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Locked-in Trades

The applicable rules and regulations allow SIX Swiss Exchange to forward automated settlement instructions in the form of locked-in trades to a recognised central counterparty (CCP, a Central Securities Depository) or an international central securities depository (ICSD).

What are the advantages of locked-in trades?

The great advantage of locked-in trades is that clearing and settlement is fully automated and that errors from the re-entry of data can be avoided completely. No extra matching is necessary for settlement as all the necessary information is already available when a stock exchange transaction is executed.

To enable SIX Swiss Exchange to deliver this service at the international central securities depositories Euroclear Bank and Clearstream Luxembourg, participants must fill out the relevant powers of attorney. Settlement at Euroclear Bank and Clearstream Luxembourg is only possible for international bonds.