Post Trade Forum 2025

CEO SIX

Bjørn Sibbern has been the CEO of SIX since January 2025. Previously, since joining SIX in January 2024, he led the stock exchange business as Global Head Exchanges and a Member of the Executive Board. Bjørn Sibbern has experience managing large teams in the fields of trading, funds, post-trade, listings, IPOs, data, index business, and technology. Before joining SIX, he served as Executive Vice President and President of European Markets at Nasdaq. In this role, he led the Nasdaq markets and exchanges across the Nordic and Baltic regions. He was also responsible for trading, listing, clearing, settlement, and the data business in Sweden, Denmark, Finland, Iceland, and the Baltic nations. Prior to this, Bjørn was Executive Vice President and responsible for Nasdaq global data, data & analytics and index business working out of Nasdaq headquarter in New York. Before joining Nasdaq, Bjørn Sibbern was CEO at E*TRADE Bank Denmark from 2006 to 2008 and held key roles at OMX and Stocknet Norway. The Danish citizen holds an Executive Master in Business Administration, a Graduate Diploma in Finance, and a Master in Business Administration and Commercial Law from Copenhagen Business School.

Other Activities and Mandates

• Chairman, Bolsas y Mercados Españoles SA (BME), Madrid
• Chairman or Board Member of various SIX Group Ltd companies
• Chairman Working Committee, World Federation of Exchanges WFE, London

Head Securities Services

Rafael Moral Santiago has been Head Securities Services and a member of the Executive Board of SIX since June 2025. Before joining SIX, he held different leadership positions at HSBC in Hong Kong and London from 2015 until 2024. In his most recent role, he served as Global Head of Country Management Securities Services for HSBC, leading the regional strategy and coordination of the bank’s securities services business across more than thirty markets.

Prior positions included Head of Securities Services for Europe, as well as for Asia Pacific & MENA. From 2002 until 2015 Rafael Moral Santiago worked at Deutsche Bank in various management roles in Germany, the USA and Singapore, most recently as Global Head of Investor Services responsible for Custody, Clearing, Fund Services, and Securities Lending.

Before joining Deutsche Bank, he gained business leadership experience as the CFO and executive board member at 100world (now Senacor Technologies), following a position as strategy consultant at McKinsey & Co. A Spanish citizen, Rafael Moral Santiago graduated from the HHL Leipzig Graduate School of Management and attended INSEAD’s MBA and International Executive Programmes.

Head Clearing & Repo Operations

Mr. Ortiz-Repiso is in charge of the management and the strategy of two highly diversified CCPs. In this role, he leads the Clearing and Repo operations teams, while managing the Clearing business and liaising with clients, regulators and other key stakeholders.

He has been with BME since 2000. More than 20 years of experience in the entire financial industry value chain, from trading to post-trading, holding different roles in multiple areas, acquiring in-depth knowledge about infrastructures management, participating in their growth, in their adaptations to different regulatory and technical changes, and involved in coordinating the most important projects of the company. 

Mr. Ortiz-Repiso holds an Executive MBA from IE Business School and an economics and business degree from Alcala de Henares University. 

Co-Head Custody

Francisco Béjar is Co-Head Custody, SIX. He is member of the Board of Directors of ECSDA (European Central Securities Depository Association), and member of various market committees and expert working groups at national and international level in CNMV, ESMA (Consultative Working Group of the ESMA Post Trading Standing Committee, PTSC CWG) and ECB (AMI-SeCo Harmonization Steering Group, HSG). Prior to SIX, Francisco held different roles in BNP Paribas and JP Morgan, based in Madrid.

Francisco dedicated his full professional career to the financial markets, and particularly, to the post-trading activities, in areas such as Settlement and Custody, Cash and Treasury and Corporate Trust.

His experience comes from two sources, as a custodian bank and as a financial market infrastructure.  Francisco has a bachelor’s degree in economics and business administration from Universidad Complutense de Madrid.

Head Product & Business Development for Digital Assets, Securities Services

Marco Kessler joined SDX in October 2018 and has been a key member of the team since its beginning. Marco brings 14 years of experience in capital markets and digital transformation to SDX. During his time at Accenture, Marco contributed significantly to large-scale digital transformation programs for global Swiss banks, particularly in wealth management, advisory and core banking segment. His expertise lies at the forefront of innovation, driving the adoption of digital assets in capital markets and financial market infrastructures.

Throughout his career, Marco has specialized in management and technology consulting, with a focus on business architecture for financial services and IT technology strategy. His contributions to SDX have been invaluable, as he continues to play a pivotal role in building the platform from the ground up. Marco’s dedication to driving innovation and his deep understanding of financial markets make him an integral part of the SDX team.