The Swiss value chain allows the complete electronic integration of securities trading, clearing and settlement as well as payments, thus ensuring efficient and safe settlement of securities transactions on the delivery-versus-payment principle and thereby eliminating settlement risk. The Swiss value chain consists of four elements: (1) the electronic trading platforms Eurex (derivatives) and SIX Swiss Exchange; (2) the central counterparties SIX x-clear, London Clearing House (LCH) and Eurex Clearing; (3) the securities settlement system SECOM; and (4) the payment systems Swiss Interbank Clearing (SIC) and euroSIC. The individual systems of the Swiss value chain are jointly owned by Swiss financial intermediaries. (Except for Eurex, which is owned 50% by SIX Swiss Exchange and 50% by Deutsche Börse AG; Eurex Clearing, in turn, is a subsidiary of Eurex).
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Report "Behind the scenes of financial markets: A look at the Swiss financial market infrastructure"
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Simplified structure of the Swiss value chain
