Governance at SIX x-clear
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 just as 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 regulations, such as the Principles for Financial Market Infrastructures of CPSS-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 strictly segregated in terms of their members; this ensures that the necessary checks and balances are in place.
Members of the Board of Directors of SIX x-clear Ltd
- Thomas Zeeb, Head Securities & Exchanges (SIX)
- Daniel Schmucki, Chief Financial Officer (SIX)
- Chris Landis, Head IT (SIX)
- Josef Landolt, external member
- Andreas Wolf, external member
Members of the Executive Board of SIX x-clear Ltd
- Marcus Harréus
- Roger Storm
- Markus Heiniger
Ernst & Young AG is the statutory auditor. SIX Group also has an internal audit department.
A Risk Committee, which comprises representatives from direct and indirect members, was also formed as an additional governance body for SIX x-clear Ltd. This committee advises the Board of Directors on key risk management issues. The Risk Committee is presided over by an independent member of the Board of Directors. The fundamental regulations relating to the Risk Committee are defined in the enclosed Charter.