Regulation and Supervision

The two operational arms of SIX Securities Services, the CSD, SIX SIS Ltd, and the CCP, SIX x-clear Ltd, are licensed as banks by the Swiss Financial Market Supervisory Authority (FINMA). In addition, SIX x-clear Ltd is authorized as a Recognised Overseas Clearing House (ROCH) by the UK Financial Services Authority.

Individual operational components of SIX Securities Services are also subject to oversight by the Swiss National Bank (SNB) as systemically important payment and settlement systems. These include SIX x-clear Ltd as well as the securities settlement system, SECOM, and the over arching interbank payment system, SIC, to which it is linked.

SIX Securities Services must also comply with a range of regulatory requirements, including stress tests by the risk control function, as well as regular internal and external auditing of key aspects of the business. In the custody space, these requirements include operational processes and the integrity of reconciliations. For a more in-depth guide to these issues, please see the corresponding article in the 
SIX Group Annual Report for 2011.

 

Further regulatory information