Default procedures for SIX SIS Ltd & SIX x-clear Ltd

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.

Function Competencies

Head of Risk Management of
SIX Securities Services Ltd

Decision Maker, 
Default Process Manager

CEO of SIX Securities Services Ltd

Decision Maker

CEO of SIX x-clear Ltd

Decision Maker

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.