The manual processing and dissemination of reference data is highly complex, error-prone and slow. The roll-out of the well-established CONNEXOR service is as of today being made available to BME’s warrants issuers in Spain. With this the biggest challenges warrant issuers are facing in Spain could come to an end. The admission to trading of warrants requires great amounts of paperwork to be provided by various parties. The absence of digitization means listings often take much longer than they should.
Speed Up and Streamline Admission of Warrants
The roll-out to the Spanish market therefore is a major step forward in the digitalization and modernization of the listing process for the Spanish warrants issuers. CONNEXOR will speed up and streamline the process of warrants’ admission to trading, by automating the data flow from the issuers to BME, including Iberclear.
Markus Gutzwiller, Head Sales CONNEXOR at SIX Swiss Exchange comments: “With the introduction of CONNEXOR to the Spanish market we are fulfilling a clear need for data efficiency. We can now offer the Spanish market participants efficiency gains that our unique service has already provided consistently to the Swiss marketplace.”
Providing Data of the Highest Quality Standards
The worldwide unique reference data platform seamlessly connects data sources such as issuers of financial products with data recipients such as exchanges, banks, CSDs, data vendors or even newspapers.
With CONNEXOR, issuers have their product rapidly admitted to trading while it allows non-listed instrument data to be captured and distributed in a standardized manner, which guarantees fast and error-free information across the board. Issuers can additionally automate some of their reporting processes, making it easier to electronically submit product event information during the lifecycle of a product.
Scalability is Key
CONNEXOR is a SIX Swiss Exchange platform based on the highly scalable XML (Extensible Markup Language) data format, and facilitates the efficient management of reference data throughout the entire life cycle of a financial product. Reference data is captured electronically in a standardized way, directly at source, even for instruments listed on other exchanges, OTC or private placements. This allows for straight through processing, making data available to any number of data consumers in a standardized manner, without any changes to content. The process is fast, efficient and eliminates repeated efforts across different interfaces and data models.
For Swiss issuers – or generally for issuers who already use CONNEXOR – the roll-out to Spain means, that the same process they use for listing with SIX Swiss Exchange, can be used to list at BME/Iberclear. Exactly this ‘scalability’ is one of the key points of CONNEXOR; uniform processes, high data quality through automation and cost savings for the issuers.
A Success Story for over a Decade
Since the launch of the service in Switzerland in 2009, it has become the reference data communication standard for structured products in the Swiss market and in other European countries. Numerous market participants such as financial institutions, data vendors, investors, technology partners, public authorities and other reference data users are already connected to the infrastructure. CONNEXOR is available in more than ten countries (Switzerland, Germany, France, United Kingdom, Hong Kong, Singapore, United Arab Emirates, Netherlands, Luxembourg, Ireland, United States, and others).
Last year, 1.15 million newly issued products across various asset classes have been submitted to the platform: structured products (including warrants), OTC derivatives, Exchange Traded Products (ETPs), fixed income securities and life insurance policies.