The financial market infrastructure comprises four layers, each in relation to a
Exchange System (SWXess trading platform)
The Swiss Value Chain partners integrated the subsystems horizontally as part of a
coordinated process, thus creating the ideal environment for straight-through processing.
Clearing is only possible for eligible securities (CCP-eligible securities), with
an automated settlement instruction being sent to the relevant central counterparty (CCP)
in the form of a locked-in trade. In the case of other products, transaction are forwarded to the
relevant national or international central securities depository (CSD/ICSD).