SIX Group

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SIX Group AG

logo
legal form Corporation
founding 2008
Seat Zurich , Switzerland
management Jos Dijsselhof
( CEO )
Thomas Wellauer
( Chairman of the Board of Directors )
Number of employees 2,710 (December 31, 2019)
sales 1.129 million CHF (2019)
Branch Financial services
Website www.six-group.com

SIX operates the infrastructure for the Swiss financial center. The company provides services for all aspects of securities transactions, the preparation 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 operates internationally, its headquarters are in Zurich.

Company history

1930: Founding of Ticker AG and moving into the new stock exchange

Ticker AG in Zurich was founded with the purpose of transmitting stock exchange prices. It was the predecessor of Telekurs AG, which later merged with other companies to form SIX.

With the opening of the new exchange, the ticker system began to broadcast. 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.

1961: Stock exchange television

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

Ticker AG changed its company to Telekurs AG.

1987: Swiss Interbank Clearing (SIC) goes into operation

The new online clearing system was based on a central computer system at Telekurs with online connection for the participants. 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.

1995: Electronic exchange trading and Swiss Value Chain

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

1999: euroSIC internationalizes payments

The euroSIC clearing system for euro payments went into operation and enabled the Swiss banks to connect to the European payment systems. SEGA merged with INTERSETTLE to form the SIS Group. INTERSETTLE was previously responsible for securities processing, which is downstream of stock exchange trading.

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

The opening of the Wertpapierwelt in Olten as the first international museum for historical securities followed in July 2003. Today the exhibition can be seen in the Swiss Finance Museum in Zurich.

2005: Antitrust proceedings

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

2008: Merger and name change

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

On August 21, 2008, Swiss Financial Markets Services AG was renamed SIX Group AG.

2016: Mobile payment with TWINT

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

2018: Partnership with Worldline

SIX entered into a strategic partnership with Worldline. Worldline took over SIX Payment Services and SIX holds a 27% stake in Worldline.

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 other things, are traded via the joint trading platform of 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 takes on all tasks within the scope of the self-regulation provided for by the stock exchange law. 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

If an exchange trade has taken place, SIX takes over all subsequent processes. The SIX Securities Services division acts as a contractual partner between trading parties across Europe (central counterparty). This service serves to lower the risks of both buyers and sellers (clearing). SIX then processes the transactions electronically (settlement). This includes real-time payments from one bank to another.

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 most of the financial instruments issued under Swiss law. SIX also offers its custody service internationally.

The “Securities Services” division also includes platforms for direct debits and e-bills as well as the electronic information portal for land registry data in Switzerland. It's called Terravis and enables mortgage, real estate and commercial register transactions. SIX Interbank Clearing operates the SIC and euroSIC payment systems in Switzerland and beyond its borders. It enables financial institutions worldwide to process their large-value and bulk payments in Swiss francs and euros.

Financial information

SIX obtains financial data from international stock exchanges and companies in real time and sells them. This includes, among other things, basic information about listed companies (reference data) and information on measures that affect shareholders' capital and voting rights (corporate actions). In addition, SIX customers can keep up to date with the prices and market rates of around 15 million financial instruments. On the basis of the financial data from SIX, banks and other market participants decide on financial transactions and assess investment risks.

Cashless payment transactions

SIX processes mobile payments as well as credit , debit and prepaid card payments in Switzerland, Austria and Luxembourg as well as in many other European countries. SIX also enables cash to be withdrawn from ATMs . With its infrastructure , SIX is also creating the necessary, secure conditions for hotels , restaurants and retailers to be able to accept mobile payments and payment cards online or at the terminal . In Austria, SIX temporarily issued payment cards itself. SIX Payment Services AG was sold to Worldline in 2018 .

owner

SIX is owned by around 120 national and international financial institutions, who are also the main users of the services. The company is not listed.

Initiatives

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

SIX is a founding member of the FinTech Incubator and Accelerator F10 . Here, for example, SIX employees work together with start-ups on the goal of further developing financial technology in Switzerland. SIX intends to offer an open banking hub for business customers in 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. UBS , Credit Suisse , Zürcher Kantonalbank , Valiant and the Raiffeisen Group are participating in the project.

Web links

Individual evidence

  1. ↑ a b [1] March 2020
  2. ↑ a b c What sets SIX apart. Retrieved December 16, 2018 .
  3. ^ A b c Elisabeth Meyerhans: Stock exchanges. In: Historical Lexicon of Switzerland . August 19, 2004 , accessed December 17, 2018 .
  4. ↑ a b c At a glance - The Telekurs Group. grafmoll.ch, accessed on December 17, 2018 .
  5. ^ Company Overview of Telekurs Holding AG. Bloomberg.com , accessed December 17, 2018 .
  6. ^ Neue Zürcher Zeitung (Ed.): The television rate transmission system in the Zurich securities exchange . No. 1056 , March 22, 1961.
  7. ↑ Profile - Our story. Retrieved December 16, 2018 .
  8. ^ The Swiss Interbank Clearing (SIC). Swiss National Bank , accessed on December 17, 2018 .
  9. ↑ a b c d e The SECOM securities settlement system. Swiss National Bank , May 2009, accessed December 17, 2018 .
  10. ↑ euroSIC. Swiss euro clearing bank, accessed on December 17, 2018 .
  11. ↑ Company Overview of SIX SIS AG. Bloomberg.com , accessed December 17, 2018 .
  12. ↑ a b Swiss Finance Museum. Retrieved December 16, 2018 .
  13. ↑ a b Weko fines millions against Six Group. Tages-Anzeiger , December 14, 2010, accessed December 16, 2018 .
  14. ↑ Group structure approved by shareholders after the merger of SWX, SIS and Telekurs. Radio B: The Voice of Reason, September 12, 2007, accessed December 17, 2018 .
  15. ↑ Telekurs Multi Solutions AG becomes SIX Multi Solutions AG. September 26, 2008, accessed December 16, 2018 .
  16. ↑ Joint mobile payment solution for Switzerland decided. May 27, 2016, accessed December 16, 2018 .
  17. ↑ Strategic partnership signed between Worldline and SIX to consolidate European payments. Retrieved December 16, 2018 .
  18. ↑ SIX Securities Services AG sells SIX SAG AG to Computershare. moneycab , July 10, 2015, accessed December 17, 2018 .
  19. ↑ Product description. Retrieved December 17, 2018 .
  20. ↑ Profile. Retrieved December 17, 2018 .
  21. ↑ a b c d The SIX Financial Information product range. SIX-Group, accessed on December 17, 2018 .
  22. ↑ Christoph G. Schmutz: SIX merges with French Worldline for payment transactions In: nzz.ch , May 15, 2018, accessed on September 30, 2018.
  23. ↑ Shareholder structure. SIX Group, accessed on March 8, 2018.
  24. ↑ PostFinance new shareholder of SIX SIX Group, March 8, 2018, accessed on March 8, 2018.
  25. ↑ SIX starts FinTech-Incubator F10 and wants to take a leading role in finance digitization. IT-Finanzmagazin , August 13, 2015, accessed on December 17, 2018 .
  26. ↑ Daniel Imwinkelried: Banks are losing data sovereignty. In: nzz.ch . May 14, 2019, accessed May 19, 2019 .
  27. ↑ Samuel Gerber: These big banks are starting with SIX Open Banking first. In: finews .ch. May 15, 2019, accessed May 19, 2019 .