SIX has completed the acquisition of the Swiss Euro Clearing Bank (SECB). SIX has held a 25% stake in SECB since 1999. The other shareholders are the Swiss banks UBS, Credit Suisse and PostFinance, each with a 25% holding. SIX, in its capacity as the core infrastructure service provider of the Swiss financial centre, is SECB’s largest client.
The purpose of SECB’s business is to provide the connection to the main euro clearing systems and to process payment transactions in euros, primarily for banks and financial institutions in Switzerland and Liechtenstein but also in other countries.
In its role as a payments bank for banks, SECB acts as a correspondent bank for these institutions, but at the same time, as the manager of the euroSIC system operated in Switzerland by SIX, it is tasked with supervising and monitoring the system. In addition, it acts as a liquidity manager for the system and as a settlement agent for the system participants.