Clearing and Settlement

A bilateral settlement model is currently in place, where the trading participants are instructing manually against each other to initiative settlement. A hybrid model that includes Central Counterparty (CCP) clearing and bilateral settlement will be introduced in a later phase.

Clearing from 1 October 2016

SIX Corporate Bonds trading will introduce clearing via the CCP SIX x-clear in October 2016.

Securities traded on SIX Corporate Bonds will then follow a hybrid post-trade model, where the securities are cleared either with or without the involvement of a central counterparty. All securities eligible for clearing (CCP eligible securities) must be cleared via the central counterparty SIX x-clear AG. Whether a security is CCP eligible or not is determined by SIX Corporate Bonds. Those trades that do not involve a CCP must be settled at the Central Securities Depository (CSD) directly, i.e. Clearstream Luxembourg or Euroclear Bank. Further information about the described model and especially the risk management can be found in our Service Description - Clearing Services for Bonds.

On behalf of the participants concerned, SIX Corporate Bonds forwards information on trades to the central counterparty. Participants instruct settlement into the appropriate CSD to ensure settlement is fulfilled. For trades in CCP eligible securities this will always be against SIX x-clear AG and for trades in securities which are not CCP eligible, against the relevant counterparty.

SIX Corporate Bonds participants are kindly requested to complete the Clearing and Settlement Standing Instructions (CSSI) Notification Form for SIX Corporate Bonds in order to benefit from the efficient post-trade process designed for this service available from 1 October 2016.

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