SIX to Consolidate Its Swiss and Spanish Exchange Platforms

​SIX Group​, a provider of financial market infrastructure services, announced that it will consolidate Bolsas y Mercados Españoles (BME), the Group's Spanish stock exchange subsidiary, and its primary Swiss platform.  

According to the press release, the consolidation of BME and Swiss platform will improve both markets for the benefit of all stakeholders. The Spanish market will continue to be hosted in Madrid and the Swiss market will continue to be hosted in Zurich. Local regulatory oversight for both markets will be maintained.

In a first step, trading and trading-related services for Equities, Equity-like and Fixed Income instruments will be harmonized on the SIX trading platform by extending and optimizing the current SIX capabilities to also address the Spanish market's needs. Along the same lines, market data dissemination will be harmonized for both markets. The scope of the trading platform harmonization process does not include derivative instruments.

As a next step, SIX will consult with Spanish market participants to further refine the scope of the project, leading to detailed specifications and project plan.

The migration of Equities, Equity-like and Fixed Income instruments is envisaged to happen between Q4 2022 and Q2 2023 and will create the foundation for the Spanish along with the Swiss market to be established on one of the leading platforms in Europe – highly tuned for performance and capacity, and state-of-the-art functionalities for the market.

Thomas Zeeb, Global Head Exchanges and Member of the SIX Executive Board: "This is an important step in the integration of BME into SIX. Our Spanish and Swiss teams are working closely together on the best approach to this transition and are evaluating how to most effectively support activities and ensure member conversion. This migration ensures that the market gets to benefit from an enhanced trading platform, extended capabilities, new functionalities as well as simplified and improved systems and technology."