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The financial market infrastructure comprises four layers, each in relation to a specific task:

Subsystem Task
Exchange System (SWXess trading platform) Trading
Clearing System Clearing
Settlement System Settlement
Payment System Payment Transaction

The Swiss Value Chain partners integrated the subsystems horizontally as part of a coordinated process, thus creating the ideal environment for straight-through processing.

Locked-in trades

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).