SIX SIS Member Information
SIX SIS AG is Switzerland's national Central Securities Depository (CSD) and is part of the Swiss Stock Exchange’s comprehensive post-trade portfolio, providing complete Swiss and International Custody services.
As a SIX SIS member you can also expect the highest levels of customer service.
This includes support during implementation as well as for when you're ready to use more services.
SIX SIS Member Information
Terms and conditions of admission as a participant of SIX SIS AG
- Banks in accordance with the Swiss Federal Law on Banks and Savings Banks of 8 November 1934 (Banking Law);
- Foreign banks that are subject to the same degree of regulation and supervision as banks in Switzerland;
- Securities traders as defined by the provisions of the Federal Law on Stock Exchanges and Securities Trading of 24 March 1995 (Stock Exchange Law);
- Foreign securities traders who are subject to the same degree of regulation and supervision as securities traders in Switzerland;
- Clearing houses in accordance with the laws of the country of domicile;
- Administrative units organized in terms of public law that hold in custody or administer securities or hold them as book entries in the framework of their activities; and
- Other organizations active in the settlement, safekeeping or book entry of securities, in particular stock exchanges and nominee companies.
Further requirements for participation comprise:
- Signing of the services contract of SIX SIS AG;
- Maintenance of the respective cash accounts for the settlement of securities transactions; and
- Fulfilment of the technical and operational requirements for an interface to our SECOM system.
Admission as a participant is subject to the General Terms and Conditions (GTC) of SIX SIS AG.
SIX SIS AG pursues an open and transparent pricing policy and is committed to offering its services at competitive and cost-effective rates.
Flexible pricing for both small and large volumes plays an important role.
SIX SIS AG has signed the European Code of Conduct on Clearing and Settlement and the Access and Interoperability Guideline and advocates their implementation.
Maintenance of the main register by SIX SIS AG
The "Main register of all uncertificated securities managed at SIX SIS AG" is a database and provides information on the number of intermediated securities circulating in the SIX SIS AG clearing system based on uncertificated securities.
The legal basis for the register is Art. 6 Para. 1(c) and 2 of the Federal Intermediated Securities Act (FISA), SR 957.1.
SIX SIS maintains the main register as the sole custodian in terms of Art. 6 para. 2 of the Federal Intermediated Securities Act (FISA) for the uncertificated security issues recorded in the register.
Exceptions to this are those issues or securities specified on the Excluded Issues list (under downloads). The main register in terms of Art. 6 para. 2 FISA is not maintained by SIX SIS, but rather by the custodian banks mentioned there.
The main register of the custodian bank provides information on the total number of intermediated securities based on uncertificated securities.
The register discloses the International Securities Identification Number (ISIN), the quantity and the denomination of the respective uncertificated securities. The register is based on details provided by the issuers of the uncertificated securities. It is updated on a daily basis (end of business day).
SIX SIS AG does not guarantee the correctness, reliability, current nature or completeness of the information and views given on the SIX SIS website or in the main register. SIX SIS AG disclaims all liability for losses or damages of any kind that may result from use of the website or the information contained therein, or from the use of links to other sites.
Information transfer via the Internet can be subject to malfunctions, delays or errors in the data flow. SIX SIS AG is not liable for any resulting damages or consequential damages.
Custody and Settlement Contacts
The Swiss Stock Exchange covers the post-trade business field through its operational subsidiary SIX SIS AG.
Organization - SIX SIS AG (CSD)
SIX SIS AG provides custody services for clients in Switzerland and abroad.
SIX SIS is the national Central Securities Depository (CSD) of the Swiss financial market and an International Central Securities Depository (ICSD), providing complete services for the settlement and custody of national and international securities. It operates one of the worlds few online real-time settlement systems (SECOM) allowing market participants to settle their transactions via a single technical interface.
General Terms and Conditions
In order to initiate a business relationship with us, you must acknowledge and sign the basic contracts.
Publication of essential information within the meaning of Art. 19 lit. c FMIO / Art. 21 FMIA
The Financial Market Infrastructure Act (Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading of 19 June 2015) requires financial market infrastructures to regularly publish the key risks for participants associated with the services provided.
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.
The present publication outlines the investment policy of SIX x-clear and SIX SIS 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 SIX SIS 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 and SIX SIS 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 and participants of SIX SIS.
SIX x-clear and SIX SIS 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 and SIX SIS are restricted in their 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.
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.