The trading and clearing operations will be operated within two subsidiaries of CRYEX Group AB; CRYEX AB and CRYEX Clearing AB. CRYEX AB will operate an FX spot marketplace where buy and sell orders in currency pairs submitted to the trading system by trading members, will match into trades. The trades executed on CRYEX AB will be cleared and settled by CRYEX Clearing AB.
The trading activity within CRYEX AB will be notified to the Swedish Financial Supervisory Authority; Finansinspektionen pursuant to the Act (1996:1006) on Notification Requirement as regards Certain Financial Activity. CRYEX Clearing AB has filed an application with Finansinspektionen to get a regulatory license to operate a Clearing Organisation (CCP) for currencies in accordance with the Swedish Securities Market Act (2007:528). The settlement system operated by CRYEX Clearing AB is also subject to approval according to the Settlement Systems Act (1999:1309) (the implementation in Sweden of the Settlement Finality Directive). The application process is pending and clearing operation, within CRYEX Clearing AB, is subject to regulatory approval.