{{Short description|Swiss financial infrastructure}} {{Infobox company | name = SIX Group Ltd. | logo = SIX Group logo.svg | type = Consortium-owned AG | location = Zurich, Switzerland | founded = {{start date | 2008}} | key_people = {{ubl| Bjørn Sibbern (CEO) & Thomas Wellauer (Chairman)}}<ref>[https://www.six-group.com/en/newsroom/media-releases/2024/20241128-new-ceo-six.html SIX Appoints Bjørn Sibbern as New CEO]</ref> | industry = Financial services | operating_income = {{nowrap| {{CHF|1.5 billion}} (2023)}}<ref name=AR>{{cite web | url=https://www.six-group.com/en/company/investors/annual-reporting.html | title=Annual Report 2023 | date=13 March 2024 }}</ref> | owner = 120 Swiss and non-Swiss financial institutions<ref name=AR /> | subsid = {{plainlist| * SIX Swiss Exchange * SIX Financial Information * Bolsas y Mercados Españoles}} | num_employees = 4,024 FTE ({{asof|lc=y|December 2023}})<ref name=AR /> | homepage = {{URL|http://www.six-group.com/|six-group.com}} }}
'''SIX''' is a key financial market infrastructure company in Switzerland. 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.<ref name=":0" />
== 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.<ref name=":1">{{HDS|13741|Börsen|author=Elisabeth Meyerhans|date=19 August 2004}}</ref> It was the predecessor of Telekurs AG, which later merged with other companies to form SIX.<ref name=":2">{{cite web|title=Auf einen Blick – Die Telekurs Group|periodical=|publisher=grafmoll.ch|url=http://www.grafmoll.ch/kundenPDF/Telekurs_Broschuere_2007.pdf|format=|access-date=2018-12-17|last=|date=|year=|language=|pages=|quote=|archive-date=2018-12-27|archive-url=https://web.archive.org/web/20181227181414/http://www.grafmoll.ch/kundenPDF/Telekurs_Broschuere_2007.pdf|url-status=dead}}</ref><ref>{{cite web|title=Company Overview of Telekurs Holding AG|periodical=|publisher=Bloomberg.com|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=35206|format=|access-date=2018-12-17|last=|date=|year=|language=en|pages=|quote=}}</ref>
With the opening of the new exchange, the ticker system also began to broadcast.<ref name=":1" /> 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.<ref name=":1" />
=== 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.<ref name=":2" /> The Neue Zürcher Zeitung described stock exchange television as a world first and devoted a technology supplement to this technical development.<ref>{{citation|editor-surname1= Neue Zürcher Zeitung|title=Die Fernseh-Kursübermittlungsanlage in der Effektenbörse Zürich|issue=1056|date=1961-03-22|language=German }}</ref>
Ticker AG changed its name to Telekurs AG.<ref>{{cite web|title=Profil – Unsere Geschichte|periodical=|publisher=|url=https://www.six-group.com/financial-information/de/home/profile.html|access-date=2018-12-16|last=|date=|year=|language=|pages=|quote=|archive-date=2018-11-27|archive-url=https://web.archive.org/web/20181127193644/https://www.six-group.com/financial-information/de/home/profile.html|url-status=dead}}</ref>
=== 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.<ref name=":2" /><ref>{{cite web|last=|first=|date=|year=|title=Das Swiss Interbank Clearing (SIC)|url=https://www.snb.ch/de/iabout/paytrans/sic/id/paytrans_swiss_interbank_clearing|access-date=2018-12-17|website=|publisher=Schweizer Nationalbank|pages=|language=|format=|quote=|periodical=}}</ref> 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.<ref name=":0">{{cite web|title=Was SIX ausmacht|periodical=|publisher=|url=https://www.six-group.com/de/home/company/overview-of-six.html|access-date=2018-12-16|last=|date=|year=|language=|pages=|quote=|archive-date=2018-09-04|archive-url=https://web.archive.org/web/20180904182213/https://www.six-group.com/de/home/company/overview-of-six.html|url-status=dead}}</ref>
=== 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.<ref name=":3">{{cite web|last=|first=|date=May 2009|title=Das Effektenabwicklungssystem SECOM|url=https://www.snb.ch/de/mmr/reference/secom/source/|access-date=2018-12-17|website=|publisher=Schweizer Nationalbank|pages=|language=|format=|quote=|periodical=}}</ref> The prerequisite for this step was a link to the ''SECOM'' System for ''SEGA'' and to the interbank payment system SIC, which operated Telekurs.<ref name=":3" />
=== 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.<ref>{{cite web|title=euroSIC|periodical=|publisher=Swiss Euro Clearing Bank|url=https://secb.de/de/leistungen/eurosic|format=|access-date=2018-12-17|last=|date=|year=|language=|pages=|quote=|archive-date=2018-12-27|archive-url=https://web.archive.org/web/20181227181515/https://secb.de/de/leistungen/eurosic|url-status=dead}}</ref> ''SEGA'' merged with ''INTERSETTLE'' to form the SIS Group. ''INTERSETTLE'' was previously responsible for securities settlement downstream of stock exchange trading.<ref>{{cite web|title=Company Overview of SIX SIS AG|periodical=|publisher=Bloomberg.com|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=5705228|format=|access-date=2018-12-17|last=|date=|year=|language=en|pages=|quote=}}</ref>
=== 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.<ref name=":6">{{cite web|title=Schweizer Finanzmuseum|periodical=|publisher=|url=https://www.finanzmuseum.ch/de/home.html|access-date=2018-12-16|last=|date=|year=|language=|pages=|quote=}}</ref>
=== 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.<ref name=":4">{{cite news|title=Weko verhängt Millionenbusse gegen Six-Gruppe|newspaper=Tages-Anzeiger|url=https://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Weko-verhaengt-Millionenbusse-gegen-SixGruppe/story/15087324|format=|access-date=2018-12-16|last=|date=2010-12-14|language=|pages=|quote=}}</ref> 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.<ref name=":4" />
=== 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.<ref>{{cite web|title=Konzernstruktur nach Fusion von SWX, SIS und Telekurs durch Aktionäre gutgeheissen|periodical=|publisher=Radio B: Die Stimme der Vernunft|url=https://radiob.wordpress.com/2007/09/12/konzernstruktur-nach-fusion-von-swx-sis-und-telekurs-durch-aktionare-gutgeheissen/|format=|access-date=2018-12-17|last=|date=2007-09-12|language=|pages=|quote=}}</ref> The company thus covered the business areas of securities trading, stock exchange transactions, financial information and payment transactions.<ref name=":0" />
On 21 August 2008, Swiss Financial Markets Services Ltd was renamed SIX Group Ltd.<ref>{{cite web|title=Telekurs Multi Solutions AG wird zu SIX Multi Solutions AG|periodical=|publisher=|url=https://www.six-group.com/dam/download/media-releases/2008/media_release_200809260000_de.pdf|format=|access-date=2018-12-16|last=|date=2008-09-26|language=|pages=|quote=|archive-date=2018-11-27|archive-url=https://web.archive.org/web/20181127152024/https://www.six-group.com/dam/download/media-releases/2008/media_release_200809260000_de.pdf|url-status=dead}}</ref>
=== 2016: Mobile payment with Twint === Together with various Swiss banks, SIX launched and established the mobile payment solution TWINT.<ref>{{cite web|title=Gemeinsame Mobile – Payment – Lösung für die Schweiz beschlossen|periodical=|publisher=|url=https://www.six-group.com/dam/download/media-releases/2016/0527-d-MM_MobilePayment.pdf|format=|access-date=2018-12-16|last=|date=2016-05-27|language=|pages=|quote=|archive-date=2018-11-27|archive-url=https://web.archive.org/web/20181127193548/https://www.six-group.com/dam/download/media-releases/2016/0527-d-MM_MobilePayment.pdf|url-status=dead}}</ref>
=== 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.<ref>{{cite web|title=Strategische Partnerschaft zwischen Worldline und SIX zur Konsolidierung des europäischen Zahlungsverkehrs unterzeichnet|periodical=|publisher=|url=https://de.worldline.com/de/home/newsroom/press-releases-general/2018/pr-2018_05_16_01.html|access-date=2018-12-16|last=|date=|year=|language=|pages=|quote=}}</ref>
=== 2020: Purchase of Bolsas y Mercados Españoles (BME) === SIX finalised the purchase of the Spanish BME in 2020.<ref>{{Cite web|url=https://www.bolsasymercados.es/ing/Media/Press-Release/20200903/nota_20200907_3/SIX_to_Exercise_the_Squeeze_out_Right_for_Remaining_BME_Shares|title = SIX to Exercise the Squeeze-out Right for Remaining BME Shares | BME Bolsas y Mercados Españoles}}</ref>
=== 2024: Acquisition of FactEntry === On March 27, 2024, SIX acquired a majority stake in [https://www.factentry.com/ FactEntry], a global provider of fixed income reference data, analytics, and solutions for financial market participants.<ref>{{Cite web |date=2024-03-28 |title=SIX Acquires Majority Stake in Global Fixed Income Data and Solutions Provider FactEntry |url=https://www.six-group.com/en/newsroom/media-releases/2024/20240328-six-factentry.html |access-date=2024-08-29 |website=SIX |language=en}}</ref>
=== 2025: Acquisition of Aquis === In July 2025, SIX completed its acquisition of Aquis, a pan-European stock exchange and technology provider, in a deal valued at approximately £207 million.<ref>{{Cite web |last=Preece |first=Claudia |date=2025-07-01 |title=SIX closes Aquis acquisition |url=https://www.thetradenews.com/six-closes-aquis-acquisition/ |access-date=2025-07-30 |website=The TRADE |language=en}}</ref> Following the acquisition, SIX and Aquis had access to 16 capital markets across Europe and roughly 15% of the region’s equity trading activity. The deal was first reported in November 2024.<ref>{{Cite news |date=2024-11-11 |title=Swiss market operator SIX to acquire UK's Aquis |url=https://www.reuters.com/markets/deals/swiss-bourse-operator-six-acquire-uks-aquis-exchange-2024-11-11/ |access-date=2025-07-30 |work=Reuters |language=en}}</ref>
== Services (selection) ==
=== Securities trading via SIX Swiss Exchange === {{Main|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.
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.<ref>{{cite web|last=|first=|date=2015-07-10|title=SIX Securities Services AG veräussert SIX SAG AG an Computershare|url=https://www.moneycab.com/2015/07/10/six-securities-services-ag-veraeussert-six-sag-ag-an-computershare/|access-date=2018-12-17|website=|publisher=moneycab|pages=|language=|format=|quote=|periodical=}}</ref> The SIX Securities Services division acts as a counterparty between trading parties throughout Europe (central counterparty).<ref name=":3" /> This service serves to reduce the risks of both buyers and sellers (clearing).<ref name=":3" /> Thereafter, SIX settles the transactions electronically (settlement). This includes real-time payments from one bank to another.<ref name=":3" />
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.<ref>{{cite web|title=Produktbeschreibung|periodical=|publisher=|url=http://www.terravis.ch/de/home/auskunft/produktbeschreibung.html|access-date=2018-12-17|last=|date=|year=|language=|pages=|quote=}}</ref>
=== SIX Interbank Clearing === '''SIX Interbank Clearing AG''' (before November 2008: '''Swiss Interbank Clearing AG'''), based in Zürich, Switzerland, is a subsidiary of SIX Group. Since 1987 SIX Interbank Clearing has operated on behalf of the Swiss National Bank a payment platform for the processing of domestic and international payments (clearing) in Swiss francs and, since the introduction of the euro, also of payments in euros. This platform - which includes the Swiss Interbank Clearing system for francs and Swiss Euro Clearing Bank (euroSIC) for euros - connects virtually all Swiss financial institutions and a number of banks outside Switzerland. This makes it possible for financial institutions worldwide to handle electronic payments in euros and Swiss francs in Switzerland around the clock in real time.<ref>{{cite web |url=http://www.snb.ch/en/iabout/paytrans/sic/id/paytrans_SIC_Hauptmerkmale/4 |title=Swiss Interbank Clearing (SIC) - Milestones |publisher=Swiss National Bank |accessdate=June 4, 2011 |archive-date=November 7, 2007 |archive-url=https://web.archive.org/web/20071107132203/http://www.snb.ch/en/iabout/paytrans/sic/id/paytrans_SIC_Hauptmerkmale/4 |url-status=dead }}</ref>
SIX Interbank Clearing also participates in various committees to standardize national and international payments (IBAN and SEPA) and maintains the tables, history and ongoing discussion for ISO 4217, the ISO standard that defines international currency codes.<ref>{{cite web|url=http://www.currency-iso.org/en/home/amendments/secretariat.html|title=Currency Code Services – ISO 4217 Maintenance Agency|accessdate=2013-03-25}}</ref>
=== Swiss Euro Clearing Bank === The '''Swiss Euro Clearing Bank''' or '''SECB''' is a special-purpose bank based in Frankfurt, Germany, whose role is to facilitate transactions in euros by banks in Switzerland and Liechtenstein. It is the centerpiece of the '''euroSIC''' system, which is the euro counterpart to the '''Swiss Interbank Clearing''' ('''SIC''') system for transactions in Swiss francs.<ref name=secb>{{cite web |website=secb.de |title=SECB Swiss Euro Clearing Bank GmbH |url=https://www.secb.de/en/home.html |access-date={{date|2024-12-25}}}}</ref>
SECB was established in 1998 and started operations on {{date|1999-1-1}},<ref name=secb/> the same day as the euro was introduced as single currency of 11 member states of the EU. It settles transactions in euros that are processed on the SIC system, thanks to its access to the TARGET Services platform of the Eurosystem.<ref name=FRBNY>{{citation |author=Morten L. Bech, Christine Preisig, & Kimmo Soramäki |url=https://www.newyorkfed.org/medialibrary/media/research/epr/08v14n2/0809prei.pdf |journal=FRBNY Economic Policy Review |date=September 2008 |title=Global Trends in Large-Value Payments |publisher=Federal Reserve Bank of New York}}</ref>{{rp|66}}
Use of SECB is not obligatory. In the mid-2000s, UBS preferred to process transactions in euro via its own direct access to the German real-time gross settlement system, which was subsequently replaced by TARGET2.{{R|FRBNY|p=66}}
Originally owned by several Swiss financial sector participants, SECB has been a fully owned by SIX Group since 2018.<ref>{{cite web |website=SIX Group |url=https://www.six-group.com/en/newsroom/archive/2018/20180903-secb.html |date={{date|2018-9-3}} |title=SIX Increases Its Stake in SECB GmbH to 100%}}</ref>
=== Financial information === Within the business unit Financial Information, SIX obtains real-time financial data from foreign stock exchanges and companies and distributes it further.<ref name=":5">{{cite web|title=Die Produktpalette von SIX Financial Information|periodical=|publisher=SIX-Group|url=https://www.six-group.com/financial-information/dam/downloads/products_solutions/general_overviews/SIX_brochure_product_overview_de.pdf|format=|access-date=2018-12-17|last=|date=|year=|language=|pages=|quote=|archive-date=2018-12-27|archive-url=https://web.archive.org/web/20181227133148/https://www.six-group.com/financial-information/dam/downloads/products_solutions/general_overviews/SIX_brochure_product_overview_de.pdf|url-status=dead}}</ref> This includes basic information on listed companies (reference data) and information on measures affecting the capital and voting rights of shareholders (corporate actions).<ref name=":5" /> In addition, SIX clients can keep up to date on prices and market rates for around 15 million financial instruments.<ref name=":5" /> In addition, SIX calculates indices such as the Swiss Market Index (SMI) or the Swiss Bond Indices (SBI). Based on SIX financial data, banks and other market participants decide on financial transactions and assess investment risks.<ref name=":5" />
=== 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.<ref>Christoph G. Schmutz: [https://www.nzz.ch/wirtschaft/six-group-geht-im-zahlungsverkehr-mit-franzoesischer-worldline-zusammen-ld.1385769 ''SIX merges with French Worldline in payment transactions''] In: nzz.ch, 15 May 2018, accessed on 30 September 2018.</ref>
== Owner == SIX is owned by around 120 national and foreign financial institutions, which are also the main users of its services. The company is not listed on the stock exchange.<ref>{{Cite web |title=Governance at SIX |url=https://www.six-group.com/en/company/governance.html#scrollTo=ownership |access-date=2024-08-29 |website=SIX |language=en}}</ref>
== 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.<ref name=":6" />
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.<ref>{{cite web|last=|first=|date=2015-08-13|title=SIX startet FinTech-Incubator F10 und will führende Rolle in der Finanzwesen-Digitalisierung einnehmen|url=https://www.it-finanzmagazin.de/six-startet-fintech-incubator-f10-und-will-fuehrende-rolle-in-der-finanzwesen-digitalisierung-einnehmen-18330/|access-date=2018-12-17|website=|publisher=IT-Finanzmagazin|pages=|language=|format=|quote=|periodical=}}</ref> 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.<ref>{{cite news|title=Banken verlieren die Datenhoheit|periodical=nzz.ch|publisher=|url=https://www.nzz.ch/wirtschaft/open-finance-entzieht-banken-die-datenhoheit-ld.1480768|format=|access-date=2019-05-19|last=Daniel Imwinkelried|date=2019-05-14|language=|pages=|quote=}}</ref> UBS, Credit Suisse, Zürcher Kantonalbank, Valiant Bank as well as Raiffeisen Schweiz participate at the project.<ref>{{cite web|last=Samuel Gerber|date=2019-05-15|title=Diese Grossbanken starten zuerst mit dem Open Banking der SIX|url=https://www.finews.ch/news/banken/36508-open-banking-six-ubs-cs-zkb-valiant-raiffeisen|access-date=2019-05-19|publisher=|pages=|language=|format=|quote=|periodical=Finews.ch}}</ref>
== References == {{Reflist}}
== External links == * [http://www.six-group.com/ Website SIX]
{{Authority control}}
Category:Companies based in Zurich Category:Financial services companies of Switzerland