20 years of the Swiss Value Chain — 20 years of stories

Stories bring technical and complex matters alive and make them easy to understand. To mark the anniversary of the Swiss Value Chain, people at SIX are therefore passing on their very own anecdotes and experience: stories about the stock exchange, clearing or securities settlement and custody – past and present.

Settlement in a matter of seconds

Increasing globalisation of securities trading came hand in hand with the automation of stock exchange transactions. Nino Ciganovic followed this development from the very beginning.

Nino Ciganovic started his career at Zürcher Kantonalbank as a fiche runner to the bond ring. He is now Head Client Support and a member of the Management Committee at SIX Securities Services.

Back then...

When I was dashing around as a fiche runner between Zürcher Kantonalbank’s execution desk at the stock exchange in Selnau and the bond ring, we still entered the trading orders in the securities record or ‘bordereau’ using a typewriter. One of my first tasks then included checking the daily SEGA cancellation list, which means I compared each individual order with the counterparty and our own system.

The introduction of electronic trading brought an end to this system overnight. Automation had huge benefits, particularly for settlement processes in banks’ back offices as well as for settlement organisations. From then on, volumes rocketed. Orders could be processed much more quickly and efficiently.

Electronic trading brought about changes for everyone involved. Of course, traders were not particularly happy to suddenly find themselves back in front of a screen rather than on the trading floor themselves. But, in Settlement, our reaction was ‘Wow, cool! Now we can finally focus on other things.’ I was particularly interested in international transactions, so I moved to Intersettle. At the time, ZKB was a pilot customer for the Japanese market at Intersettle.

Post-Trading in Switzerland


Swiss banks established SEGA Schweizerische Effekten-Giro AG in 1970 for the centralized safekeeping of securities.


In October 1994 Intersettle took over cross-border securities settlement for the international securities business. It therefore complemented the SEGA service offering.

SIS Group

SEGA and Intersettle merged in 1999 and later became SIS (Swiss Financial Services) Group.

SIX Securities Services

In 2008 SIS Group joined forces with two strong partners to form the SIX Group. SIX has bundled all post-trade services within the securities services business area.

...and today

As SIX now brings together trading, post-trading settlement, payment transactions and financial data under one roof, we can offer all the infrastructure services that the Swiss banking sector requires from a single source. We are the world leader thanks to the locked-in process used by SIX Swiss Exchange to pass on automated settlement instructions to SIX Securities Services, which takes over responsibility for clearing and settlement. This level of automation cannot be found in any other country. The Swiss Value Chain is unique. We should strive to continue to work on the efficiency and uniqueness of the Swiss financial centre with the same kind of effort that was applied when SEGA and Intersettle were established. It is both fascinating and extremely motivating to see the possibilities we have in Switzerland to make the financial centre even more efficient and attractive. I’m excited to see what the future will bring.