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SIX x-clear provides timely and accurate regulatory and clearing market information. The clearing notices, and the information archives can be easily accessed.
As a SIX x-clear member you can expect the highest levels of customer service. This includes support during implementation as well as for when you're ready to use more services.
The fee structure emphasizes SIX x-clear's commitment to offer highly competitive and sustainable fees and to provide achievable incentives to both existing and new clients.
One of the core functionalies of SIX x-clear as a central counterparty (CCP) is to minimize the risk exposure of our Clearing Members, thereby also reducing overall risk in the markets SIX x-clear participates in.
The following mechanisms are in place to guarantee a consistent risk management framework for Members as well as markets:
Lines of Defense (Waterfall Structure) In the event of a Clearing Member default, or a simultaneous default of more than one Clearing Member, the Defense Lines (order of realization of collateral) come into effect to close out the relevant positions.
Default Fund Structure Default funds are designed to cover potential market risks that are not covered by the margin model in the event of a Member default and in times of stressed market conditions.
Inter-CCP Risk Management SIX x-clear operates in different trading platforms in interoperability with other CCPs. Interoperability-based risk exposures occur in markets where more than one CCP is active and is mitigated separately from Clearing Member-based risk exposures.
Real-time Risk Management SIX x-clear uses a real-time margining model based on the industry-standard Value-at-Risk model. SIX x-clear Norwegian Branch uses the close-to-real-time MIDAS margin model for equity transactions.
Collateralizing clearing exposure SIX x-clear provides clients with risk collateralization solutions to meet the highest standards of day-to-day exposure management.
Eligible collateral SIX x-clear will generally accept different types of collateral as permissible collateral. Any permissible collateral deposited is accounted for at market value subject to a haircut. For further details, see the Lending Norms sheet.
SIX x-clear has developed a “member-centric” reporting structure that is focused on providing timely and accurate information to clients
We provide report-based and message-based interfaces, which offer trade, settlement and clearing reporting. To support GCMs, SIX x-clear provides reporting per NCM.
We offer both intra-day reporting and end-of-day reporting of risk and trade details. Additionally, clients can use a GUI for monitoring exposure through online queries.
We offer our clients multiple communication channels, including the Internet, SFTP, CC link and SWIFT, to receive reports and messages from SIX x-clear.
The FrontLines provide detailed information regarding updates to products and services of SIX x-clear.
The Clearing Notices provide detailed information regarding market and rule changes affecting the SIX x-clear Member.
Interest rates are applied on cash collateral placed with SIX x-clear by the collateral provider. The interest will be accrued on a monthly basis and as per market standards for the respective currency.
In accordance with SIX x-clear’s Lending Norms, permissible collateral can be placed in the form of cash; please refer to these Norms as regards the eligible currencies.
Published on 4 October 2021
The following MarketGuides provide an overview as well as more detailed information relating to settlement and corporate action event processes.
The Swiss Stock Exchange covers the post-trade business field through its operational subsidiary SIX x-clear Ltd.
We are committed to quality and strive to maintain and improve our already high service standards. Operational order processing follows the motto "experts talking to experts". This guarantees that the specialist responsible for a field of business on the client side communicates with the respective specialist at SIX x-clear Ltd / SIX SIS Ltd. If you need to get in contact with us regarding our operational services, various escalation levels are in place for you to address your issues.
At escalation level 1 you place your demand with the management staff of the operational unit. They will do their utmost to find a quick solution to the problem.
If your complaint cannot be settled to your satisfaction, at escalation levels 2 the Risk Management team and the responsible management staff will be at your disposal.
If your complaint cannot be settled to your satisfaction, the responsible management staff will be at your disposal at escalation level 2.
Please contact SIX x-clear Risk Management Operations team via the following contact addresses in case of court orders referring to article 22 of the UK Settlement Finality Regulations.
The rules of corporate governance – i.e. the structures of organization and the principles for management and monitoring – are aimed at ensuring SIX x-clear’s role as an international central counterparty.
SIX x-clear is licensed by the Swiss Financial Market Supervisory Authority (FINMA) as a central counterparty in accordance with the Swiss Financial Market Infrastructure Act (FMIA). As a systemically important part of Switzerland's financial market infrastructure, it is also subject to distinct requirements imposed on it by the Swiss National Bank, which it observes, along with the standards of the Swiss Code of Best Practice for Corporate Governance. Due to the international nature of its business operations, SIX x-clear Ltd's corporate governance principles are also aligned with international standards, such as the Principles for Financial Market Infrastructures of CPMI-IOSCO and European regulations (in particular EMIR).
SIX x-clear Ltd is a subsidiary of SIX Securities Services Ltd, which in turn is a subsidiary of SIX Group Ltd. In accordance with statutory requirements, SIX x-clear Ltd has two strictly segregated management bodies – its own Board of Directors, which also contains members that are independent of SIX, and an operational Executive Board. These two bodies are also segregated in terms of their members; this ensures that the necessary checks and balances are in place.
Ernst & Young AG is the statutory auditor. SIX Group also has an internal audit department.
A Risk Committee, was also formed as an additional governance body for SIX x-clear. This committee advises the Board of Directors on key risk management issues and is presided over by an independent member of the Board of Directors. Additional details can be found in the enclosed Charter.
SIX x-clear Ltd provides all core CCP services directly to its members and markets.
Core clearing competences are conducted by SIX x-clear in a streamlined and efficient way. Additional services are provided by SIX Securities & Exchanges. The result is best-in-class operational excellence for day-to-day business.
In accordance with the Swiss National Bank Ordinance (NBO), SIX Securities & Exchanges (BXS) maintains default procedures for SIX x-clear Ltd (“SIX x-clear”) and SIX SIS Ltd (“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.
Any default event is managed in accordance with the applicable general terms and conditions and operational guidelines of SIX x-clear and SIX SIS. A default of a member/participant triggers their suspension and subsequent operational measures. These processes require authorizations and executions.
A designated Default Management Committee will therefore steer the default procedures.
Head of Risk Management of Head Securities & Exchanges
Decision Maker, Default Process Manager
Head Securities & Exchanges
CEO of SIX x-clear Ltd
Head of Risk Management Operations of SIX x-clear Ltd
Decision Maker, Default Process Coordinator SIX x-clear
Head of Risk Management Operations of SIX SIS Ltd
Default Process Coordinator SIX SIS
Representative of Legal & Compliance of SIX Group Ltd
The Default Process Manager supervises the overall process and in particular manages the execution of the default and post-default communication with the markets and regulators.
The default procedure is a front-to-back process. It involves a strong system to monitor default events, clear risk mitigation measures to protect market participants and the Swiss financial market infrastructure alike, as well as a transparent communication process to inform market participants and regulators.
The publication outlines the investment policy of SIX x-clear 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 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.
The investment strategy of SIX x-clear 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.
SIX x-clear shall:
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 is restricted in its investments in financial instruments:
(Valid as of July 2020)
* The Contractual Relationship with the Member is subject to the law of the Contract for Clearing Services. ** All matters relating to the irregular pledge and the dispositions in rem about the Permissible Collateral are regulated by the law of the place of deposit (i.e. Switzerland, Norway or Luxembourg).
* "Rules and Regulations" means the following documents prepared and issued by SIX x-clear from time to time with respect to a particular Trading Platform as amended and updated: a. the Clearing Terms; b. the List of Securities eligible for Clearing; c. the Lending Norms / Permissible Collateral; d. the Termination and Suspension Procedure Rules; e. the Late Settlement and Buy-in Rules; f. the User Guides for settlement; g. the Business Partner Specifications; and h. the Price List.
All the information you need on Clearing. SIX x-clear members can find more clearing notices, frontlines, and information archives in the Info Center.
SIX x-clear is licensed as a central counterparty (CCP) under the Swiss Financial Market Infrastructure Act (FMIA). On 19 June 2015, the Swiss parliament enacted the Swiss Financial Market Infrastructure Act (FMIA). With its entry into force, a separate statutory basis for Financial Market Infrastructures (FMIs) was created which requires central counterparties (CCPs), central securities depositories (CSDs) and exchanges to be licensed as FMIs. The FMIA mandates strict rules in order to grant such a license. The Swiss Financial Market Supervisory Authority, FINMA, accorded SIX x-clear this license on 28 March 2018, acknowledging SIX’ regulatory compliance with the legal framework in force in Switzerland. This FMI license shows that SIX holds up to the high standards set by the FMIA, and will continue to serve our Members diligently in this highly regulated market. The banking license previously in force was returned with the licensing under FMIA. Nevertheless, SIX x-clear remains subject to supervision by FINMA and the Swiss National Bank (SNB) for services of systemic importance.
On 26 March 2016, SIX x-clear was recognized by the European Securities and Markets Authority as a third-country CCP under Chapter 4 of Title III of EMIR. This recognition grants SIX x-clear the right to provide clearing services to clearing members and trading venues throughout the European Union. As a prerequisite of the recognition, SIX x-clear is also registered through the German Authorities as a designated payment and securities settlement system under the European Securities Market Authority’s Settlement Finality Directive (see under Germany: Here).
In order to be able to continue offering its services in the UK (now that UK has left the EU), SIX x-clear applied for recognition as a third country CCP to the BoE. As a prerequisite of the recognition, SIX x-clear is also registered through the UK Authorities as a designated payment and securities settlement system under the European Securities Market Authority’s Settlement Finality Directive. This designation is expected to remain in force.
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:
SIX x-clear Ltd, too, has signed the European Code of Conduct and will ensure implementation of the measures mentioned above.
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