Finance:SIX Group

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SIX Group Ltd.
TypeConsortium-owned
IndustryFinancial services
Founded2008 (2008)
HeadquartersZurich, Switzerland
Key people
  • Thomas Wellauer (Chairman)
  • Jos Dijsselhof (CEO)
SFr 1.5 billion (2022)[1]
Owner120 Swiss and non-Swiss financial institutions[1]
Number of employees
4,044 HC (Dec 2022)[1]
Subsidiaries
  • SIX Swiss Exchange
  • SIX Financial Information
  • Bolsas y Mercados Españoles
Websitewww.six-group.com

SIX operates the infrastructure for the Swiss financial centre. The company provides services relating to securities transactions, the processing of financial information, payment transactions and is building a digital infrastructure. The company name SIX is an abbreviation and stands for Swiss Infrastructure and Exchange. SIX is globally active, with its headquarters in Zurich.[2]

Company history

1930: Foundation of Ticker AG and subscription to the new stock exchange

Ticker AG in Zurich was founded with the purpose of transmitting stock market prices.[3] It was the predecessor of Telekurs AG, which later merged with other companies to form SIX.[4][5]

With the opening of the new exchange, the ticker system also began to broadcast.[3] This stock exchange ticker, one of the first on the European continent and a special application of the local telegraph, transmitted the Zurich stock exchange prices, the closing prices of other Swiss and important foreign stock exchanges in italics on a narrow strip of paper to any number of recipients.[3]

1961: stock exchange television

Ticker AG introduced the first stock exchange television ever and aroused media interest with this novelty: The prices of up to ninety stocks could be followed on screen.[4] The Neue Zürcher Zeitung described stock exchange television as a world first and devoted a technology supplement to this technical development.[6]

Ticker AG changed its name to Telekurs AG.[7]

1987: Commissioning Swiss Interbank Clearing (SIC)

The new online clearing system was based on a central computer system at Telekurs with online access for participants.[4][8] Primarily, only payments in Swiss francs are processed.

1993: Foundation of the Swiss Stock Exchange

The stock exchanges in Geneva, Basel and Zurich merged to form the Swiss Exchange.[2]

1995: Electronic stock exchange trading and Swiss Value Chain

The Swiss Exchange launched electronic stock exchange trading with integrated settlement and custody and discontinued ring trading the following year.[9] The prerequisite for this step was a link to the SECOM System for SEGA and to the interbank payment system SIC, which operated Telekurs.[9]

1999: euroSIC internationalizes payments

The clearing system for euro payments, euroSIC, began operations and provided the Swiss banks with access to the European payment systems.[10] SEGA merged with INTERSETTLE to form the SIS Group. INTERSETTLE was previously responsible for securities settlement downstream of stock exchange trading.[11]

2001: SIS acquires the world's most important collection of historical securities and establishes a foundation

The opening of the Wertpapierwelt in Olten as the first museum for historical securities followed in July 2003, and today the exhibition can be seen at the Swiss Finance Museum in Zurich.[12]

2005: Cartel law proceedings

In 2005, SIX Multipay Ltd launched a DCC function (dynamic currency conversion), which was only available on the payment card terminals of SIX Card Solutions Ltd. The Commission of Competition (Weko) intervened and accused the SIX subsidiary of abusing its dominant position.[13] In December 2006, SIX Multipay Ltd also made the DCC function available to other terminal providers and disclosed the interface information. Four years later, the Weko imposed a fine of seven million Swiss francs on SIX.[13]

2008: Merger and change of name

The SWX Group, SIS Group and Telekurs Group merged on 1 January to form Swiss Financial Markets Services AG.[14] The company thus covered the business areas of securities trading, stock exchange transactions, financial information and payment transactions.[2]

On 21 August 2008, Swiss Financial Markets Services Ltd was renamed SIX Group Ltd.[15]

2016: Mobile payment with TWINT

Together with various Swiss banks, SIX launched and established the mobile payment solution TWINT.[16]

2018: Partnership with Worldline

SIX entered into a strategic partnership with Worldline. Worldline acquired SIX Payment Services and SIX holds a 27% stake in Worldline.[17]

2020: Purchase of Bolsas y Mercados Españoles (BME)

SIX finalised the purchase of the Spanish BME in 2020 [18]

Services (selection)

Securities trading via SIX Swiss Exchange

SIX operates the Swiss Stock Exchange. The core functions of SIX Swiss Exchange are the admission of securities, the operation of the trading platform, the monitoring of trading and the distribution of market information. Shares, bonds, derivatives, investment funds and certificates, among others, are traded on the joint trading platform of the SIX Swiss Exchange and SIX Structured Products Exchange. In addition, SIX calculates indices such as the Swiss Market Index.

As an independent unit within SIX, Exchange Regulation assumes all tasks within the framework of the self-regulation provided for by the Stock Exchange Act. The unit is separate from the operational business and issues rules for issuers and participants, monitors trading and enforces the rules.

Post-trade settlement and other securities services

Once an exchange trade has taken place, SIX takes over all subsequent processes.[19] The SIX Securities Services division acts as a counterparty between trading parties throughout Europe (central counterparty).[9] This service serves to reduce the risks of both buyers and sellers (clearing).[9] Thereafter, SIX settles the transactions electronically (settlement). This includes real-time payments from one bank to another.[9]

SIX also operates systems that protect assets and documents from unauthorized access (custody). The company acts as the central securities depository for Switzerland in this area. It holds in safe custody most of the financial instruments issued under Swiss law. SIX also offers its custody service for foreign securities.

The «Securities Services» division also includes platforms for direct debits and e-bills as well as the electronic information portal for land register data in Switzerland. It is called Terravis and enables mortgage, property and commercial register transactions.[20] SIX Interbank Clearing operates the SIC and euroSIC payment systems in Switzerland and beyond its borders. It thus enables financial institutions worldwide to settle their large-value and retail payments in Swiss francs and euro.[21]

Financial information

SIX obtains real-time financial data from foreign stock exchanges and companies and distributes it further.[22] This includes basic information on listed companies (reference data) and information on measures affecting the capital and voting rights of shareholders (corporate actions).[22] In addition, SIX clients can keep up to date on prices and market rates for around 15 million financial instruments.[22] Based on SIX financial data, banks and other market participants decide on financial transactions and assess investment risks.[22]

Cashless payment transactions

SIX processes mobile payment as well as credit card, debit card and prepaid card payments in Switzerland, Austria and Luxembourg as well as in many other European countries. SIX also enables fiat money to be withdrawn from ATM. With its infrastructure, SIX also creates the necessary secure conditions for hotel, catering and retail to be able to make and accept payments online or at POS terminal using mobile payment methods and payment cards. In Austria, SIX occasionally issued payment cards itself. SIX Payment Services AG was sold in 2018 to Worldline.[23]

Owner

SIX is owned by around 130 national and foreign financial institutions, which are also the main users of its services. The company is not listed on the stock exchange.[24][25]

Initiatives

SIX supports the Swiss Finance Museum (formerly Wertpapierwelt in Olten). The museum presents a multimedia exhibition on the origins of the economic system and the importance of the Swiss financial market and its infrastructure.[12]

SIX is a founding member of the FinTech Incubator and Accelerator F10. Here, for example, SIX employees work together with start-ups to further develop financial technology in Switzerland.[26] SIX intends to offer an open banking hub for business customers before the end of 2019. Among others, the two accounting software providers Abacus and Klara will use the Hub. Banks can also open their IT interface to the hub.[27] UBS, Credit Suisse, Zürcher Kantonalbank, Valiant Bank as well as Raiffeisen Schweiz participate at the project.[28]

References

  1. ↑ 1.0 1.1 1.2 "Annual Report 2022". 9 March 2023. https://www.six-group.com/en/company/investors/annual-reporting.html. 
  2. ↑ 2.0 2.1 2.2 "Was SIX ausmacht". https://www.six-group.com/de/home/company/overview-of-six.html. 
  3. ↑ 3.0 3.1 3.2 Elisabeth Meyerhans: Börsen in German, French and Italian in the online Historical Dictionary of Switzerland, 2004-08-19.
  4. ↑ 4.0 4.1 4.2 "Auf einen Blick – Die Telekurs Group". grafmoll.ch. http://www.grafmoll.ch/kundenPDF/Telekurs_Broschuere_2007.pdf. 
  5. ↑ "Company Overview of Telekurs Holding AG" (in en). Bloomberg.com. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=35206. 
  6. ↑ (in German) Die Fernseh-Kursübermittlungsanlage in der Effektenbörse Zürich, 1961-03-22 
  7. ↑ "Profil – Unsere Geschichte". https://www.six-group.com/financial-information/de/home/profile.html. 
  8. ↑ "Das Swiss Interbank Clearing (SIC)". Schweizer Nationalbank. https://www.snb.ch/de/iabout/paytrans/sic/id/paytrans_swiss_interbank_clearing. 
  9. ↑ 9.0 9.1 9.2 9.3 9.4 "Das Effektenabwicklungssystem SECOM". Schweizer Nationalbank. May 2009. https://www.snb.ch/de/mmr/reference/secom/source/. 
  10. ↑ "euroSIC". Swiss euro clearing bank. https://secb.de/de/leistungen/eurosic. 
  11. ↑ "Company Overview of SIX SIS AG" (in en). Bloomberg.com. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=5705228. 
  12. ↑ 12.0 12.1 "Schweizer Finanzmuseum". https://www.finanzmuseum.ch/de/home.html. 
  13. ↑ 13.0 13.1 "Weko verhängt Millionenbusse gegen Six-Gruppe". 2010-12-14. https://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Weko-verhaengt-Millionenbusse-gegen-SixGruppe/story/15087324. 
  14. ↑ "Konzernstruktur nach Fusion von SWX, SIS und Telekurs durch Aktionäre gutgeheissen". Radio B: Die Stimme der Vernunft. 2007-09-12. https://radiob.wordpress.com/2007/09/12/konzernstruktur-nach-fusion-von-swx-sis-und-telekurs-durch-aktionare-gutgeheissen/. 
  15. ↑ "Telekurs Multi Solutions AG wird zu SIX Multi Solutions AG". 2008-09-26. https://www.six-group.com/dam/download/media-releases/2008/media_release_200809260000_de.pdf. 
  16. ↑ "Gemeinsame Mobile – Payment – Lösung für die Schweiz beschlossen". 2016-05-27. https://www.six-group.com/dam/download/media-releases/2016/0527-d-MM_MobilePayment.pdf. 
  17. ↑ "Strategische Partnerschaft zwischen Worldline und SIX zur Konsolidierung des europäischen Zahlungsverkehrs unterzeichnet". https://de.worldline.com/de/home/newsroom/press-releases-general/2018/pr-2018_05_16_01.html. 
  18. ↑ "SIX to Exercise the Squeeze-out Right for Remaining BME Shares | BME Bolsas y Mercados Españoles". https://www.bolsasymercados.es/ing/Media/Press-Release/20200903/nota_20200907_3/SIX_to_Exercise_the_Squeeze_out_Right_for_Remaining_BME_Shares. 
  19. ↑ "SIX Securities Services AG veräussert SIX SAG AG an Computershare". moneycab. 2015-07-10. https://www.moneycab.com/2015/07/10/six-securities-services-ag-veraeussert-six-sag-ag-an-computershare/. 
  20. ↑ "Produktbeschreibung". http://www.terravis.ch/de/home/auskunft/produktbeschreibung.html. 
  21. ↑ "Profil". https://www.six-group.com/interbank-clearing/de/home/profil.html. 
  22. ↑ 22.0 22.1 22.2 22.3 "Die Produktpalette von SIX Financial Information". SIX-Group. https://www.six-group.com/financial-information/dam/downloads/products_solutions/general_overviews/SIX_brochure_product_overview_de.pdf. 
  23. ↑ Christoph G. Schmutz: SIX merges with French Worldline in payment transactions In: nzz.ch, 15 May 2018, accessed on 30 September 2018.
  24. ↑ Aktionärsstruktur. SIX Group, retrieved 8 March 2018.
  25. ↑ PostFinance neue Aktionärin von SIX SIX Group, 8 March 2018, retrieved 8 March 2018.
  26. ↑ "SIX startet FinTech-Incubator F10 und will führende Rolle in der Finanzwesen-Digitalisierung einnehmen". IT-Finanzmagazin. 2015-08-13. https://www.it-finanzmagazin.de/six-startet-fintech-incubator-f10-und-will-fuehrende-rolle-in-der-finanzwesen-digitalisierung-einnehmen-18330/. 
  27. ↑ Daniel Imwinkelried (2019-05-14). "Banken verlieren die Datenhoheit". https://www.nzz.ch/wirtschaft/open-finance-entzieht-banken-die-datenhoheit-ld.1480768. 
  28. ↑ Samuel Gerber (2019-05-15). "Diese Grossbanken starten zuerst mit dem Open Banking der SIX". https://www.finews.ch/news/banken/36508-open-banking-six-ubs-cs-zkb-valiant-raiffeisen. 

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