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.

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

Escalation Level 2

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.

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)
  • 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
  • Stian Samuelsen
  • Günter Klein
  • Raeto von Sprecher
  • Michael Gort

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)

The Swiss National Bank Ordinance (NBO) provides for 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.


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

* The Contractual Relationship with the Member is subject to the law according to the Basic Agreement for Clearing Services.


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.


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).


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.

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