As I said, we want to grow, but we also want to optimize our cost base. This means exploiting synergies on both the revenue and expense sides. But it’s also about seizing new business opportunities. In other words, our overarching objective is to boost efficiency, quality, and innovation across the entire value chain, and to enhance our ability to compete by standardizing some of our internal processes.
Both CCPs are very diversified, offer services for numerous asset classes in a highly regulated environment, and manage risks in real time. SIX x-clear and BME Clearing both rank among the most qualified, stable, and best-capitalized CCPs in Europe. SIX x-clear, for example, has just been awarded the title of Clearing House of the Year at the Trading & Tech Awards hosted by Financial News. We will use our strong position and our longstanding client relationships in both countries to engage in cross-selling.
There are also synergies between the CSDs. We are working on a link between SIX SIS and Iberclear. This will allow us to offer Spanish securities to Swiss clients and Swiss securities to Spanish clients – and it will open up a broad range of new business opportunities. In addition, Iberclear is connected to several Latin American markets, which we can now easily access for the Swiss market as well.