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Investor

COSI® are structured products with a minimal issuer risk thanks to collateralization. Investors profit from increased protection on their invested capital. This service made by SIX is unique worldwide and has won several awards.

Structured products (certificates) are bearer debt instruments (claims). The investor who purchases a certificate assumes a default risk, also called an issuer risk. This varies according to the creditworthiness of the issuer. The insolvency of the issuer could result in a total loss for the investor. In order to minimize this risk, SIX is offering a service for the collateralization of certificates.

Collateralization

Based on the "Framework Agreement for Collateral-Secured Instruments" that the issuer and the collateral provider conclude with SIX Swiss Exchange and SIX SIS, the collateral provider undertakes to grant SIX Swiss Exchange a right of lien on selected securities.

The amount of collateralization depends on the current valuation of the COSI. The issuer discloses in the listing prospectus which method (A or B) is to be used by SIX Swiss Exchange to determine the current value of a COSI. On this basis, the required amount of collateralization expressed in Swiss francs is then redetermined on each banking day. The collateral provider is obliged to adjust the amount of collateralization in the event of any changes in market value. The issuer ensures that ongoing bid and ask prices are posted for the COSI in the secondary market (market making).

At present, the current values of COSI are determined by the following companies:

More detailed information on how COSI works can be found in our Publications.

Securities

Securities from the following categories are acceptable for the collateralization of certificates:

  • securities accepted by the Swiss National Bank in conjunction with repo transactions;
  • selected securities accepted by the European Central Bank;
  • SIX Delta1 eligible collateral;
  • shares included in recognized stock indices, where the acceptance criteria require that the shares have sufficient market liquidity.

1 Rule-based category of collateral of SIX, with sole application of the admission criteria valid until the end of 2014 according to the "Instruction sheet on Collateral eligble for SNB repos", excluding collateral already being accepted by the SNB or the ECB.

Issuers/Collateral Providers

The issuer, collateral provider and market maker may be legally separate companies. With regard to the collateralization of certificates, the collateral provider must in all cases fulfill the following special conditions:

  • legally domiciled in Switzerland
  • authorized as a Swiss domestic bank or Swiss domestic securities dealer
  • participant in SIX SIS.

Institution Contact



Issuer:
Leonteq Securities AG, Guernsey branch
Leonteq Securities AG, Zurich
EFG International Finance (Guernsey) AG, Guernsey

Collateral provider:
Leonteq Securities AG, Zurich
Leonteq Securities AG, Guernsey branch
EFG Bank AG, Zurich


Leonteq Securities AG
Europaallee 39
CH-8004 Zurich

E-mail:
Website: www.leonteq.com
T +41 58 800 1111



Issuer:
Bank Vontobel AG, Zurich
Vontobel Financial Products Ltd, DIFC Dubai
Vontobel Financial Products GmbH, Frankfurt

Collateral provider:
Bank Vontobel AG, Zurich


Bank Vontobel AG
Gotthardstrasse 43
CH-8022 Zürich

E-mail:
Website: www.derinet.vontobel.com
T +41 58 283 7898



Issuer:
Bank Julius Bär & Co. AG, Zurich
Bank Julius Bär & Co. AG, Guernsey branch

Collateral provider:
Bank Julius Bär & Co. AG, Zurich


Bank Julius Bär & Co. AG
Hohlstrasse 604/606
CH-8010 Zürich

E-mail:
Website: https://derivatives.juliusbaer.com/en/home
T +41 58 888 8181



Issuer:
Bank J. Safra Sarasin AG, Basel
Bank J. Safra Sarasin AG, Guernsey branch

Collateral provider:
Bank J. Safra Sarasin AG, Basel

Bank J. Safra Sarasin AG
Elisabethenstrasse 62
CH-4002 Basel

E-mail:
Website: derivatives.jsafrasarasin.com
T +41 58 317 48 78
F +41 58 317 48 60

Quality Seal

The seal of approval created by SIX Swiss Exchange represents the unique advantages and quality characteristics of structured products with collateral backing that has been arranged independently by companies of SIX. Thanks to this distinguishing mark, investors can quickly identify COSI-collateralized structured products. At the same time, the quality seal enables issuers to highlight the outstanding quality and legal certainty of their products and market them in a more targeted manner - a classic win-win situation.

Publications

All our publications relating to COSI can be found here.