SIX consolidates, SemiLiquid launches, and more

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Welcome to Global Custody Pro, read by custody professionals like you. I'm Brennan McDonald, Managing Editor. I write about the global custody industry, having spent over 12 years in financial services, including working at a global custody bank. An AI voice reads the audio version of this newsletter. Reply to this email with feedback or connect with us on LinkedIn.

Table of Contents

• 🌏 Global Custody News

  • SIX Consolidates CCPs, Headquarters in Madrid

• 🚀 Digital Asset News

  • UK Grants Property Rights to Crypto Assets

  • SemiLiquid Launches Custody-Native Credit Protocol

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🌏 Global Custody News

SIX Consolidates CCPs, Headquarters in Madrid

SIX announced plans to integrate its two clearing houses, SIX x-clear in Switzerland and BME Clearing in Spain, into a single multi-asset central counterparty named SIX Clearing. The consolidated CCP will be headquartered in Madrid with operations in Zurich and Oslo.

The integration builds on SIX's 2020 acquisition of BME, which established its pan-European growth platform. The combined entity will transfer SIX x-clear's interoperability links to the new CCP while leveraging BME Clearing's existing EU licence, providing access to European Central Bank EUR liquidity, T2 and T2S systems, and other EU regulated markets and MTFs.

The company stated that SIX Clearing will continue promoting interoperability adoption across Europe. The transaction remains subject to regulatory approvals, with the timeline and execution form dependent on these approvals.

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🚀 Digital Asset News

UK Grants Property Rights to Crypto Assets

The UK Government announced that digital assets such as cryptocurrency and non-fungible tokens can now be recognised as personal property following Royal Assent of the Property (Digital Assets etc) Act. England, Wales and Northern Ireland are among the first jurisdictions globally to provide this legal clarification, according to the Ministry of Justice.

The legislation responds to a 2023 Law Commission report that identified barriers to recognising digital assets under private law. By establishing a third category of property that acknowledges the unique characteristics of digital assets, the government said owners will gain clearer protections against fraud and the ability to pass assets through inheritance or recover them during bankruptcy proceedings.

The legal clarification strengthens the framework for digital asset custody, collateralisation and creditor recovery in insolvency proceedings. Institutional holders and custodians operating under English law now have explicit statutory recognition that digital assets can be subject to property-based claims and security interests.

SemiLiquid Launches Custody-Native Credit Protocol

SemiLiquid announced the launch of its Programmable Credit Protocol at Abu Dhabi Finance Week 2025, introducing custody-native infrastructure that enables institutions to secure credit against digital and tokenised assets without moving collateral. The protocol was developed in Abu Dhabi and is planned for global rollout.

The announcement follows a pilot conducted with Franklin Templeton, Zodia Custody, Avalanche, Presto Labs, M11 Credit, Oasis Foundation, and law firm CMS. The pilot used Franklin Templeton's daily-yielding tokenised money-market fund, BENJI, as collateral under pre-agreed terms and automated triggers. The company noted that more than 70% of institutional bilateral financing currently involves bespoke paperwork and collateral transfers across fragmented systems.

SemiLiquid indicated Phase II will launch in early 2026 with expanded custodian and jurisdictional coverage. Rico van der Veen, Co-Founder and CEO of SemiLiquid, said the protocol delivers "a standardised, custody-native and shared legal framework that merges the trust of traditional finance with the efficiency of programmable assets."

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