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SIX Repo AG Participant Information

SIX Repo AG provides real-time integrated collateral & liquidity management services.

As a SIX Repo AG participant 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.

In the info center for Securities Finance learn more about how you can become a participant, rules and regulations, our trading hours and more.

Repo Infodesk

How to Become a Participant

In order to get access to the Repo markets you must conclude a participation agreement with SIX Repo AG. To become a new participant of SIX Repo AG please fill out all the following forms (including the documents mentioned in the annex of the form “Participation”) and send them in hard copy to SIX Repo AG.

Domestic (CH)

  • Application Form for Participation
  • Participant’s Declaration of Consent regarding SIX Exchange Regulation Ltd and the Regulatory Bodies
  • Trader’s Declaration of Consent and Data Protection Clause

Foreign (Non-CH)

  • Application Form for Participation
  • Participant’s Declaration of Consent regarding SIX Exchange Regulation Ltd and the Regulatory Bodies
  • Trader’s Declaration of Consent and Data Protection Clause
  • FINMA application for authorization as a remote member of SIX Repo AG
  • Template for regulated companies - FINMA application for authorization as a remote member of SIX Repo AG (existing remote member authorization for SIX Swiss Exchange AG)
  • Information Statement in accordance with Article 15 of the Securities Financing Transactions Regulation

After receiving your documentation we will review it and confirm the approval of your application. More information about the admission requirements is available in the “Rules and Regulations” section.

Downloads

Rules and Regulations

The content of the following documents: Rulebook, Regulations for the Admission to Trading, Trading Directive and Product Specifications was defined by the Regulatory Board, respectively the management committee of SIX Repo AG. The provisions reflected in these documents  are binding for the participants, in the relevant applicable version.

Downloads

CH Repo Market

In the CH Repo Market, we provide the Interbank Repo Market and the infrastructure for Swiss National Bank's open market operations.

OTC Spot Market

In the OTC Spot Market, the Swiss National Bank (SNB) holds auctions of Treasury Bills (GMBF), Federal Bond Issues and SNB Bills.

Trading

Participants can trade the auctioned securities directly with each other. These are not Repo transactions but conventional transactions of securities.

Trading Hours and Dates
The platform's trading days are defined in the trading calendar of the platform Operator. Trading on the platform shall be open from 07:00 to 18:00 from Monday to Friday (except on Swiss public holidays).

Instruments

Primary Market
The primary market segment is where auctions are held by the Swiss National Bank (SNB) for the issue of new securities or an issue increase of existing securities.

Secondary Market
In the secondary market or OTC trading market, securities are traded bilaterally outside of auctions.

Further information about the market segments, the auction conditions and the taxation are available in the Product Specifications for the OTC Spot Market document.

Pricing

Information on fee rates will be provided by the Securities Finance Relationship Manager.

Each participant is responsible for the technical connection to the CO:RE Trading Platform. All software components and required VPN certificates for the secure connection are free of charge.

Technical Connectivity to CO:RE Trading Platform is Provided by the SIX Common Access Portal (SCAP)

SCAP provides access to both trading environments (member test and production). The participant's router and/or software clients and SCAP may communicate via an encrypted VPN tunnel. This uses the Internet Protocol Security (IPSec) and Internet Key Exchange (IKE) protocols. 

Process Overview

After submitting all the required forms for participating in SIX Repo markets, the participant receives individual online log-on details for the participant section on the SIX Repo website.
 
Here they can download documents, software, VPN certificates and router configurations as well as all other relevant information for the installation and configuration of the CO:RE Trading Platform.

Connectivity Options

To connect to the CO:RE Trading Platform production and member test environments, one of the following is necessary: 

1) Internet connectivity (at least 1mb) – simple and cost-effective

Internet connectivity is a simple, non-redundant and cost-effective solution. It is the ideal solution for participants with low trading volumes.

2) Managed IP service – outsourcing network maintenance to service providers

The Managed IP service option is designed for participants wishing to outsource the maintenance of their network to a specialist service provider.

We support Managed IP / leased lines from swisscom/Verizon Business, BT-Radianz, Deutsche Börse AG and SIA S.p.A.. The related lines must be ordered directly from the provider by the participant.

Third parties are fully responsible for their  technical infrastructure.

3) Web-based access – outsourcing to service provider

The service provider oraïse GmbH offers access to the CO:RE Trading Platform via a web browser and login token. With this VPN infrastructure solution, software installations and release upgrades are not required.

Third parties are fully responsible for their  technical infrastructure.

Technical Support
Repo Infodesk

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The Swiss Stock Exchange operates a competitive infrastructure for the Swiss financial center, catering to a broad, international client base. The close collaboration between the Swiss Stock Exchange and SNB in the area of open market transactions strengthens the Swiss Value Chain, which provides our clients with a seamless connection between trading and post trade processing.

The Swiss National Bank

The Swiss National Bank  (SNB) may conduct Repo transactions in the form of auctions or bilaterally with individual counterparties.

It is the task of SNB to provide the Swiss franc money market with liquidity. For this purpose, SNB uses open market operations which include Repo transactions, the issuance of SNB Bills, as well as the purchase and sale of SNB Bills in the secondary market.

The Swiss Stock Exchange

The Swiss Stock Exchange manages for SIX Repo AG the post-trade processing.  

Website

SIX Financial Information

SIX Financial Information provides SIX Repo AG with all exchange rates.

The business area Financial Information specializes in procuring, processing and distributing financial data coming from all key exchanges in the world. The data universe includes reference data, corporate actions, pricing and market data of more than 30 million financial instruments.

Website

  • Repo Infodesk

    Helpdesk

    The SIX Repo-Infodesk is pleased to be your single point of contact for any questions you may have. During the trading days we offer support from 07:15 to 18:15 CET.

    • +41 58 399 2190
    • SIX
      Securities Finance
      Pfingstweidstrasse 110
      8005 Zurich