beamtenverhältnis zu entlassen. Das teilte das Ministerium am Montag mit. Offiziell nannte eine Sprecherin keine Gründe für den Schritt, sprach aber von einer Entscheidung, die rasch umgesetzt werden solle. Nach Angaben der Staatskanzlei ist für die formale Entlassung noch ein Kabinettsbeschluss erforderlich.

Hintergrund der Personalentscheidung sind Vorwürfe sexueller Belästigung gegen den 43-jährigen SPD-Politiker. Einem früheren Bericht des Hessischen Rundfunks zufolge läuft im Wirtschaftsministerium eine interne Untersuchung zu Vorkommnissen bei einer Fastnachtsfeier für Beschäftigte des Hauses. Bei der Veranstaltung soll es demnach zu einer sexuellen Belästigung gekommen sein. Sönmez soll laut dem Bericht eine Mitarbeiterin wiederholt angefasst, sie zum Tanzen gedrängt und unangemessen eng mit ihr getanzt haben. Die Betroffene habe sich anschließend offiziell im Ministerium beschwert.

Aus der Staatskanzlei hieß es, das für eine „gedeihliche Zusammenarbeit erforderliche Vertrauensverhältnis“ sei nicht mehr gegeben. Ministerpräsident Rhein werde Sönmez daher mit sofortiger Wirkung entlassen, sobald das Kabinett den formalen Beschluss gefasst habe. Politisch ist der Fall brisant, weil Sönmez als Amtschef bislang auch für Personalfragen im Haus zuständig war – ein Punkt, den die Grünen im Landtag bereits kritisch als möglichen Interessenkonflikt bei der Aufklärung der Vorwürfe bezeichnet hatten.

Sönmez selbst weist die gegen ihn erhobenen Anschuldigungen zurück. In einer von einem privaten Mail-Konto verschickten Stellungnahme sprach er von „vorverurteilender Presseberichterstattung“ über ein „angebliches Vergehen“ seinerseits. Zugleich begrüßte er seine Entlassung ausdrücklich, um Schaden vom Land Hessen, dem Ministerium, der Koalition und der SPD abzuwenden. Den Vorwurf einer sexuellen Belästigung weise er entschieden zurück, betonte Sönmez. Er begrüße die eingeleitete interne Untersuchung und erhoffe sich von dem im öffentlichen Dienst etablierten Verfahren die Möglichkeit zur Richtigstellung und Rehabilitation.