Repo Repo Trader Training & Examination Repo Trading Solutions A Fully Integrated Value Chain for Trading and Collateral Management SIX Products & Services Securities Services Securities Finance Repo A Versatile Multi-Currency Repo Market The Swiss Repo Market is a sophisticated multi-currency platform that enables banks, broker-dealers, insurers and commercial banks to increase efficiency, reduce risk and manage costs. It seamlessly integrates trading and collateral management, connecting you to over 160 counterparties for optimized risk control and regulatory compliance. Both central bank and commercial bank funds are accessible, as well as access to the Swiss National Bank's primary market for money market instruments. As a triparty repo market, SIX acts as a neutral triparty agent (TPA) for both parties, offering comprehensive services from trade initiation to trade settlement. Collateral received is fully reusable, facilitating transfers between custodians and collateral markets throughout the life of the transaction. The Swiss repo market provides a strategic financial landscape where efficiency and control converge. Unlock the Swiss Repo Market We connect you to a network of over 160 counterparties, optimizing risk and ensuring regulatory compliance, allowing repo transactions in 14 available currencies.Get in Touch Now How You Will Benefit Providing Repo Trading with the SNB SIX is the Swiss National Bank’s trusted provider of repo trading capabilities. Multi-Currency Repo Trading Carry out repo transactions in 14 currencies. Advanced State of the Art Systems Gain hands-on experience with the CO:RE trading platform and the Collateral Cockpit. Fully Integrated Value Chain Reduce your operational risk thanks to our integrated value chain. The Role of the Triparty Agent (TPA) SIX is responsible for the settlement and administration of repo transactions submitted to the TPA via the CO:RE trading platform or OTC. The TPA is responsible for the simultaneous exchange of cash and collateral at the settlement date of the repo transaction, the mark-to-market valuation of the cash and securities collateral exchanged and the calculation of the net risk exposure per counterparty in order to determine the margin requirements. The TPA is also in charge of securities valuation, eligibility and margin monitoring, and delivery versus payment (DVP) settlement. Comprehensive reporting from trade to settlement is available. Learn More about Our Triparty Collateral Management Solution Streamlined Access to the Interbank Repo Market Access to a Wide Range of Repo ParticipantsOne of the reasons the buy side is increasingly using triparty repos is the reduction of the administrative burden previously associated with repos. In the past, customers had to sign many bilateral agreements with different counterparties. SIX has greatly simplified this process through a unilateral master agreement for triparty repo transactions. The unilateral master agreement gives the buy side instant access to 160 counterparties that have also signed under the same agreement. The job of a treasury department is further simplified through standardized collateral baskets that make it easy to get started in triparty repo. View the SIX Repo Member List Here Access to the Swiss National Bank In May 1998, the SNB chose SIX as its partner for the Swiss money market. The job of a treasury department is further simplified through standardized collateral baskets that make it easy to get started in triparty repo. Repo Transactions and Repo Auctions with the SNB The Triparty Agent and the trading platform CO:RE allow bilateral repo transactions with the SNB and direct access to auctions with the SNB. In the case of repo auctions, SNB publishes the repo rate at which it provides or absorbs liquidity. SNB counterparties can participate by submitting bids in CO:RE. By placing or accepting bids for repo transactions on CO:RE, the SNB is able to influence interest rates in the money market at all times, not just via the daily auctions, but also through bilateral repo transactions. Standing Facilities of the SNB In the case of standing facilities, the SNB only sets the conditions under which eligible counterparties can, on their own initiative, draw liquidity. Standing facilities include the intraday facility and the liquidity-shortage financing facility (LSFF). Liquidity shortage financing facility (LSFF) The SNB offers a LSFF to bridge unexpected, short-term liquidity bottlenecks. These mainly occur if expected payments are not received and the required funding cannot be obtained quickly enough on the interbank market. The facility may also be necessary at the end of a reporting period to meet the minimum reserve requirements. For this purpose, it grants its counterparties a limit which must be covered by at least 110% collateral eligible for SNB repos. Counterparties can obtain liquidity up to the limit granted until the following bank working day. The liquidity-shortage financing facility is granted in the form of a special-rate repo transaction. The special rate is calculated as the SNB policy rate plus a surcharge, and is at least 0%. Banks wishing to use this service are required to open a special custody account called a Custody Cover Account "SNB" with SIX SIS AG and provide collateral – this will then serve as the source account for the special-rate repo transactions. Intraday Repo with the SNBThe collateral deposited in the Custody Cover Account "SNB" can also be used for intraday repo transactions with the SNB by reserving collateral in a bank's Custody Cover Account "SNB". During the day, the SNB provides its counterparties with interest-free liquidity (intraday facility) through repo transactions so as to facilitate the settlement of payment transactions. The funds received must be repaid by the end of the same bank working day at the latest. OTC Spot Market The OTC spot market on CO:RE allows participants to engage with the SNB by participating in primary auctions or by trading auctioned money market paper with each other. Primary AuctionsThe primary market segment of the OTC spot market provides participants with the infrastructure to issue and increase the number of securities on the primary market on a fully electronic basis. The Swiss National Bank (SNB) holds auctions of money market book claims (GMBF), Swiss Federal Bond Issues and SNB Bills. Further information about the market segments, the auction conditions and the taxation are available in the documents in the Download Section. OTC TradingIn addition to the auction mechanism, participants can trade money market paper, such as SNB bills or MMBCs, on the secondary market (interbank spot market). Settlement on the OTC spot market is fully automated and directly integrated. Monetary policy instruments The Swiss National Bank's instruments comprise open market operations, standing facilities and interest on sight deposits at the SNB. CO:RE Trading Platform From trading right through to collateralization. SIX provides financial market participants with a multifunctional, electronic trading platform offering access to liquidity via CO:RE, the central point of entry. The CO:RE trading platform is operated by SIX Repo Ltd which is a regulated MTF. The platform also supports trading with the SNB. Become a Participant Whether you are new to repo and interested in knowing more about the repo markets provided by SIX or you are interested in joining our markets, we are here to help. We give you all the business and technical information you need to take informed decisions and we guide you through the process every step of the way. Learn How Make the Connection Technical connectivity to the CO:RE Trading Platform is provided by the SIX Common Access Portal (SCAP). SCAP provides access to both trading environments - member test as well as production. Once registered, new participants receive individual log-in details for the SIX Repo website participant section. In this section, all the documentation and software you need are available for download. Connectivity Options Read the Factsheet Learn how you can benefit from our integrated CO:RE solution. Download Factsheet Repo Trader Training & Examination Only authorized traders may use the SIX Repo AG platform. This training course is intended for all repo traders who want to acquire this professional qualification and it serves as a preparation for the subsequent trader examination. Find Out More Repo InfodeskThe 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 Send Inquiry SIX Securities Finance Pfingstweidstrasse 110 8005 Zurich