SIX achieves strong results in the first half of 2017 
August 30, 2017

Swiss financial infrastructure provider SIX has just published its results for the first six months of the year.

Highlights include:

SIX posts operating income of CHF 929.7 million for the first half of 2017. Adjusted for special effects in the first half of 2016 (CHF 29.9 million), operating income is up by 4.8 percent. 

Earnings before interest and tax (EBIT) adjusted for special effects rose by 14.7 percent to CHF 164.0 million. 

Group net profit was CHF 124.5 million. Adjusted for the previous year's special effects, this equates to an increase of 18.5 percent. 

Successful opening of the Swiss Finance Museum. 

Operating income in the Swiss Exchange business area rose by 5.7 percent to CHF 101.0 million. At the same time, EBIT increased by 4.2 percent to CHF 35.7 million. The increase in operating income is attributable to the increased volatility in the global markets. The number of stock exchange trades climbed by 2.1 percent compared with the previous year, while trading turnover went up by 5.1 percent. At 67.0 percent, the average market share in trading with Swiss blue chip stock is up on the previous year's level (64.2 percent). 

The SIX Swiss Exchange At Midpoint (SwissAtMid) service was launched successfully. The trading volume is rising steadily and more than half of participants have indicated to SIX they are considering using the service. 

Once again, the Securities Services business area achieved the strongest growth of all the business areas in the first half of 2017. Operating income was CHF 189.1 million, which represents an increase of 9.6 percent compared with operating income in 2016 adjusted for special effects. This growth is largely due to the international securities custody business, which posted both greater deposit volumes and higher interest income. With the launch of the new Tax Reclaim Service as part of a globally innovative overall solution for banks and investors, SIX Securities Services was able to realize market-wide economies of scale and significant cost savings in the banks' operational business field. 

The Financial Information business area posted a decline in operating income of 2.7 percent to CHF 196.0 million due to currency effects and client portfolio reallocations. However, EBIT grew by 6.4 percent to CHF 26.5 million, primarily due to rigorous cost discipline and a reorganization in France, as well as higher financial income.

The Payment Services business area boosted operating income by 6.8 percent to CHF 452.8 million. Net operating income (operating income corrected for interchange) benefited from higher transaction volumes and rose by 2.6 percent to CHF 304.2 million. EBIT (adjusted for special effects) fell by 7.9 percent to CHF 38.8 million, mainly because of the participation in Twint AG and the associated costs.

SIX says it can look back on a strong first half which reflects its successful strategy. On the one hand, it says, this success is due to the consistent focus on the core business and the development of new central infrastructure services for the Swiss financial centre overall. On the other, SIX says it continues to benefit from its broadly diversified business model and strict cost discipline in implementing this strategy. 

Business volume increased further during the strong first half period. Nearly all business areas contributed to the gratifying growth. SIX Swiss Exchange gained three new issuers through the initial public offerings of Galenica Santé, Idorsia and Rapid Nutrition. In fact, SIX was responsible for the second biggest IPO in Europe in the first half of the year, that of Galenica Santé. 

As part of the "ATM Futura" project, the Payment Services business area worked with Credit Suisse to launch the pilot operation of a new uniform software for all Swiss ATMs. 

The Securities Services business area launched another central banking service, Advanced Settlement, which brings substantial increases in efficiency and risk minimization throughout the entire securities settlement process. 

The Financial Information business area introduced a platform for bi-directional exchange of regulatory information in the form of the Regulatory Hub, which enables SIX to bring sellers and producers of financial products together in a comprehensive solution for the first time. SIX says it is thereby assisting financial market participants to comply with new EU regulations while simultaneously boosting their efficiency and taking a new step in industrialization. 

In March 2017, FINMA granted the request submitted by SIX for the CO:RE trading platform to be recognized as a multilateral trading system. This represents a further milestone for SIX in its efforts to implement the regulatory requirements relating to the Swiss value chain. The trading system for repo transactions is already being used by more than 160 national and international institutions including banks, insurance companies and the Swiss National Bank. 

At the end of June, SIX moved into its new premises, the Hard Turm Park building at Pfingstweidstrasse 110, 8005 Zurich. At the same time, the two Zurich offices at Selnaustrasse and Brandschenkestrasse were closed. On completing the move, SIX also opened the new Swiss Finance Museum at Hard Turm Park. 





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Swiss financial infrastructure provider SIX has just published its results for the first six months of the year.

Highlights include:

SIX posts operating income of CHF 929.7 million for the first half of 2017. Adjusted for special effects in the first half of 2016 (CHF 29.9 million), operating income is up by 4.8 percent. 

Earnings before interest and tax (EBIT) adjusted for special effects rose by 14.7 percent to CHF 164.0 million. 

Group net profit was CHF 124.5 million. Adjusted for the previous year's special effects, this equates to an increase of 18.5 percent. 

Successful opening of the Swiss Finance Museum. 

Operating income in the Swiss Exchange business area rose by 5.7 percent to CHF 101.0 million. At the same time, EBIT increased by 4.2 percent to CHF 35.7 million. The increase in operating income is attributable to the increased volatility in the global markets. The number of stock exchange trades climbed by 2.1 percent compared with the previous year, while trading turnover went up by 5.1 percent. At 67.0 percent, the average market share in trading with Swiss blue chip stock is up on the previous year's level (64.2 percent). 

The SIX Swiss Exchange At Midpoint (SwissAtMid) service was launched successfully. The trading volume is rising steadily and more than half of participants have indicated to SIX they are considering using the service. 

Once again, the Securities Services business area achieved the strongest growth of all the business areas in the first half of 2017. Operating income was CHF 189.1 million, which represents an increase of 9.6 percent compared with operating income in 2016 adjusted for special effects. This growth is largely due to the international securities custody business, which posted both greater deposit volumes and higher interest income. With the launch of the new Tax Reclaim Service as part of a globally innovative overall solution for banks and investors, SIX Securities Services was able to realize market-wide economies of scale and significant cost savings in the banks' operational business field. 

The Financial Information business area posted a decline in operating income of 2.7 percent to CHF 196.0 million due to currency effects and client portfolio reallocations. However, EBIT grew by 6.4 percent to CHF 26.5 million, primarily due to rigorous cost discipline and a reorganization in France, as well as higher financial income.

The Payment Services business area boosted operating income by 6.8 percent to CHF 452.8 million. Net operating income (operating income corrected for interchange) benefited from higher transaction volumes and rose by 2.6 percent to CHF 304.2 million. EBIT (adjusted for special effects) fell by 7.9 percent to CHF 38.8 million, mainly because of the participation in Twint AG and the associated costs.

SIX says it can look back on a strong first half which reflects its successful strategy. On the one hand, it says, this success is due to the consistent focus on the core business and the development of new central infrastructure services for the Swiss financial centre overall. On the other, SIX says it continues to benefit from its broadly diversified business model and strict cost discipline in implementing this strategy. 

Business volume increased further during the strong first half period. Nearly all business areas contributed to the gratifying growth. SIX Swiss Exchange gained three new issuers through the initial public offerings of Galenica Santé, Idorsia and Rapid Nutrition. In fact, SIX was responsible for the second biggest IPO in Europe in the first half of the year, that of Galenica Santé. 

As part of the "ATM Futura" project, the Payment Services business area worked with Credit Suisse to launch the pilot operation of a new uniform software for all Swiss ATMs. 

The Securities Services business area launched another central banking service, Advanced Settlement, which brings substantial increases in efficiency and risk minimization throughout the entire securities settlement process. 

The Financial Information business area introduced a platform for bi-directional exchange of regulatory information in the form of the Regulatory Hub, which enables SIX to bring sellers and producers of financial products together in a comprehensive solution for the first time. SIX says it is thereby assisting financial market participants to comply with new EU regulations while simultaneously boosting their efficiency and taking a new step in industrialization. 

In March 2017, FINMA granted the request submitted by SIX for the CO:RE trading platform to be recognized as a multilateral trading system. This represents a further milestone for SIX in its efforts to implement the regulatory requirements relating to the Swiss value chain. The trading system for repo transactions is already being used by more than 160 national and international institutions including banks, insurance companies and the Swiss National Bank. 

At the end of June, SIX moved into its new premises, the Hard Turm Park building at Pfingstweidstrasse 110, 8005 Zurich. At the same time, the two Zurich offices at Selnaustrasse and Brandschenkestrasse were closed. On completing the move, SIX also opened the new Swiss Finance Museum at Hard Turm Park. 



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