SIX x-clear Member Information
SIX x-clear provides timely and accurate regulatory and clearing market information.
The clearing notices, and the information archives can be easily accessed.
As a SIX x-clear member you can expect the highest levels of customer service.
This includes support during implementation as well as for when you're ready to use more services.
- Useful Links
- Contacts & Locations
- Login Support
- Regulatory Affairs
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I. General Information
II. Onboarding Forms
A) General Forms:
- Application form of SIX x-clear
- Market coverage and netting preferences for clients
- Member reporting applicable for all trading venues (SECOM Member only)
- Settlement standing instructions (SSI) notification form for CCP centric trading platforms
- Settlement standing instructions (SSI) (CLARA Member only)
- Confirmation of technical and operational readiness
- Power of attorney
- NCM Instruction for account segregation and portability
- Registration form KYC Web Service for SIX x-clear Ltd Norwegian Branch
- Appendix II – Contracts for Clearing Services - Overview of contracts (CLARA Member only)
- Appendix III – Contract for Clearing Services (English Law) - Contact Data (CLARA Member only)
- Appendix I – Contract for SIX x-clear Clients (English law) (CLARA Member only)
- Declaration of identity of the beneficial owner (SCP Member only)
- Contact information and subscription - Member and authorized users (SCP Member only)
- Client instruction for account segregation and portability (CLARA Member only)
B) Market Specific Forms
Ireland / United Kingdom
The fee structure emphasizes SIX x-clear's commitment to offer highly competitive and sustainable fees and to provide achievable incentives to both existing and new clients.
One of the core functionalies of SIX x-clear as a central counterparty (CCP) is to minimize the risk exposure of our Clearing Members, thereby also reducing overall risk in the markets SIX x-clear participates in.
The following mechanisms are in place to guarantee a consistent risk management framework for Members as well as markets:
- Selective membership criteria.
- Value-at-Risk (VaR) margin model for equities and fixed income offered across all platforms and the highly sophisticated VaR MIDAS margin model offered by the Norwegian Branch.
- Segregated margin requirement model in interoperable markets to cover inter-CCP risk.
- Risk-adjusted collateral criteria as part of the Lending Norms.
- Standardized and modular legal framework for Clearing Members.
Lines of Defense (Waterfall Structure)
In the event of a Clearing Member default, or a simultaneous default of more than one Clearing Member, the Defense Lines (order of realization of collateral) come into effect to close out the relevant positions.
Default Fund Structure
Default funds are designed to cover potential market risks that are not covered by the margin model in the event of a Member default and in times of stressed market conditions.
Inter-CCP Risk Management
SIX x-clear operates in different trading platforms in interoperability with other CCPs. Interoperability-based risk exposures occur in markets where more than one CCP is active and is mitigated separately from Clearing Member-based risk exposures.
Real-time Risk Management
SIX x-clear uses a real-time margining model based on the industry-standard Value-at-Risk model. SIX x-clear Norwegian Branch uses the close-to-real-time MIDAS margin model for equity transactions.
Collateralizing clearing exposure
SIX x-clear provides clients with risk collateralization solutions to meet the highest standards of day-to-day exposure management.
Eligible collateral
SIX x-clear will generally accept different types of collateral as permissible collateral. Any permissible collateral deposited is accounted for at market value subject to a haircut. For further details, see the Lending Norms sheet.
Downloads
SIX x-clear has developed a “member-centric” reporting structure that is focused on providing timely and accurate information to clients
We provide report-based and message-based interfaces, which offer trade, settlement and clearing reporting. To support GCMs, SIX x-clear provides reporting per NCM.
We offer both intra-day reporting and end-of-day reporting of risk and trade details. Additionally, clients can use a GUI for monitoring exposure through online queries.
We offer our clients multiple communication channels, including the Internet, SFTP, CC link and SWIFT, to receive reports and messages from SIX x-clear.
Sample Reports
- Intraday MT537
- MT 537
- MT 540
- MT 541
- MT 542
- MT 543
- MT 548
- MT 598-308 GCM
- MT 598-308 ICM
- MT 598-308 NCM
- MT518
- MT900 - Default Fund
- MT900 - Margins
- RDXL040 - Option 1
- RDXL040 - Option 2
- RDXL040 - Option 3
- RDXL050 - Option 1
- RDXL050 - Option 2
- RDXL050 - Option 3
- RDXL090 - Option 1
- RDXL090 - Option 2
- RDXO422
- RDXO434
- RDXO435
- RDXO436
- RDXO437
- RDXO439
- RDXO534
- RDXO535
- RPFE010
- RPFE025
- RPFE110
- RPXL010
- RPXL020
- RPXL100
- RPXL200
- RPXL310
- RVFE120
- RVXO443
FTP file inputs
- Account Update Request
- Hold and Release Request
- Ownership Correction Request at Instruction Level
- Ownership Correction Request at Position Level
- Ownership Update Request at Instruction Level
- Ownership Update Request at Position Level
- Response for Account Update Request
- Response for Hold and Release Request
- Response for Ownership Correction Request at Instruction Level
- Response for Ownership Correction Request at Position Level
- Response for Ownership Update Request at Instruction Level
- Response for Ownership Update Request at Position Level
The FrontLines provide detailed information regarding updates to products and services of SIX x-clear.
Downloads
- FrontLine SIX x-clear AG: Changes to interest on accounts
- FrontLine SIX x-clear AG: Change in SIX x-clear settlement instructions between CBF and CBL
- FrontLine SIX x-clear AG: Migration of Aquis Matching Pool, formerly UBS MTF, onto Aquis’ technology
- FrontLine SIX x-clear AG: SIX x-clear AG supports TP ICAP UK MTF and TP ICAP EU MTF
- FrontLine SIX x-clear AG: Implementation of new Trade Unique Identifier by Euronext Oslo (Oslo Børs)
- FrontLine SIX x-clear AG: SIX Clearing Platform: Re-evaluation of project timeline for replacement of the SECOM system (phase 2)
- FrontLine SIX x-clear AG: SIX x-clear’s New Clearing Platform (SCP): Migration guide for Clearing Members currently connected to the CLARA system (phase 1) - Update
- FrontLine SIX x-clear AG: SIX Clearing Platform (SCP) – New planned Go Live Date for phase 1
- FrontLine SIX x-clear AG - SIX Clearing Platform (SCP) – Publication of a new volume of Business Partner Specifications
- FrontLine SIX x-clear AG - SIX x-clear’s new Clearing Platform (SCP): Migration guide for Clearing Members currently connected to the CLARA system (phase 1)
Downloads
- FrontLine SIX x-clear AG - CSDR: Central Securities Depositories Regulation (CSDR) – Settlement Discipline Regime: Delay of mandatory buy-ins and update for testing
- FrontLine SIX x-clear AG - CLARA, SECOM and NCP availability of test environments: Change in availability of SIX x-clear’s test environments
- FrontLine SIX x-clear AG: SIX x-clear’s New Clearing Platform: Member Readiness Guide – migration of Clearing Members currently connected to the CLARA system (phase 1)
- FrontLine SIX x-clear Ltd - CSDR: Central Securities Depositories Regulation (CSDR) – Settlement Discipline Regime: Member Testing
- FrontLine SIX x-clear Ltd: CCP Clearing of Exchange Traded Products with crypto currencies as underlyings: Special provisions for margining
- FrontLine SIX x-clear Ltd: CCP clearing enabled for Euronext Growth Oslo market
- FrontLine SIX x-clear Ltd: SIX x-clear Ltd supports Sigma X Europe trading venue
- FrontLine SIX x-clear Ltd: FSB Continuity of Access to FMIs for Systemically Important Banks in Resolution
- FrontLine SIX x-clear Ltd: Irish settlements: Euroclear Bank as issuer CSD for Irish corporate securities – Update
- FrontLine SIX x-clear Ltd: Discontinuation of physical monthly invoices
- FrontLine SIX x-clear Ltd: Irish settlements: Euroclear Bank as issuer CSD for Irish corporate securities
Downloads
- FrontLine SIX x-clear Ltd: SIX x-clear Ltd supports Turquoise Europe trading venue
- FrontLine SIX x-clear Ltd - Market Information: Extension of markets
- FrontLine SIX x-clear Ltd - Oslo Børs: Platform migration from Millennium Exchange to Euronext Optiq – Update – Go live postponed
- FrontLine SIX x-clear Ltd - Oslo Børs: Platform migration from Millennium Exchange to Euronext Optiq
- FrontLine SIX x-clear Ltd: Central Securities Depositories Regulation (CSDR) – Settlement Discipline Regime: Potential further postponement of CSDR settlement discipline.
- FrontLine SIX x-clear Ltd: Settlement Discipline Regime of CSDR – SIX x-clear provides additional information on implementation and impact on Members
- FrontLine SIX x-clear Ltd: SIX to outsource its “Microsoft Exchange” e-mail infrastructure into the Microsoft cloud
- FrontLine SIX x-clear Ltd: SIX x-clear CSDR late settlement regime implementation
- FrontLine SIX x-clear Ltd: SIX x-clear continues to provide clearing services for cash equities at Oslo Børs
Downloads
- FrontLine: Change in the X-CLEAR buy-in pre-information process for X-CLEAR Zurich members - Update
- FrontLine: Change in the x-clear buy-in pre-information process
- FrontLine: Postponement of comprehensive revision of Members’ Contracts
- FrontLine Update: Update: Postponed effective date for partial settlement and top priority for CCP transactions at Euroclear Finland
The Clearing Notices provide detailed information regarding market and rule changes affecting the SIX x-clear Member.
Downloads
- Clearing Notice SIX x-clear AG: New contractual framework for SIX x-clear AG
- Clearing Notice SIX x-clear AG: Changes to the margin rate for subscription rights and ETPs with digital assets as underlyings
- Clearing Notice SIX x-clear AG: Changes to the margin rate for subscription rights and ETPs with digital assets as underlyings
- Clearing Notice SIX x-clear AG: Clearing of leveraged shares
- Clearing Notice SIX x-clear AG: Introduction of the CSDR change
Downloads
- Clearing Notice SIX x-clear AG: Clearing of convertible bonds and subscription rights
- Clearing Notice SIX x-clear Ltd - Introduction of a new SECOM risk bucket for high-risk products - Update
- Clearing Notice SIX x-clear Ltd - Introduction of a new SECOM risk bucket for high-risk products
- Clearing Notice SIX x-clear Ltd - Changes in Margin Rates
Downloads
- Clearing Notice SIX x-clear Ltd - Extension of margin call timelines on SIC/Euro SIC
- SIX x-clear Ltd - Consultation process for the new Financial Collateral Agreement (12.01.2016)
- SIX x-clear Ltd (Norwegian Branch): Consultations of Members about amendments of Financial Collateral Agreements for Margins and for Default Funds (12.01.2016)
- SIX x-clear Ltd - Accompanying letter (11.04.2016)
- SIX x-clear Ltd - Accompanying letter (11.04.2016)
- Clearing Notice SIX x-clear Ltd - Enactment of the new General Terms and Conditions (version July 2016)
- Clearing Notice SIX x-clear Ltd - Extension of consultation and signing periods with regards to the new Financial Collateral Agreement
- Clearing Notice SIX x-clear Ltd - Extension of consultation and signing periods with regards to the amendments of the Financial Collateral Agreements for Margins and for Default Funds
Interest rates on cash collateral
Interest rates are applied on cash collateral placed with SIX x-clear by the collateral provider. The interest will be accrued on a monthly basis and as per market standards for the respective currency.
In accordance with SIX x-clear’s Lending Norms, permissible collateral can be placed in the form of cash; please refer to these Norms as regards the eligible currencies.
Current interest rates applicable as of 1 June 2023
SECOM members | |
CHF | 0.00% |
EUR | 2.45% |
GBP | 3.75% |
USD | 4.25% |
NOK | 2.50% |
SEK | 0.00% |
DKK | 0.00% |
JPY | -0.50% |
CAD | 0.00% |
AUD | 0.00% |
NZD | 0.00% |
SIX Clearing Platform-Members (SCP) | |
CHF | 0.00% |
EUR | 2.45% |
GBP | 3.75% |
USD | 4.25% |
NOK | 2.50% |
SEK | 0.00% |
DKK | 0.00% |
JPY | -0.50% |
CAD | 0.00% |
AUD | 0.00% |
NZD | 0.00% |
Published on 1 June 2023
Market Information
The following MarketGuides provide an overview as well as more detailed information relating to settlement and corporate action event processes.
Market Holiday Calendar
Downloads
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear AG (Q1/2023)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear AG (Q4/2022)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear AG (Q3/2022)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear AG (Q2/2022)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear AG (Q1/2022)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear AG (Q4/2021)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear AG (Q3/2021)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear Ltd (Q2/2021)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear Ltd (Q1/2021)
- Regulatory Dedicated Own Resources (skin in the game) – SIX x-clear Ltd (Q4 2020)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear Ltd (Q3/2020)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear Ltd (Q2/2020)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear Ltd (Q1/2020)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear Ltd (Q4/2019)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear Ltd (Q3/2019)
- Regulatory Dedicated Own Resources (skin in the game) - SIX x-clear Ltd (Q2/2019)
Downloads
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear AG (Q4/2022)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear AG (Q3/2022)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear AG (Q2/2022)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear AG (Q1/2022)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear AG (Q4/2021)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear AG (Q3/2021)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear AG (Q2/2021)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q1/2021)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q4/2020)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q3/2020)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q2/2020)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q1/2020)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q4/2019)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q3/2019)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q2/2019)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q1/2019)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q4/2018
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q3/2018)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q2/2018)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q1/2018)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q4/2017)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q3/2017)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q2/2017)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q1/2017)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q4/2016)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q3/2016)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q2/2016)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q1/2016)
- CPMI IOSCO Quantitative Disclosure Template - SIX x-clear Ltd (Q4/2015)
The Swiss Stock Exchange covers the post-trade business field through its operational subsidiary SIX x-clear Ltd.
Archive
- Interim Financial Statements of SIX x-clear Ltd. 2022
- Annual Report 2021 - Financial Statements 2021 SIX x-clear Ltd
- Interim Financial Statements of SIX x-clear Ltd. 2021
- Annual Report 2020 - Financial Statements 2020 SIX x-clear Ltd
- Annual Report 2019 - Financial Statements 2019 SIX x-clear Ltd
- Annual Report 2018 - Financial Statements 2018 SIX x-clear Ltd
- Annual Report 2017 - Financial Statements 2017 SIX x-clear Ltd
Escalation Process
We are committed to quality and strive to maintain and improve our already high service standards. Operational order processing follows the motto "experts talking to experts". This guarantees that the specialist responsible for a field of business on the client side communicates with the respective specialist at SIX x-clear AG / SIX SIS AG. If you need to get in contact with us regarding our operational services, various escalation levels are in place for you to address your issues.
At escalation level 1 you place your demand with the management staff of the operational unit. They will do their utmost to find a quick solution to the problem.
If your complaint cannot be settled to your satisfaction, at escalation levels 2 the Risk Management team and the responsible management staff will be at your disposal.
Escalation Level 1
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Risk Management Operations Zurich
Office- +41 58 399 4323
-
Send Inquiry
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SIX x-clear AGHardturmstrasse 201P.O. Box 17588005 Zurich
Escalation Level 2
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Escalation Level 2 – Markus Heiniger
OfficeIf your complaint cannot be settled to your satisfaction, the responsible management staff will be at your disposal at escalation level 2.
- +41 58 399 4325
- +41 58 499 4311
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markus.heiniger@six-group.com
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SIX x-clear AGHardturmstrasse 201P.O. Box 17588005 Zurich
Court orders according to regulation article 22 of the UK Settlement Finality Regulations
Please contact SIX x-clear Risk Management Operations team via the above contact addresses in case of court orders referring to article 22 of the UK Settlement Finality Regulations.
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Risk Management Operations Zurich
Office- +41 58 399 4323
-
Send Inquiry
-
SIX x-clear AGHardturmstrasse 201P.O. Box 17588005 Zurich
Governance at SIX x-clear
The rules of corporate governance – i.e. the structures of organization and the principles for management and monitoring – are aimed at ensuring SIX x-clear’s role as an international central counterparty.
SIX x-clear is licensed by the Swiss Financial Market Supervisory Authority (FINMA) as a central counterparty in accordance with the Swiss Financial Market Infrastructure Act (FMIA). As a systemically important part of Switzerland's financial market infrastructure, it is also subject to distinct requirements imposed on it by the Swiss National Bank, which it observes, along with the standards of the Swiss Code of Best Practice for Corporate Governance. Due to the international nature of its business operations, SIX x-clear AG's corporate governance principles are also aligned with international standards, such as the Principles for Financial Market Infrastructures of CPMI-IOSCO and European regulations (in particular EMIR).
SIX x-clear AG is a subsidiary of SIX Securities Services AG, which in turn is a subsidiary of SIX Group AG. In accordance with statutory requirements, SIX x-clear AG has two strictly segregated management bodies – its own Board of Directors, which also contains members that are independent of SIX, and an operational Executive Board. These two bodies are also segregated in terms of their members; this ensures that the necessary checks and balances are in place.
Members of the Board of Directors of SIX x-clear AG
- Søren Mose, Member of the Board of Directors (SIX)
- Thomas Zeeb, Head Securities & Exchanges (SIX)
- Jochen Dürr, Chief Risk Officer (SIX)
- Josef Landolt, external member
- Andreas Wolf, external member
Members of the Executive Board of SIX x-clear AG
- Laura Bayley
- Achim Bucher
- Markus Heiniger
- Günter Klein
- Raeto von Sprecher
Ernst & Young AG is the statutory auditor. SIX Group also has an internal audit department.
Risk Committee Board
A Risk Committee, was also formed as an additional governance body for SIX x-clear. This committee advises the Board of Directors on key risk management issues and is presided over by an independent member of the Board of Directors. Additional details can be found in the enclosed Charter.
SIX x-clear AG (Central Counterparty)
SIX x-clear AG provides all core CCP services directly to its members and markets.
Core clearing competences are conducted by SIX x-clear in a streamlined and efficient way. Additional services are provided by SIX Securities & Exchanges. The result is best-in-class operational excellence for day-to-day business.
Swiss National Bank Ordinance (NBO)
In accordance with the Swiss National Bank Ordinance (NBO), SIX Securities & Exchanges (BXS) maintains default procedures for SIX x-clear AG (“SIX x-clear”) and SIX SIS AG (“SIX SIS”). These procedures are designed to efficiently support any member of SIX x-clear or participant of SIX SIS in the event of a member’s/participant’s default while also protecting the Swiss financial market infrastructure.
In line with the Swiss National Bank Ordinance, SIX x-clear discloses its investment strategy to its participants. The investment strategy ensures that the funds made available to SIX x-clear are invested in liquid assets which have low levels of credit and market risk.
Any default event is managed in accordance with the applicable general terms and conditions and operational guidelines of SIX x-clear and SIX SIS. A default of a member/participant triggers their suspension and subsequent operational measures. These processes require authorizations and executions.
A designated Default Management Committee will therefore steer the default procedures.
Function | Competencies |
Head of Risk Management of |
Decision Maker, |
Head Securities & Exchanges |
Decision Maker |
CEO of SIX x-clear AG |
Decision Maker |
Head of Risk Management |
Decision Maker, Default Process Coordinator |
Head of Risk Management |
Default Process Coordinator SIX SIS |
Representative of Legal & |
Advisor |
The Default Process Manager supervises the overall process and in particular manages the execution of the default and post-default communication with the markets and regulators.
The default procedure is a front-to-back process. It involves a strong system to monitor default events, clear risk mitigation measures to protect market participants and the Swiss financial market infrastructure alike, as well as a transparent communication process to inform market participants and regulators.
Introduction
The publication outlines the investment policy of SIX x-clear and presents the respective regulations as enacted by the Board of Directors and communicated to the supervisory authorities. It shall provide transparency regarding the investment risks in relation to the collateral provided to SIX x-clear and in relation to the investable excess liquid funds. It further defines the types of investments that can be made and the relevant rules to be observed.
General Investment Policy
The investment strategy of SIX x-clear is embedded within SIX Group’s overall Risk Policy and Risk Appetite Framework. It follows a highly conservative approach with the main objective of ensuring the provision of liquidity with minimal credit and market risks. A secondary objective is the achievement of a certain return on investments, which will allow for tighter pricing of the services used by the Members of SIX x-clear.
Investment Rules
SIX x-clear shall:
- only hold cash or invest in highly liquid financial instruments with minimal market, credit and liquidity risk under consideration of the incurred costs and returns;
- deposit funds either at the Swiss National Bank (CHF) or at commercial banks for which minimum rating criteria and limits apply;
- make use of the custodian network of SIX SIS, which fulfills the highest standards in respect of custodian selection and counterparty requirements;
- minimize risk from foreign currency positions;
- give secured arrangements preference over unsecured deposits.
SIX x-clear will only enter into and maintain direct relationships with custodians if this is permitted under law and by the relevant authorities.
In order to avoid credit risk and preserve current and future values, SIX x-clear is restricted in its investments in financial instruments:
- to high-quality counterparties with a minimum rating of AA- (as provided by Standard & Poor’s or the equivalent of any other major rating firm);
- by the application of concentration limits and minimum issue size, duration and issuer domicile criteria;
- by the limitation of their investment universe to securities eligible for transactions in repurchase agreements with central banks (to ensure short-term liquidity provision), whereby such an investment universe excludes securities issued by SIX SIS participants and SIX x-clear Members.
Contracts and amendments are not published on the website and will be handed out as part of the onboarding process.
SIX x-clear AG: Overview of Contractual Relationship with Members
Downloads
- Rulebook SIX x-clear AG | Clearing Services for Members domiciled in Switzerland | xcl-300
- Rulebook SIX x-clear AG | Clearing Services for Members domiciled in the United Kingdom | xcl-301
- Rulebook SIX x-clear AG | Clearing Services for Members domiciled in the EU and Norway under German law | xcl-302
Switzerland
SIX x-clear is licensed as a central counterparty (CCP) under the Swiss Financial Market Infrastructure Act (FMIA). On 19 June 2015, the Swiss parliament enacted the Swiss Financial Market Infrastructure Act (FMIA). With its entry into force, a separate statutory basis for Financial Market Infrastructures (FMIs) was created which requires central counterparties (CCPs), central securities depositories (CSDs) and exchanges to be licensed as FMIs. The FMIA mandates strict rules in order to grant such a license.
The Swiss Financial Market Supervisory Authority, FINMA, accorded SIX x-clear this license on 28 March 2018, acknowledging SIX’ regulatory compliance with the legal framework in force in Switzerland. This FMI license shows that SIX holds up to the high standards set by the FMIA, and will continue to serve our Members diligently in this highly regulated market.
The banking license previously in force was returned with the licensing under FMIA. Nevertheless, SIX x-clear remains subject to supervision by FINMA and the Swiss National Bank (SNB) for services of systemic importance.
EU
On 26 March 2016, SIX x-clear was recognized by the European Securities and Markets Authority as a third-country CCP under Chapter 4 of Title III of EMIR. This recognition grants SIX x-clear the right to provide clearing services to clearing members and trading venues throughout the European Union. As a prerequisite of the recognition, SIX x-clear is also registered through the German Authorities as a designated payment and securities settlement system under the European Securities Market Authority’s Settlement Finality Directive (see under Germany: Here).
UK
In order to be able to continue offering its services in the UK (now that UK has left the EU), SIX x-clear applied for recognition as a third country CCP to the BoE. As a prerequisite of the recognition, SIX x-clear is also registered through the UK Authorities as a designated payment and securities settlement system under the European Securities Market Authority’s Settlement Finality Directive. This designation is expected to remain in force.
European Code of Conduct on Clearing and Settlement
The European Code of Conduct on Clearing and Settlement is a voluntary self-regulation of the European stock exchanges, settlement agencies and central securities depositories (CSDs).
It aims at increasing pricing and services transparency and enhancing interoperability between the various platforms.
Major provisions of the European Code of Conduct:
- Improved pricing transparency
Prices and services shall become more easily comparable. For this reason, SIX x-clear AG publishes the prices of all its services offered. Detailed information on how to calculate the individual prices is given here.
- Access and interoperability
The provisions of the European Code of Conduct aim at granting open access to settlement agencies and CSDs in the domains of clearing and settlement in order to facilitate cross-border securities trading.
- Service unbundling and accounting separation
Service unbundling enables clients to buy exclusively the services they really need. Accounting separation should enhance disclosure of proceeds and costs of the various services and consequently cross-subsidisation, if any, to national regulators.
SIX x-clear AG, too, has signed the European Code of Conduct and will ensure implementation of the measures mentioned above.
European Code of Conduct on Clearing and Settlement
Assurance Reports
247 results
Sales Contacts
Our Sales teams in Switzerland, the UK, EU and in the Nordics are happy to provide you with the information you need.
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Post-Trade Sales Switzerland
Would you like to benefit from our Post-Trade services? We are happy to provide you with all the information you need, irrespective of the market you are interested in.
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Post-Trade Sales UK and EU
Would you like to benefit from our Post-Trade services? We are happy to provide you with all the information you need, irrespective of the market you are interested in.
- +44 207 550 5440
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Send Inquiry
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SIX2nd floor, 6 Devonshire squareEC2M4YE LondonUnited Kingdom
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Post-Trade Sales Nordics
Would you like to benefit from our Post-Trade services? We are happy to provide you with all the information you need, irrespective of the market you are interested in.
- +46 8 5861 6351
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Send Inquiry
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SIXOlof Palmesgata 11P.O. Box 311710362 StockholmSweden