Annual Report 2010
Short profile of SIX Group
SIX Group operates the competitive infrastructure underpinning the Swiss financial center, catering to an everincreasing global client base. Its business fields provide infrastructure services relating to securities trading, securities
clearing and settlement, financial information and payment transfers. This includes the operation, regulation and
monitoring of electronic exchange trading, the calculation of indexes, downstream settlement and custody processes
of securities trading, the distribution of reference and market data, operational processes relating to the issuance
and acceptance of credit, debit and prepaid cards, the settlement of cashless transactions and electronic bills, and
interbank payment transactions in Swiss francs and euro.
SIX Group generates around one third of its income abroad and has a presence outside Switzerland in 22 countries,
where almost one third of its employees work. The largest locations are in Zurich, Paris, Vienna, Stockholm, Stamford,
CT (USA) and London.
SIX Group is owned by approximately 150 domestic and foreign banks, which are also its customers. The Group
is subject to consolidated supervision by the Swiss Financial Market Supervisory Authority (FINMA). Due to their
systemic relevance, some of the IT applications operated by SIX Group are subject to supervision by the Swiss­
National Bank.
Image concept and cover picture
The 2010 Annual Report contains ten pairs of photographs illustrating what lies behind SIX Group’s success and its
clear strategic outlook: solution-oriented and productive interaction with clients. To add value for its clients, SIX Group
requires an active exchange of ideas, an in-depth understanding of the challenges faced by clients, a good relationship –
and the dialog that this represents. These surprising photographs are accompanied by quotes from some of SIX Group’s
clients and employees, as well as a short description of the business issue; together they highlight the success stories
throughout the various areas of the Group.
3 SIX Group Annual Report 2010
Table of contents
4
Message from the Chairman and the CEO
8
Report on the 2010 business year
14
Securities Trading business field
20
Securities Services business field
24
Financial Information business field
28
Payment Transactions business field
34
Sustainability
42
Supervision and regulation
46
Organization and competencies
60
Group balance sheet and income statement
64
Addresses
67
Impressum
4 SIX Group Annual Report 2010
Dear shareholders and partners
Dear readers
When SIX Group came into being on 1 January 2008, its
main focus was on forming a strong company that
would be able to meet the challenges presented by the
market and establish a leading international position,
thus giving the Swiss financial center and its participants a real competitive edge.
So where do we stand today? Over the last three eventful years we have had to cope with both the fallout from
the financial crisis and the hurdles that are inevitable
when three companies come together in a merger. This
is a period that we can look back on with pride, given
the amount we have achieved in it: the merger, which
presented a great many organizational challenges, is
now almost complete and our financial results have
been good in all three years. We have shown that we
are more than able hold our own in a competitive market and have continued to build our international business. SIX Group is a strong and stable company, as evidenced by the excellent AA– rating we were recently
awarded by Standard & Poor’s, which in assessing
SIX Group made special mention of our key role as the
operators of Switzerland’s financial market infrastructure, our sound, relatively debt-free balance sheet and
the highly diversified nature of our business, which
allows us to balance out any revenue fluctuations
between divisions, reducing our dependency on the
capital markets. Our stable ownership structure and
financial strength mean that we can make substantial
investments in our operational capabilities as well as in
setting up and expanding our international business.
In 2010, SIX Group expanded its international card business and maintained its position in a number of fiercely
competitive markets, even managing to improve slightly
on the 2009 operating result. However, this positive
result was overshadowed by a number of exceptional
items, including, in particular, a further value adjustment
on assets of the US Eurex subsidiary ISE (International
Securities Exchange), lower income from financial
investments and a significantly weakened euro. While
operating income remained almost unchanged from
2009 at CHF 1,220.5 million, these exceptional items
resulted in Group net income declining by 21.2 % to
CHF 173.6 million. While the euro is forecast to remain
weak in 2011, SIX Group anticipates fundamentally
sound economic conditions for the year ahead; as
such, it expects moderate growth and higher Group net
income.
One of the reasons for founding SIX Group relates to the
regulatory intervention that was expected at an international level and the subsequent opening up of markets.
Our diverse and international outlook in the areas of
securities trading, financial information, post-trading
and payment transactions means we are strategically
well positioned.
Prof. Dr. Peter Gomez and Dr. Urs Rüegsegger
On a regulatory level, the European Union and Commission are proceeding with efforts towards the creation of
a common European capital market. The main aim of
the most recent revision of the Markets in Financial
Instruments Directive (MiFID) is to rectify any distortions
of competition caused by the unequal treatment of trading platforms. There is still a great deal of uncertainty
regarding the structure that a pan-European securities
settlement platform headed up by the European Central
Bank (ECB) would take. Despite this, or indeed because
of it, we must already today work to define the position
of the Swiss financial center and present this definition
jointly to the ECB. The financial center also faces challenges in the form of the current tax policy proposals,
such as a flat-rate withholding tax and other requirements contained in the various taxation treaties that
must be implemented quickly, efficiently and consis­
tently. SIX Group, working together with the relevant
institutions in the Swiss financial center, is heavily
involved in preparatory work in this respect.
Following the announcement of mergers of the Australian and Singaporean stock exchanges and the London
Stock Exchange with the Canadian TME Group, Deutsche Börse and NYSE Euronext announced their plans
to merge the two companies to become the world’s
largest equities and derivatives exchange. The sheer size
of this merger is set to cause significant movements in
the markets. As a long-term business partner of Deut-
sche Börse, we believe that there are real opportunities
to be taken in this process. Deutsche Börse and
SIX Group together operate three successful cross-­
border joint ventures in the area of securities trading
and index services: Eurex, Scoach and STOXX. We are
currently discussing the impact of this transaction with
these joint subsidiaries and are in close contact with our
cooperation partners.
We are convinced that a company as strong and innovative as SIX Group will be able to make a significant contribution to the success of Switzerland’s financial center
and its participants. We would like to thank our clients
and shareholders for their continued support, which
encourages us to continue producing top-end results.
We would also like to thank all of SIX Group’s employees for their strong commitment, which ensures that we
can continue to provide our clients with reliable and efficient service each and every day.
Prof. Dr. Peter Gomez
Dr. Urs Rüegsegger
Chairman of the Board of Directors
Chief Executive Officer
“ Dialog and networking are important
to us, which is why we regularly
organize specialist conferences for
our issuers.”
Marco Estermann
Head Issuer Relations, SIX Swiss Exchange
Networking and know-how for issuers
“ We maintain a regular dialog with
the Swiss stock exchange on issues
related to trading and capital markets.”
Michel Gerber
Head Investor Relations, ABB Asea Brown Boveri, Zurich
The Issuer Relations unit at SIX Swiss Exchange provides
issuers such as ABB with a wide range of additional
­services, including access to the Swiss stock exchange’s
network of contacts, relevant regulatory news, current
information on the trading and liquidity of their securities,
behind-the-scenes market insights and individual assis­
tance with investor relations. Issuer Relations acts as the
issuers’ main point of contact for all stock exchangerelated matters.
8 SIX Group Annual Report 2010
Review of the business year
Continued international growth
SIX Group continued to expand its international
business in 2010, performing well in highly competitive markets. However, the Group’s positive operat­
ing result was somewhat clouded by the euro’s
sharp decline against the Swiss franc and lower average interest rates. Customers were able to benefit
from substantial price reductions throughout the
year. Although operating income was broadly in line
with the prior-year figure at CHF 1,220.5 million,
representing a growth of 6 % in local currencies,
Group net income fell to CHF 173.6 million, a yearon-year decline of 21.2 %. This was largely due to
significantly lower income from financial investments and a value adjustment on assets of Eurex
subsidiary ISE (International Securities Exchange).
To maintain its long-term competitive edge, SIX Group’s
future strategy is focused on firstly, increasing transaction volumes by tapping into new markets and secondly,
introducing new services. This will enable it to benefit
from further economies of scale, which are of key
importance in the infrastructure business. On the other
hand, SIX Group must continue to make productivity
gains if it is to compete on an international level and
maintain its excellent market position.
The solid operating result posted in 2010 is largely a
result of the Group’s expansion of its international card
business, its strong performance in the Securities Trading business field and the tight cost discipline employed
throughout the year. In addition, it also granted its participants significant price reductions, totaling some
CHF 17.1 million. In 2010, SIX Group benefited considerably from improved economic conditions, the high stock
market volatility in the first half of the year and stable
levels of consumer spending in Switzerland. However,
the further value adjustments made to the assets of the
US Eurex subsidiary ISE, the significantly lower income
generated from non-strategic investments and the
euro’s considerable slide against the Swiss franc had a
negative impact on the Group’s result.
Overview of key figures
Key figures
Operating income (in CHF 1,000)
Interest income (in CHF 1,000)
Net commission and services business income
Group net income (in CHF 1,000)
Total assets (in CHF 1,000)
Workforce in full-time equivalents (as at 31 December)
Multiplicators
Return on equity 1 (in %)
Equity ratio (in %)
Operating income per employee 2 (on a full-time equivalent basis) (in CHF 1,000)
1
2
Equity = Average equity between 31.12.2009 and 31.12.2010
Calculated on the number of employees based on the average number of full-time equivalents between 1.1. and 31.12.
2010
2009
(restated)
Deviation
in %
1,220,492
4,346
1,102,153
173,588
5,147,492
3,781.4
1,211,321
8,103
1,056,686
220,289
5,954,034
3,707.1
0.8
– 46.4
4.3
– 21.2
– 13.5
2.0
9.6
35.0
326.0
12.8
30.3
342.8
– 25.0
15.6
– 4.9
9 SIX Group Annual Report 2010
Report on the 2010 business year
Solid operating business
Net interest income declined from CHF 8.1 million to
CHF 4.3 million on the back of lower average interest
rates, while net commission and other services business
income rose by 4.3 % year-on-year, from CHF 1,057 million to CHF 1,102 million. Driven by international growth,
the strongest increase was posted by the Payment
Transactions business field. The Securities Trading business field also performed well despite price reductions
and a loss of market share in the Swiss blue-chip trading
segment. SIX Group’s Financial Information business
field saw revenue fall on the back of the euro’s significant decline. Net trading income dropped by 84.1 %, or
CHF 32.1 million, to CHF 6.1 million; this came about
largely because of valuation losses and lower income
from financial investments resulting from the poorer
year-on-year stock market performance in 2010.
Income from non-consolidated participants came to
CHF – 18.0 million (previous year: CHF – 20.5 million).
The future prospects of US Eurex subsidiary ISE took a
further knock in 2010 as another value adjustment was
made following the one in 2009. Given SIX Group’s 15 %
share in Eurex’s profits, this meant a CHF 53.5 million
write-down on ISE’s assets (2009: CHF 45.4 million). By
contrast, income from non-consolidated participations
rose by CHF 19.4 million. Operating income rose slightly
to CHF 1,220.5 million (+0.8 % year-on-year).
During the year under review, operating expenses rose
by 5.4 % to CHF 874.7 million, while personnel expenses
rose by 5.2 % to CHF 579.6 million, primarily due to the
expansion of the Group’s international business. By the
end of 2010, headcount had increased year-on-year to
3,781.4 full-time equivalents, a rise of 74.3, or 2 %, from
the 2009 figure of 3,707.1. The internationalization of the
card business and increased project volumes led to
other operating expenses rising to CHF 295.1 million
(+5.8 %). Gross income amounted to CHF 345.8 million,
CHF 35.5 million, or 9.3 %, below the prior-year value.
Percentage of turnover by divisions in 2010
Payment Transactions
Cards & Payments 18.0 %
Multipay 19.7 %
Financial Information
23.8 %
Others 1.0 %
Securities Trading
Cash Markets 13.1 %
Eurex 9.7 %
Securities Services
14.7 %
Depreciation and write-offs rose by 5.8 % to CHF 128.9
million as a result of the increased level of fixed and
intangible assets from acquisitions. Taxes were 2.1 %
lower in 2010 than 2009 at CHF 42.9 million. Group net
income after minority interests came to CHF 169.9 million, a year-on-year decline of 21 %.
International growth
SIX Group continued to expand its international business in 2010. As a result, international business rose by
6.3 % to CHF 364.7 million, or around 30 % of operating
income. This growth was driven primarily by the card
business and the related increase in activities at Cetrel in
Luxembourg as well as the ongoing takeover of PayLife
Bank’s card transaction business in Austria. Thanks to
the Austrian market, the total number of card transactions processed by SIX Group rose by around 24 %.
Going forward, international growth in the card business
is set to benefit further from the expansion of SIX Pay,
the pan-European provider of card-based solutions. In
February 2010, SIX Pay was granted a PSD (Payment
Services Directive) license by the Luxembourg financial
supervisory authority (CSSF), meaning that it can now
offer its services throughout the EU. With an international client base, SIX Pay also operates in other non-EU
European markets, processing card payments in 27
10 SIX Group Annual Report 2010
Report on the 2010 business year
countries. It is currently building up branches in its main
target markets – Germany, Poland, Hungary and Italy.
In the clearing business, regulatory interventions in
­various countries have delayed the opening up of markets for clearing organizations and thus access to new
­trading platforms. This has slowed the rapid growth of
clearing transaction volumes targeted by SIX Securities
Services. Based on the number of affiliated stock
exchange platforms, SIX Group is already a leading provider in the European clearing business and is thus in an
excellent position to expand internationally. In 2010,
SIX Securities Services succeeded in adding numerous
exchanges and clients to its clearing business, providing
services to 61 markets across the globe, six more than
in the previous year.
In December 2009, Deutsche Börse and SIX Group
purchased the shares of the former joint venture partner Dow Jones & Company in the index provider
STOXX. The acquisition of STOXX paves the way for
the worldwide expansion of the index business free of
any geographic or product-specific restraints. This will
enable SIX Group to pursue its strategic goal and continue diversifying revenue in the Securities Trading
business field and thereby reduce its dependence on
trading income.
New services
In 2010, the focus in Switzerland was on a number of
innovative financial infrastructure projects. In December, a pilot phase began for Terravis, the new electronic
real estate portal developed by SIX Group as part of the
Federal Department of Justice’s eGris project. Over
time, more and more local communities will be connected to the system, which will initially provide land
registers, credit institutions and notaries with electronic
access to real-estate data.
Another infrastructure project launched was the Swiss
securities database, which from 2011 will provide Swiss
banks with further centralized and automated backoffice functions in the area of internal data preparation.
In terms of the new regulatory requirements for Swiss
banks, SIX Group is also playing a key role in the preparatory work for a potential flat-rate withholding tax.
In April 2010 SIX Telekurs took over CSV, Incorporated’s
evaluated pricing business in the USA, expanding its
range of independent, transparent and well-documented
valuations for fixed income securities and instruments
that are difficult to value or are traded over the counter.
This year saw SIX Swiss Exchange celebrate the tenth
anniversary of its successful range of Exchange Traded
Funds (ETFs). By the end of 2010, 497 index-based products had been admitted to trading, 298 more than
twelve months before. The CHF 71.7 billion of stock
exchange trading turnover generated by ETFs represented a year-on-year increase of 42 %. Equally impressive was the increase in volume of COSI® products (Collateral Secured Instruments), which were launched in
autumn 2009. By the end of 2010, there were 779 such
securities with a total collateral volume of CHF 1.8 billion. November 2010 saw the launch of Exchange-Traded
Products (ETPs), a type of collateralized debt security
mainly comprising commodity-related securities that
complements SIX Swiss Exchange’s existing segments.
Operational excellence
One of the Group’s main aims in 2010 was to strengthen
its operating business. All processes must be of high
quality, reliable and geared to customer needs. In times
of increasing price pressure, operating efficiency is a
crucial factor. The lean-management project, which was
launched in late 2009 with the aim of making systematic and sustainable improvements to working pro­
cesses, was successfully rolled out across the Group in
2010, with the first quantitative results already beginning to emerge.
11 SIX Group Annual Report 2010
Report on the 2010 business year
In 2010, SIX Swiss Exchange further enhanced the performance of its trading platforms by increasing transaction capacity while reducing latency periods. The
improved Proximity Hosting service, which is offered in
conjunction with a number of specialist partners, has
cut down system response times to less than one millisecond.
Only three years after the merger, SIX Group has already
integrated most of its technical systems. The operation
of the financial market infrastructure is extremely stable
and reliable. Economies of scale and efficiency gains
enabled SIX Group to reduce IT and logistics costs by
more than 8 % (volume-adjusted).
Late 2010 saw the launch of a project due to last several years to upgrade the IT infrastructure of SIX Telekurs. This will ensure the reliability, capacity, speed and
flexibility of the company’s financial information systems, meaning customer needs can be met over the
long term.
Personnel changes
In December 2010, Dr. Stefan Mäder took over as CFO.
He joined SIX Group from Zurich Financial Services,
where he was CFO for Europe General Insurance since
2007. From 2004 to 2007, he was CFO of Zurich Switzerland’s life and non-life business. Dr. Mäder’s many years
of experience and broad expertise will doubtlessly be a
major asset for SIX Group in the years to come, particularly with respect to the increasing internationalization of
operations. He succeeds Ursula La Roche-Ender, who at
the end of September 2010 left to take up a new challenge after seven years of hard work helping to expand
the Group.
Continuing competitive pressure
SIX Group expects favorable economic conditions in 2011
despite the Swiss franc’s continued strength against the
euro. The consistently low interest rates and calmer
financial markets are set to aid the continued expansion
Employees by business fields 2010
IT & Logistics 13.7 %
Corporate Center 4.7 %
Securities Trading 6.6 %
Securities Services
12.1%
Payment Transactions
Cards & Payments
23.9 %
Payment Transactions
Multipay 4.9 %
Financial Information
34.1%
of the securities trading and settlement businesses. The
development of international activities will focus on
expanding the international clearing and settlement
businesses at SIX Securities Services and the continued
expansion of the European service platforms in the Payment Transactions business field. Overall, SIX Group
expects a moderate growth in revenue for 2011, with
higher Group net income than in 2009.
“ Our direct and efficient ­communication
enabled us to closely guide LaBranche
Structured Products’ ­onboarding ­process.”
Gregor Braun
Head Member Acquisition, SIX Swiss Exchange
Time to market
“ We found SIX Group’s onboarding
process for the stock exchange trading
­system to be open and uncomplicated.”
Laurent Kssis
Head of ETF Sales Trading, LaBranche Structured Products Europe, London
SIX Swiss Exchange offers its new trading participants a
simple and transparent onboarding process which takes
as little as four weeks. Companies such as LaBranche
Structured Products, one of the fastest-growing and most
active ETP/ETF market makers in Europe, receive specialist support and advice on operational, regulatory and
technical issues throughout the onboarding process for
the SWXess trading platform.
14 SIX Group Annual Report 2010
Securities Trading
Focusing on technology and innovation
Despite challenging market conditions, SIX Group’s
Securities Trading business field enjoyed a successful year in 2010. SIX Swiss Exchange posted record
growth in terms of the number of participants and
products issued, and listed two large-cap issuers
that had relocated to Switzerland. STOXX took over
all index activities for SIX Group and Deutsche
Börse, while Indexium, a new operating company
focusing on index calculations, was launched in
Zurich. Eurex and Scoach, the derivative exchanges
operated together with Deutsche Börse, saw an
increase in their transaction volumes. In 2010, the
Securities Trading business field was still able to
post revenue of CHF 216.9 million (down 2.1 % on
2009), despite drops in revenue resulting from price
reductions and a slight year-on-year decline in market share.
gain an increasing share of a growing market. SIX Group
has been able to remain competitive in the Securities
Trading business over the long term thanks to its low
transaction costs, high-performance trading platforms,
client-oriented value-added services and efficient regulatory processes.
The stock market deregulation triggered by the Markets
in Financial Instruments Directive (MiFID) has resulted in
continuing competitive pressure. While in 2010 the
number of newly founded alternative platforms for stock
exchange trading (multilateral trading facilities, MTFs)
was lower than 2009, with the market even beginning to
consolidate, new providers were nevertheless able to
Stable trading and transaction volumes
SIX Swiss Exchange’s average market share in the
Swiss blue-chip segment declined from 84.9 % in 2009
to 70.6 % in 2010 on the back of the increased volumes
gained by individual MTFs; this is a reflection of the general level of competition faced by the established European exchanges. Revenue in the Securities Trading business field came to CHF 216.9 million, down just 2.1 %
from the 2009 level of CHF 221.5 million, with price
reductions accounting for a drop of CHF 10.9 million.
The stock exchange trading turnover posted by
SIX Swiss Exchange and Scoach Switzerland rose to
CHF 1,191.0 billion, an increase of 5.3 % from 2009
(CHF 1,131.3 billion). The SMI® closed 2010 at 6,436.0
points (down 1.7 % year-on-year) and the SPI®, which
contains most of the companies listed on SIX Swiss
Exchange, at 5,790.6 points (+2.9 %). On-exchange
trade turnover was 0.6 % higher than in 2009 at 35.0
Key figures of the Securities Trading business field (excluding Eurex Group)
Turnover in blue-chip trading by participant location in 2010
Cash Markets division
Revenue 1 (in CHF 1,000)
Workforce (in full-time equivalents)
as at 31.12.
Revenue ¹ per employee ² (in CHF 1,000)
Stock exchange trading turnover 3
(in CHF billion)
Number of transactions 3 (in m)
Number of listed securities
SPI market capitalization (in CHF m)
2010
2009
Change
in %
216,948
249.1
221,549
258.0
– 2.1
– 3.4
856
1,191.0
687
1,131.3
24.5
5.3
35.0
32,984
963,605
34.8
25,680
916,624
0.6
28.4
5.1
Revenue according to the internal management information system
C alculated on the number of employees based on the average number
of full-time equivalents between 1.1. and 31.12.
3
Including Scoach Switzerland Ltd
1
2
SE 1.21%
CH 33.32 %
NL 1.93 %
DE 6.44 %
IE 0.61%
FR 12.00 %
LI 0.10 %
AT 0.01%
GB 44.39 %
15 SIX Group Annual Report 2010
Securities Trading
million transactions. This growth in trade turnover and
the stability of transaction volumes were driven by
SIX Swiss Exchange’s client-oriented stock exchange
services and attractive pricing structure as well as the
high level of volatility in the first half of the year and the
increase in algorithmic trading.
Four new companies were listed on SIX Swiss Exchange
in 2010 (2009: five), with Transocean and Weatherford,
which now each maintain two primary listings, accounting for CHF 37.6 billion of the Swiss exchange’s market
capitalization between them at year-end. With 32,948
securities, the number of listed products reached an alltime high. This corresponds to a growth of 29 % in just
one year, which is a result of the admission to trading of
a large number of structured products.
Efficient technology and processes
In 2010, SIX Swiss Exchange further enhanced the performance of its trading platforms by increasing transaction capacity while reducing latency periods. The
improved Proximity Hosting Service cut down system
response times to less than one millisecond. Indexium, a
company founded by SIX Group together with Deutsche
Börse at the start of 2010, began developing a new
technical platform during the year. Scheduled to be
rolled out from mid-2011, it will be used by SIX Group,
Deutsche Börse and their joint subsidiary STOXX to calculate indices, acting as a competence center in this
growing market segment.
SIX Swiss Exchange further sharpened its competitive
edge by introducing a user-friendly Rule Book (Handels­
reglement), which has been approved by the Swiss
Financial Market Supervisory Authority (FINMA) and
contains internationally compatible regulations. This
played a significant role in attracting eleven new participants, a record figure that largely comprised international companies.
Securities Trading business field
In the Securities Trading business field, more than
260 employees of SIX Group provide comprehensive services for stock exchange trading, in both the
cash and derivatives market. The main focus of its
activities is on the operation of electronic stock
exchange trading platforms, which is complemented by the distribution of information and index
products. SIX Swiss Exchange and SIX Exfeed (raw
market data) are responsible for these core segments of the business field.
Together with Deutsche Börse, SIX Group also operates four significant joint ventures that complete the
range of services in securities trading: Scoach is the
trading platform for structured products, STOXX
calculates and distributes indices on a global scale,
Indexium performs index calculations for SIX Swiss
Exchange and Deutsche Börse, and Eurex is a leading international exchange for standardized derivatives trading. Swiss Fund Data, another associated
company, offers fund information in Switzerland.
Innovative investment segment still going strong
This year saw SIX Swiss Exchange celebrate the tenth
anniversary of its successful range of Exchange Traded
Funds (ETFs). By the end of 2010, 497 index-based products had been admitted to trading, 298 more than twelve
months before. The CHF 71.7 billion of stock exchange
trading turnover generated by ETFs represented a yearon-year increase of 42 %. Equally impressive was the
increase in volume of COSI® products (Collateral Secured
Instruments), which were launched in autumn 2009. By
the end of 2010, there were 779 such securities with a
total collateral volume of CHF 1.8 billion. November 2010
saw the launch of Exchange Traded Products (ETPs), a
type of collateralized debt security mainly comprising
commodity-related securities that complements
SIX Swiss Exchange’s existing segments.
16 SIX Group Annual Report 2010
Securities Trading
STOXX Limited: integration and transformation
Following the late-2009 acquisition by Deutsche Börse
and SIX Group of Dow Jones’ stake in STOXX, 2010 was
spent carrying out integration work. Both SIX Group and
Deutsche Börse transferred their index activities to
STOXX. As at the end of 2010, the company was
engaged in the calculation, development and distribution of around 2,500 indices worldwide; the same figures for Deutsche Börse and SIX Group were 2,700 and
1,750, respectively. STOXX is aiming to become the global provider of and world market leader in indices.
Market conditions for the index business were largely
favorable in 2010: the capital invested in ETFs based on
indices provided by Deutsche Börse, SIX Group and
STOXX increased by 20 % to EUR 67 billion. In 2010,
around 185,000 structured products based on the indices provided by the three companies were issued,
137 % more than in the previous year. In keeping with
the company’s global expansion goals, a number of new
indices were launched as part of the global index family;
these included the STOXX Global 150 Index, which contains the world’s largest and most liquid securities, and
the STOXX Optimised Emerging Markets indices, which
provide improved access to the emerging markets.
Continued growth for Swiss Fund Data
In the year under review, Swiss Fund Data was again
able to significantly increase the number of investment
funds registered in the system. By the end of 2010, the
Swiss Fund Data platform, which has been recognized
by FINMA as an official Internet-based publication platform, was used to publish pricing information, legally
required notifications and other data for 8,138 asset
classes, 608 more than at the end of 2009.
Stable performance in sight
At the start of 2011, SIX Swiss Exchange announced a
price reduction for small- and mid-cap trades to allow
participants to benefit from the increase in operational
efficiency. SIX Group expects the factors relevant for the
Securities Trading business field to continue to recover
into 2011, resulting in a slight increase in trading and
transaction volumes. SIX Group is aiming to retain its
market leadership in Swiss blue-chip trading and to consolidate its position as an international trading center of
first choice. It expects the data and index business to
perform well following the repositioning of STOXX and
the entry into operation of Indexium. Competition for
market share is likely to remain fierce in the blue-chip
segment. SIX Group expects Securities Trading revenue
for 2011 to be slightly lower than in 2010.
Eurex Group
The Eurex futures market recorded a total volume of
2.64 billion contracts in 2010, as compared to 2.65 billion contracts in 2009. Around 1.9 billion of these were
Eurex contracts (2009: 1.7 billion), while 745 million contracts were traded on the American International Securities Exchange (ISE) (2009: 960 million). The most significant results for Eurex in 2010 included its increased
presence in Asia, the expansion of its product range
and its efficient risk and security management process
based on innovative technology. A further value adjustment was made to the intangible assets of the Inter­na­
tional Securities Exchange (ISE) in 2010. This amounted to
EUR 453.3 million and relates to the US equity options
market, which has been stagnating for two years; the ongoing fierce competition in the sector; and the continuing lack of regulatory approval for new functionalities.
SIX Group Annual Report 2010
Securities Trading
Eurex trading volume 2009/2010
contracts (m)
Source: Eurex
Enhanced global presence in 2010
The focus for expansion was on Asian growth markets.
In January, the first Japanese broker connected to Eurex
from Singapore, and the first Chinese broker began trading on Eurex via Hong Kong in March. This was followed
in September by five new participants from Taiwan. The
trading volumes attributable to Asian participants in
2010 rose by 30 % year-on-year.
Thanks to its Trader Development Program, Eurex
Exchange was able to attract 262 new traders from
across the globe in 2010. Instead of having a direct
membership, these traders use the order-routing systems of existing participants and benefit from reduced
trading and clearing fees as well as a wide range of
training courses.
Continued expansion of product range
In 2010, Eurex Exchange launched approximately 200
derivatives based on equities, equity indices, dividends,
volatility and commodities in addition to a new futures
contract on short-term Italian government bonds. In
particular, the exchange-traded derivative launched in
2008 and based on dividends of equity indices and equities has enjoyed a high level of acceptance in the market.
A total of 4.5 million contracts were traded in 2010.
More protection against risks
The security and integrity of the financial markets are
closely linked to effective risk management. Eurex
Clearing’s innovative technological solutions play a key
role in this regard; the clearing house has monitored
derivative position risks since June 2009 in real time. Its
clearing and non-clearing members have had access to
this real-time risk data since March 2010 via the optional
“Enhanced Risk Solution” interface. November saw the
launch of an additional risk management service,
“Advanced Risk Protection”. This service addresses risks
prior to order execution and enables clearing members
and participants to define individual risk limits that are
then automatically monitored.
2009
December
November
October
September
August
July
June
May
April
March
February
260
240
220
200
180
160
140
120
100
January
17 2010
Eurex – key figures
– 2.64 billion contracts on Eurex and ISE
– Eurex: 412 participants with over 8,556 traders
in 28 countries
– ISE: 160 participants in the USA
– Futures and options on the EURO STOXX 50®
Index are the most frequently traded single
product with around 657 million contracts
– Almost 2 billion transactions were processed
by Eurex Clearing
Eurex Repo
Eurex Repo, which operates a total of four repo markets
(Swiss franc Repo, OTC Spot, euro Repo and GC Pooling), continued to grow in 2010. It managed to increase
its number of participants, which were also more international in nature, while trading volumes in the individual markets rose significantly: the average outstanding
total volume increased by 14 % to EUR 221.7 billion
(CHF 303.4 billion). The Swiss-based OTC Spot and
Swiss franc Repo markets reached a new record level of
CHF 146.7 billion (EUR 107.2 billion). The Euro Repo
market operating in Germany also reached an all-time
high of EUR 114.5 billion (CHF 156.7 billion), of which
EUR 91.6 billion (CHF 125.3 billion) was generated by
the GC Pooling collateralized market, an increase of
14 % from 2009. This means that since its market launch
in 2005, GC Pooling has grown at an annual rate of
almost 80 %. The Securities Financing area (SecLend/
COSI®) was also able to generate significant volume
growth in 2010.
“ Deutsche Bank was impressed with our reliable
and reputable clearing services.”
Urs Wieland
Head Risk Management, SIX Securities Services
Secure clearing for international markets
“ We were looking in London
for international experience
and cost e­ fficiency and found it
at SIX Group.”
Paul Reeves
Managing Director, Deutsche Bank, London
Deutsche Bank transferred its entire clearing business on
the London Stock Exchange (LSE) to SIX Securities Ser­
vices, leading to a significant rise in clearing volumes for
SIX Group. SIX Securities Services operates under the
SIX Group umbrella, which gives clients additional certainty that they are dealing with a solid, highly capitalized
partner in a business environment with the necessary
resources – both now and in the future.
20 SIX Group Annual Report 2010
Securities Services
Increase in volume in the international securities business
In the Securities Services business field, the year
under review saw a slight increase in revenue on the
previous year from CHF 230.0 million to CHF 244.5
million. The growth in cross-border settlement
transactions, increase in clearing trades, and new
customer funds offset the low interest rates and rise
in client netting activities in the domestic market.
Following the introduction of the SIX Securities
Services brand, all of SIX Group’s securities services
are now presented under the umbrella of a single
corporate identity.
organizations and thus the opening of markets; this is
hampering SIX Securities Services in meeting its target
of rapidly increasing the volume of clearing transactions. Based on the number of affiliated stock exchange
platforms, the company is a leading provider in the
clearing business and is thus in an excellent position to
expand internationally. SIX Securities Services succeeded in attracting numerous exchanges and clients to
its clearing business in 2010.
In various countries, regulatory interventions are delaying the introduction of interoperability between clearing
Success despite low prices and interest rates
SIX Securities Services increased its revenue to
CHF 244.5 million in 2010 from CHF 230.0 million in
2009. The growth in clearing transactions continued,
with an increase of 24.9 % from CHF 33.4 million in
2009 to CHF 41.7 million in the year under review.
Although the number of cross-border settlement transactions increased by 16.7 % to CHF 5.8 million, the total
quantity of settlement transactions decreased from 28.8
million to 23.4 million. The main reason for this was the
rise in client netting activities, where several small transactions are bundled into a single large transaction. The
influx of new customer funds amounted to CHF 64.6 billion, 15.9 % more than in 2009. The volumes held in client custody accounts fell slightly due to declining euro
Key figures of the Securities Services business field
Deposit volume at SIX SIS
Numerous regulatory initiatives in Europe are creating a
number of challenges with respect to the future framework and general conditions in the Securities Services
business field. In the settlement business, the European
Central Bank’s (ECB) initiative “TARGET2-Securities” to
set up a central infrastructure for settlement in Europe
by 2014 represents an important step. SIX Securities
Services is working closely with the ECB, the Swiss
National Bank (SNB) and its clients to develop potential
options for participation in the initiative.
Securities Services division
2010
2009
Revenue 1 (in CHF 1,000)
244,532
230,034
Workforce (in full-time equivalents)
459.9
411.6
as at 31.12.
Revenue ¹ per employee ² (in CHF 1,000)
561
569
Number of settlement transactions
23,397
28,842
(in 1,000)
Deposit volume (in CHF m)
2,846,559 2,859,554
Increase in customer holdings (in CHF m)
64,613
55,728
Number of clearing transactions
41,680
33,371
(in 1,000)
1
2
Change
in %
6.3
11.7
– 1.4
– 18.9
evenue according to the internal management information system
R
C alculated on the number of employees based on the average number of full-time
equivalents between 1.1. and 31.12.
– 0.5
15.9
24.9
in CHF bn
3,500
3,000
2,500
2,000
1,500
1,000
500
0
3,009
533
443
2,476
3,086
676
2,410
2,448
597
1,851
2006
2007
2008
2,860
759
2,847
718
2,101
2,129
2009
Switzerland
2010
Abroad
21 SIX Group Annual Report 2010
Securities Services
and dollar rates and the flat stock market performance
of Swiss securities from CHF 2,859,554 million in 2009
to CHF 2,846,559 million in the year under review. Interest income remained at a low level due to the continually low interest rates. By the end of 2010, repo services
were being provided to 174 clients, 16 more than the
previous year. While the number of Swiss companies for
whom the division managed share registers fell by nine
to 182, SIX Securities Services was able to increase the
quality of its mandates, meaning that overall it was managing more shareholders than previously.
Market proximity and innovative infrastructure
The launch of SIX Securities Services marked the beginning of a new branding strategy, under which the entire
Securities Services value chain has been presented
under one united and integrated banner since the new
branding was unveiled at the Sibos industry exhibition in
October. Marketing activities were stepped up. In order
to enhance client proximity and align strategic initiatives
with users, SIX Securities Services established a Senior
Advisory Board of high-ranking bank representatives,
which met for the first time in December in London, and
a new sales office was opened in London. SIX Securities
Services provides services for 61 markets across the
globe, six more than in the previous year.
During the year under review, SIX Securities Services
focused on two innovative financial infrastructure
projects in the Swiss market: the electronic land registry
information portal Terravis, a project carried out by
SIX Group together with the Swiss federation and cantons, came into operation in 2010; and preparations
were also made for the implementation of a securities
database, which will provide financial institutions with
centralized and automated back-office functions in the
area of internal data preparation as of 2011.
Positive outlook
SIX Group will continue to implement further price
reductions in the clearing business in 2011. These cost
reductions, which will be generated by the economies
Securities Services business field
SIX Group employs approximately 480 employees
in the Securities Services business field who are
responsible for post-trade stock exchange pro­
cesses. It provides the Swiss financial center
and international markets with an efficient and
largely automated infrastructure.
In the Swiss value chain, SIX x-clear Ltd is responsible for clearing and, as a central counterparty
(CCP), assumes risk management functions for
SIX Securities Services. The following step is the
settlement process, i.e. the electronic settlement
right through to the finalization of transactions.
SIX SIS Ltd is responsible for this process and, as
the domestic central securities depository for assets
and documents, is also responsible for the custody
business. SIX SAG Ltd, the final link in the SIX Securities Services chain, manages share and special
share registers in Switzerland and organizes general
meetings.
of scale achieved through the expansion of cross-border
activities, will be passed on to its clients.
SIX Securities Services will lobby the respective international authorities for swift progress in liberalizing the
clearing and settlement businesses together with a suitable level of regulation. Given the increase in netting
rates, SIX Group expects to see a further decline in settlement transactions in 2011, although cross-border settlement transactions and clearing volumes are likely to
pick up again. Overall, the company forecasts a slight
increase in revenue.
“ Our in-depth understanding
of Russell Investments’ needs
allows us to focus on developing
exactly the right solutions.“
Neil Thomas
Senior Sales Executive, SIX Telekurs
Real-time market data and innovative solutions
“ We need creative solutions for our
­products, and that’s exactly what the
data specialists at SIX Group provide.”
Anne Johnstone
Director of Global Index Operations, Russell Investments, Edinburgh
For many years now, SIX Telekurs has worked closely with
Russell Investments, a global provider of investment ser­
vices and consultancy for institutional and private clients.
Russell Investments uses the data provided by SIX Telekurs
as the source for its global indices. Its services include
real-time market data, corporate actions and calculating
indices – all core competencies of SIX Telekurs.
24 SIX Group Annual Report 2010
Financial Information
Reinforcing core competencies
SIX Telekurs, the SIX Group company responsible for
the Financial Information business field, used 2010
to expand the number of financial instruments it covers and build on its position as market leader in the
reference data business. The internal integration
process ran according to schedule, and the company
entered into a number of new strategic partnerships
in the areas of data procurement and distribution.
During the year under review, SIX Group embarked
on a comprehensive program to upgrade the IT infrastructure used by SIX Telekurs. Revenue for the year
declined by 5.2 % to CHF 394.1 million (2009:
CHF 415.8 million), primarily due to currency movements.
The number of financial instruments covered by SIX Tele­
kurs rose by 21.6 % to 6.8 million during the year under
review. Revenue was down for the year at CHF 394.1
million, a drop of 5.2 % from the prior-year figure of
CHF 415.8 million. Reasons for this decline included
unfavorable euro, Swedish krona, British pound and US
dollar exchange rates against the Swiss franc and, to
a lesser extent, the loss of revenue from the French
company La Cote Bleue, which was sold in 2009. While
revenue rose in the market data area during 2010, it
declined in display services and remained steady in the
areas of securities data and special solutions. Factoring out
the impact of exchange-rate movements, SIX Telekurs
posted revenue in line with that of the previous year.
The Financial Information business is dominated by an
increasing number of data sources and financial instruments, with the latter becoming ever more complex in
nature. Product migrations and corporate mergers have
brought about an ongoing period of consolidation in the
market for financial information providers. SIX Telekurs
has responded to these challenges by upgrading its
technology, strengthening its securities data business
and launching a new range of special client-oriented
solutions.
Integration processes and system upgrade
SIX Telekurs continued with the restructuring processes
in Scandinavia and the migration of former Fininfo customers in France to its products as planned.
Key figures of the Financial Information business field
Number of financial instruments
Financial Information division
Revenue 1 (in CHF 1,000)
Workforce (in full-time equivalents)
as at 31.12.
Revenue ¹ per employee ² (in CHF 1,000)
Number of financial instruments (in m)
Number of price telegrams per year
(output, in bn)
1
2
2010
2009
Change
in %
394,118
1,289.0
415,836
1,303.5
– 5.2
– 1.1
304
6.8
630.0
323
5.6
383.0
– 5.9
21.6
64.5
evenue according to the internal management information system
R
C alculated on the number of employees based on the average number
of full-time equivalents between 1.1. and 31.12.
In April the company took over CSV, Incorporated’s
evaluated pricing business in the USA, which provides
clear and transparent valuations of fixed income securities as well as instruments that are difficult to value or
are traded over the counter. This service offering repre-
in m
7.00
6.50
6.00
5.50
5.00
4.50
4.00
3.50
3.00
2.50
6.8
5.6
5.1
3.8
3.0
2006
2007
2008
2009
2010
25 SIX Group Annual Report 2010
Financial Information
Number of price telegrams (output)
in bn
800
700
600
500
400
300
200
100
0
630.0
383.0
306.0
57.3
83.2
2006
2007
2008
2009
2010
In 2008, the introduction of additional systems resulted in an increase in processing capacities
for price telegrams. SIX Group now shows the processed price telegrams of all systems
for the years 2008 to 2010.
sents one of the company’s key strategic focuses. By
entering into further partnerships, SIX Telekurs broadened the range of risk information, fund data and financial news it offers as well as expanded its distribution
channels.
To ensure the long-term reliability, capacity, speed and
flexibility of its financial information systems, late-2010
saw Telekurs launch a project to upgrade its IT infrastructure, which is due to last several years.
Market-oriented services and products
In 2010, SIX Telekurs organized a series of events to provide customers with information on regulatory issues;
the “SIX Telekurs Securities Valuations Roadshow” was
held in 15 cities across the globe. SIX Telekurs places
great emphasis on providing its customers with the support needed to meet ever more complex compliance
requirements.
In the Valordata Feed (VDF) the company developed a
new messaging system for underlying information as
well as redemption and interest terms. Customers can
use the improved information on structured products to
better evaluate investment strategies and potential
investment risks attached to individual financial instruments. SIX Telekurs received confirmation of its strong
position in the reference data business by winning first
prize in the “Best Corporate Actions Data Provider” category at the Inside Reference Data Awards in New York.
The year under review saw the Telekurs iD display product receive a new structure and enhanced functionality.
Given the huge amount of data offered by SIX Telekurs,
the modularly structured Telekurs iD’s intelligent interfac­
ing system simplifies the working processes, providing
flexible support to all segments of the financial sector.
Financial Information business field
SIX Group operates its Financial Information business field primarily via its subsidiary SIX Telekurs,
which has branches in 23 countries and employs
over 1,300 staff.
SIX Telekurs provides its customers with high-­
quality reference data and valuations as well as realtime market information for efficient securities
processing. In so doing, the international financial
information provider also helps customers to minimize risk and meet regulatory requirements. The
display products offered by SIX Telekurs provide
access to all available data on approximately 6.8 million financial instruments. In addition to standardized products and services, SIX Telekurs also develops individual data processing solutions. The
Financial Information business field also features
the Bienne-based company Rolotec (software solutions) and the French company EuroPerformance
(fund data).
Investing in the future
SIX Group expects 2011 to bring a slight increase in revenue for the Financial Information business field. The
focus for SIX Telekurs will be on the comprehensive IT
platform upgrade. The company will aim to consolidate
its strong position in the core markets of Switzerland,
France, Benelux and Scandinavia and in the area of
securities data services. The greatest potential for
growth appears to lie in the USA, UK and Germany.
SIX Telekurs will continue to streamline its product
range and enhance its offering of evaluated services
and client-specific solutions.
“ Our complete solution package
helps the Mövenpick Group simplify
its ­processes and realize synergies.”
Christian Gumy
Head of Key Account Management Hospitality, SIX Pay
Growing with our clients
“ We value being able to work together with a partner
that provides a standardized platform for cashless payments
throughout Europe.”
Stefan Graf
CIO, Mövenpick Group, Switzerland
SIX Pay developed a comprehensive cashless payment
solution for Mövenpick, a group that operates throughout
the world, that it could use in its hotels, wine cellars and
restaurants. Card acceptance and payment settlement
processes were standardized in Switzerland and Germany
based on the existing infrastructure and the payment
­t erminals available. The solution is now being implemented step-by-step in other countries.
28 SIX Group Annual Report 2010
Payment Transactions
International growth from a strong starting position
In the Payment Transactions business field, SIX Group
grew its acquiring activities strongly in a number of
new European target markets in 2010, having fulfilled the necessary regulatory requirements at the
start of the year. In the processing business, the
Group pressed ahead with the migration of its wideranging card processing portfolio in Austria, while
expanding its credit issuing processing solutions in
Luxembourg. During the year under review, the
transaction volume increased by 23.9 %, with revenue rising by 8.4 % to CHF 667.7 million.
For a number of years now, the European Union and the
European Central Bank have been pushing ahead with
the creation of a Single Euro Payments Area (SEPA).
Despite progress being made in the project led by the
European Payments Council (EPC) to introduce SEPA
transfers and SEPA direct debits, the SEPA migration
itself has been delayed. The aim of this migration is to
comprehensively harmonize the standards and pro­
cesses related to cashless payment transactions across
Europe, thus liberalizing and opening up the eurozone
markets. Increasing price pressures in the acquiring and
processing businesses are already resulting in falling
margins and consolidation. The further implementation
of SEPA will sooner or later accelerate this consolidation
Key figures of the Payment Transactions business field
Transaction processing in the cards and payment transfer business
Acquiring business
Revenue 1 (in CHF 1,000)
Workforce (in full-time equivalents)
as at 31.12.
Revenue ¹ per employee ² (in CHF 1,000)
Credit card turnover (in CHF m)
Number of debit card transactions
(in m)
Number of credit card transactions
(in m)
2010
2009
Change
in %
325,551
183.9
315,716
156.4
3.1
17.6
1,913
12,702
254.9
2,051
11,882
237.0
– 6.7
6.9
7.5
91.7
83.6
9.7
Processing business
Revenue 1 (in CHF 1,000)
– for cards
– for payments
Workforce (in full-time equivalents)
as at 31.12.
Revenue ¹ per employee ²
(in CHF 1,000)
Number of transactions in card
business (in m)
Number of payment transactions (in m)
1
2
342,121
308,429
33,692
903.9
300,249
266,888
33,361
880.4
13.9
15.6
1.0
2.7
383
417
– 8.0
1,916.6
1,477.2
29.7
445.9
429.5
3.8
T urnover revenue according to the internal management information system
C alculated on the number of employees based on the average number of full-time
equivalents between 1.1. and 31.12.
in m
2,362
2,400
2,300
2,200
2,100
2,000
1,907
1,900
1,800
1,700
1,600
1,500
1,400
1,300
1,200
1,100
1,470
1,253
1,106
1,000
2006
2007
2008
2009
2010
The figure contains the processed transactions from the acquiring and issuing processing
of the card business as well as the processed transactions in the payment transfer business
(SIC, euroSIC, LSV and Paynet). 694.1 million transactions resulted from Cetrel and
SIX Card Solutions Austria.
29 SIX Group Annual Report 2010
Payment Transactions
Transaction turnover with credit cards
in CHF m
13,000
12,289
12,000
11,000
10,000
9,000
12,702
11,882
11,112
9,605
8,000
7,000
6,000
2006
2007
2008
2009
2010
The figure contains the turnover in credit card transactions processed by Multipay
in Switzerland and abroad.
process. Even in such competitive market conditions,
SIX Group’s integrated service offering and technological leadership places it in an ideal position to post solid
growth internationally, generate further economies of
scale and thus sharpen its competitive edge.
Acquiring business expands to 27 European countries
With SIX Multipay, SIX Group is the Swiss market leader
for card acceptance, offering all the key payment cards.
Based on its strong position in its domestic market,
SIX Group is expanding rapidly into other European
countries, positioning itself as a leading acquirer and
provider of payment services. SIX Pay, a Luxembourgbased company that began operating in mid-2009, was
granted a PSD (Payment Services Directive) license by
the Luxembourg financial supervisory authority (CSSF)
in February 2010, meaning it can now offer its services
throughout the entire European Union. With an international client base, SIX Pay also operates in other non-EU
European markets. It processes card payments in 27
countries and is currently in the process of opening
branches in Germany, Poland, Hungary and Italy.
Growth in the credit card business
Two opposite trends played out in the credit card business in 2010; on the one hand, market growth was not
as strong as in previous years, but on the other, the economic recovery rejuvenated consumer spending.
SIX Group’s revenue in the acquiring business increased
from CHF 315.7 million in 2009 to CHF 325.6 million in
2010. The number of debit card transactions in Switzerland rose by 7.5 % to 254.9 million. The high share of
payments in the food and retail sector ensured continuity in this segment, while transaction revenue in the
credit card business rose thanks to the ongoing expansion abroad. The distance payment business (payment
via the Internet or phone) also posted strong growth, as
did Dynamic Currency Conversion (DCC, +10.1 % transaction revenue), which enables the holders of foreign
cards to make payments in Switzerland in the card’s
currency and now also allows cash withdrawals from all
Swiss ATMs.
Payment Transactions business field
SIX Group’s Payment Transactions business field
offers secure, customer-friendly solutions for the
card business and electronic payments. The Multipay division is responsible for the acquiring business, while the Cards & Payment division oversees
the processing business. Over 1,100 staff members
assist customers from 27 European and six nonEuropean countries in Switzerland and in seven
­foreign branches.
As an internationally operating sales and marketing
organization, the Multipay division featuring
SIX Multipay, SIX Pay and SIX Multi Solutions provides acceptance and processing of card-based
means of payment in Switzerland and across
Europe. Multipay offers intelligent cashless solutions for all payment amounts via the card products
Visa, MasterCard, Diners Club, Discover, JCB, China
UnionPay, V-Pay, Maestro and the prepaid chip
CASH. It also offers merchants value-added ser­
vices such as DCC (Dynamic Currency Conversion),
mobile vouchers for prepaid mobile phones, Mobile
Coupons for sending vouchers by SMS and GiftCards that can be electronically processed.
Cashless payments processing is the domain of the
Cards & Payments division, comprising SIX Card
Solutions, Cetrel, SIX Interbank Clearing and
SIX Paynet. As the leading Swiss processor of
credit, debit and client cards, Cards & Payments
develops and operates an open platform for cardbased payments. It operates the SIC interbank payment system for payments in Swiss francs and, on
behalf of the Swiss banks, the euroSIC interbank
payment system for payments in euro, both of
which are supervised by the Swiss National Bank.
It also operates the LSV direct debit procedure and
PayNet, an e-bill processing network.
30 SIX Group Annual Report 2010
Payment Transactions
pilot trial, Media Markt has launched Mobile Coupon in
all of its Swiss branches.
Percentage of transaction types
offered by the Cards & Payments division in 2010
Direct debits and electronic
invoices 2.0 %
Interbank payment
systems SIC and
euroSIC 16.9 %
Value-added
services such as
GiftCard, Mobile
Vouchers etc. 2.8 %
ATM transactions
9.1%
Payments with
credit, debit and
prepaid cards
49.1%
Transactions for issuers
of debit and bank cards 20.2 %
Expanded and updated service offering
Switzerland is one of the most important markets in
Europe for China UnionPay, a Chinese bank card company. At the end of November 2010, SIX Multipay
accepted the first payment in Switzerland made using a
China UnionPay credit card. There are currently 2.1 billion UnionPay cards in circulation in China. Given the
increasing number of Chinese tourists, there is significant potential for SIX Group in the tourism and high-end
segments. This collaboration with China UnionPay complements SIX Multipay’s wide range of services in the
field of credit and debit card acceptance.
After Swiss banks decided to stop integrating the prepaid
CASH function with their Maestro cards, SIX Multipay
has offered this as an independent service since September 2010. At that point 265,000 cardholders used
CASH to make small payments at over 13,000 points of
sale. SIX Multipay will continue to operate its CASH
service and expand the number of acceptance points.
Existing holders of Maestro cards will be able to use the
CASH function until their cards are next reissued. Great
strides are also being made in SIX Multipay’s valueadded services, which include mobile vouchers (loading
credit on prepaid mobile phones), gift card programs
and Mobile Coupon (electronic vouchers via SMS), a
service that was launched in 2010. After a successful
To further increase security when making card payments, the Personal Account Number (PAN) Truncation
system was implemented in 94 % of SIX Multipay terminals. The end result of this project, which took more
than two years to complete, is that sales receipts will
no longer show the entire card number, only the last
four digits.
Increased volume in the processing business
By leveraging its technological advantage and integrated business model, SIX Group aims to continue
growing its transaction volumes in the processing business. This applies to both card-based payments and
electronic payment systems, which include SIC and
euroSIC (interbank payment transactions) as well as
direct debits and electronic billing.
In 2010, SIX Group continued the dynamic expansion of
its processing business, a strategy which is based on
growth abroad. This growth was driven by SIX Card
Solutions’ ongoing takeover of the card processing
operations of PayLife, the Austrian market leader in
cashless payments, and the expansion of Cetrel’s activities in Luxembourg. Revenue in 2010 amounted to
CHF 342.1 million – CHF 41.9 million, or 13.9 %, more
than in 2009. The number of processed transactions
rose from 1,906.7 million to 2,362.5 million; the Austrian market accounted for most of this increase, with
385.7 million transactions. SIX Card Solutions has
grown to become market leader in the processing business not only in Switzerland but also in Austria and
­Luxembourg. In Switzerland, e-billing is becoming ever
more popular; in 2010, 130,000 new customers registered for e-banking, taking the total number of clients
of Swiss financial institutions registered with PayNet to
390,000. This increased demand was driven by a marketing campaign and an increase in the number of billers signed up to the scheme, all of which resulted in a
60 % rise in the billing volume.
31 SIX Group Annual Report 2010
Payment Transactions
In 2010, SIX Group used its stake in Luxembourg-based
Cetrel to start expanding its international range of creditissuing processing solutions, which encompasses settlement processes in relation to card issuance and management. In Austria, the takeover of PayLife’s card
processing operations is well under way, with the full
migration to the systems of SIX Card Solutions set to be
completed on schedule in 2011. In the area of payment
terminals, the pilot phase for the xenta contactless readers was successfully concluded and the new davinci terminal model was granted PCI (Payment Card Industry)
security certification. During the year, SIX Card Solutions received an order from Austrian Federal Railways
for more than 1,400 davinci and xenta payment terminals to be installed in its ticket machines and counters.
Interbank payment transactions
In the year under review, SIX Interbank Clearing settled
a total of 399.7 million transactions via the SIC and
euroSIC payment systems, 13.6 million or 3.5 % more
than in the previous year. Transaction revenue amounted
to CHF 55.8 trillion.
There is no letup in the interest shown by foreign banks
in having their Swiss-franc payments processed via SIC.
Of the 374 SIC participants, by the end of 2010, 104 of
these were based outside Switzerland, with the majority
coming from Germany (45), the UK (24) and Austria (23).
The support for domestic and foreign financial institutions in introducing and settling SEPA-compliant transfers and direct debits is having a positive effect: over the
course of recent years, in addition to banks from Germany, Spain and Monaco, seven financial institutions
from Luxembourg have also signed up to SIX Group’s
SEPA direct debit service. In terms of SEPA transfers,
the euroSIC system posted strong growth; the number
of transactions rose by over 40 % to 1.52 million, the
value of which was more than EUR 13.0 billion, 37.6 %
higher than in 2009.
Interbank clearing transactions
SIC in m
450
400
350
300
250
200
150
100
50
0
euroSIC in m
4.9
356
317
382
4.5
394.7
3.9
3.5
3.1
2006
SIC
372
2007
2008
2009
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
2010
euroSIC
European expansion from a strong position
SIX Group is to continue expanding its payment transaction operations in Europe. The payment transactions
infrastructure operated by SIX Group is of systemic
importance and contributes to the Swiss financial cen­
ter’s dominant position. The Group’s state-of-the-art
technological platforms, innovative value-added ser­
vices and sector-specific solutions help ensure its
strong position in the domestic market and reach out to
a client base with an increasingly international outlook.
Transaction volumes are set to increase on the back of
the acquisition of clients in Austria and Germany and the
launch of the new Cetrel credit issuing processing solutions in Luxembourg. While further revenue growth is
expected in the acquiring business in 2011, a slight dip
is forecast in the processing business due to the loss of
project earnings in Austria and price reductions for
SIX Card Solutions.
“ Mobile Coupon is an ideal
addition to Media Markt’s vibrant
world of home electronics.”
Tobias Wirth
Merchant & Marketing Services, SIX Multipay
Mobile marketing by SMS
“ SIX Group’s Mobile Coupon
­represents an innovative way
to improve client retention.”
Zeljko Turina
CFO, Media Saturn Management AG, Switzerland
Media Markt, Switzerland’s leading retailer of home electronics, has successfully introduced SIX Multipay’s Mobile
Coupon, electronic SMS vouchers that can be redeemed
directly at the payment terminal. These benefit Media Markt
as they help retain clients by maintaining a community,
attract new clients despite low marketing costs, promote
current and event-related sales promotions, and generate
awareness among all age groups. In addition, redemption
levels can be monitored closely and customers always have
the vouchers with them as they are on their mobile phones.
34 SIX Group Annual Report 2010
Sustainable corporate governance
SIX Group places great emphasis on ensuring its processes are as efficient as possible, enabling it to
clearly focus on long-term success rather than shortterm gains. Such a strategy is key to the company’s
role as a stable, important pillar of the Swiss financial center, which serves an ever-increasing global
­client base. By carefully dealing with all stakeholders
and managing natural resources in a conscientious
manner, SIX Group is able to make a key contribution
in this regard.
SIX Group’s sustainable corporate governance policy is
based on the provision of clear codes of conduct, the
creation of efficient processes geared to the long term
and clear communication. To ensure that these issues
are reported on transparently, the Group has implemented the Global Reporting Initiative’s (GRI) sustainability reporting guidelines for the first time. Under these
guidelines, a company must disclose certain items of
“profile information” concerning the company, its governance and its reporting processes. The guidelines also
specify a set of performance indicators related to economic sustainability, employees, social aspects, human
rights, product responsibility and the environment.
Under the GRI, a “materiality test” to measure the
potential performance indicators was carried out as part
of this Annual Report. The points identified as being
material for both external stakeholders and SIX Group
itself were divided into the following groups, each of
which are addressed below: personnel management,
financial center and clients, social and ethical aspects,
and environment.
the company’s corporate values and management principles, recognizing and promoting individual capabilities, and developing a performance culture that is based
on success and innovation.
As at the end of 2010, the company employed 3,781.4
employees on a full-time equivalent basis, of which
2,498.3 were based in Switzerland. Personnel expenses
amounted to CHF 579.6 million. During the year under
review, the fluctuation rate was 12.1 % (2009: 9.3 %). This
increase was a result of the revival of the job market.
Conditions of employment
SIX Group offers attractive working conditions, perfor­
mance-related remuneration in line with market rates,
good insurance coverage, a modern hierarchy model
and functional title system, as well as a wide range of
fringe benefits. While these benefits are the same
across Switzerland, foreign companies’ conditions of
employment are in line with local practices and may differ in parts.
The companies in the Payment Transactions business
field in Luxembourg (258 employees) and Austria (100
employees) each have a works council. Staff at SIX Tele­
kurs, which is represented in 23 countries, have collective employment agreements at the branches in Germany, Sweden, France, Spain, England and Italy.
SIX Group makes every effort to offer all of its employees the same opportunities for development and promotion, ensuring that nobody is discriminated against on
the basis of their background, gender, nationality, physical abilities, sexual orientation or religion. Staff working
Sustainable personnel management
SIX Group has positioned itself as an attractive employer at SIX Group can be sure that their personal integrity will
with an international outlook. It has the necessary struc- be respected and protected at all times. SIX Group does
tures in place for employees to be able to make an opti- not tolerate any form of discrimination, sexual harassmal contribution to the company’s competitive success. ment or bullying in the workplace. If, at any time,
Staff are provided with a modern and socially well-­ employees feel discriminated against, they are encourintegrated working environment that offers a wide range aged to report this to the internal unit responsible,
of opportunities. At SIX Group, sustainable personnel which normally comprises representatives from both
management means managing staff in accordance with Legal & Compliance and Human Resources. If this inter-
35 SIX Group Annual Report 2010
Sustainability
nal unit cannot resolve the case, it can be escalated to
an external unit with the relevant specialist knowledge.
In addition, employees can contact the Compliance
Help­line at any time via e-mail.
Important results of staff survey
In April 2010, Human Resources carried out a Groupwide staff survey. Given the 71 % response rate, the
results provided a broad and representative view of the
Group. Issues requiring action were identified in three
key areas, which the Group Executive Board addressed
immediately: the understanding of the Group’s strategy
and goals, the level of trust in the Group Executive
Board and the personal development opportunities for
staff. Most employees who completed the survey rated
their immediate working environment as good, while
92 % are prepared to show an above-average level of
commitment for the company to be successful.
Personnel development
In 2009, SIX Group launched a sustainable personnel
development project in Switzerland. A number of information events, workshops and training sessions were
held, at which approximately 3,000 members of staff
were given instructions on the topic of personnel development. The Performance Management process was
further developed, SIX Group’s competency model
­integrated and greater priority given to development
planning. In addition, a succession planning tool was
also rolled out and a program was launched for highpotential employees.
Professional training and development
SIX Group invests in its employees and their skills and
there is a high employee take-up rate for the wide range
of courses and seminars offered. Of 698 participants
attending internally provided seminars, 22.1 % received
training in methodical competencies,15 % in social skills,
17.8 % in specialist areas, 22.9 % in management skills
and 22.2 % in foreign languages.
Sustainability is one of SIX Group’s main goals
SIX Group’s role in ensuring the operation and longterm stability of the Swiss financial center is of key
importance to Switzerland’s economy. The main
focus is on efficiency. SIX Group achieves this not
only by implementing operational measures in its
daily business but also by following a long-term-­
oriented management approach, which helps the
company consistently focus on activities that add
value for the various stakeholder groups – for the
owners and direct clients; for investors and users of
electronic payment methods as indirect clients; and
for employees.
The main challenges faced by the Group include an
increasingly strict regulatory environment, the ongoing internationalization of the markets, increased
competition, continual efficiency gains and price
pressures in the financial sector. Implementing
a long-term, sustainable corporate governance
approach will put SIX Group in an optimal position
to continue performing well in a competitive environment in the years to come.
Other measures taken by SIX Group in 2010 relating
to sustainable corporate governance included the
introduction of a Code of Conduct and a Code of
Compliance, as well as a Group-wide employee survey. Going forward, the company will continue to
prioritize the area of corporate responsibility, making
further improvements in the areas of customer
­ser­vice, employee working conditions and environmental monitoring.
Dr. Urs Rüegsegger
CEO, SIX Group
36 SIX Group Annual Report 2010
Sustainability
SIX Group also operates a youth development scheme
to promote young talent: a Group-wide apprenticeship
scheme is in place to provide professional and practical
vocational training schemes to 17 commercial and 21 IT
apprentices. After completing their apprenticeships, the
majority are offered a position within SIX Group.
Corporate culture and work/life balance
To help its employees maintain a healthy work/life balance and to help prevent any health problems among
staff, SIX Group offers a wide range of sport and leisure
activities in addition to an individual advisory service. In
providing a sport and leisure club, SIX Group has always
made joint sporting and leisure activities part of its corporate culture, a policy that has proved very successful.
The 16 sport and leisure sections as well as the event
section provide staff with interesting, educational and
entertaining activities. SIX Group helps its employees to
achieve a sound work/life balance by endorsing familyfriendly terms of employment and flexible time-keeping
models which can accommodate tele- and home-­
working, job sharing and annualized working time. For
the first time in 2010, a service was offered to all Group
companies to provide professional psychosocial support
to staff; during the year 3.4 % of SIX Group employees
in Switzerland consulted the service. Twelve short and
72 longer sessions (the latter involved one third women,
two thirds men) were held in strict confidentiality and
addressed the following issues: personal/family (36 %),
health (18 %), professional (29 %), financial (14 %) and
technical (3 %).
Communication
SIX Group usually issues internal and external communications at the same time. The new Intranet platform
has been a useful tool in providing employees throughout the Group with information, dialog and working
tools and will continue to be developed. The employee
magazine “connect”, which is published six times a
year, is now well established. The divisions, Group
companies, branches and corporate services regularly
hold internal staff events, while the companies abroad
base their information policies on local practice and the
provisions stipulated by trade unions with respect to
operational changes.
Serving the financial center and its clients
One of the most important things for any financial
center is that it functions smoothly. As the operator of
the financial market infrastructure, SIX Group plays a
key role in this respect. The Group is a systemically relevant entity, not only for the financial sector but for all
industries that either directly or indirectly rely on the
financial market infrastructure.
Operational security and risk management
SIX Group has a number of key systems in place to
guarantee the smooth and uninterrupted functional
operation of the financial center; system architecture,
competencies, processes and security standards are all
geared to this end. In so doing, SIX Group provides
cost-effective services of high quality and adds value for
its national and international customers. SIX Group as a
self-regulated company is responsible for admission to
and monitoring of trading on behalf of the stock
exchanges (see page 42). It carefully deals with and
manages risks in all of its business fields; this is a key
part of its management approach throughout all levels
of the organization and is in line with its precautionary
approach. For details, please refer to the Financial
Report published on the Internet at www.six-group.
com/about_sixgroup/publications.
SIX Group also helps its clients to carefully manage their
risks, with SIX Telekurs having worked together with the
Zurich-based company RepRisk AG since autumn 2010.
In addition, its Telekurs iD display product now offers
data on environmental and social risks, which provides a
valuable insight into a company’s risk profile.
Dialog with clients and stakeholder groups
In focusing on its clients, SIX Group maintains a highquality dialog with all of its stakeholder groups. A selection of just some of the client-related measures implemented in 2010 is outlined below.
37 SIX Group Annual Report 2010
Sustainability
Staff structure 2010 (2009)
SIX Mana­gement Ltd
Number of employees
Number of employees in Switzerland (FTE) 177.35
Number of employees abroad (FTE)
Number of employees (FTE)
177.35
Number of employees in Switzerland (HC)
190
Number of employees abroad (HC)
Total number of employees (HC)
190
Payment
Transactions
Multipay
Cards &
Payments
Total 2010
Total 2009
190
480.95
422.90
903.85
510
435
945
2,498.30
1,283.05
3,781.35
2,618
1,310
3,928
2,381.28
1,325.75
3,707.03
2,521
1,353
3,874
IT &
Logistics
Securities
Trading
Securities
Services
Financial
Information
518.30
249.10
459.85
518.30
533
249.10
266
459.85
481
183.90
190
533
266
481
428.85
860.15
1,289.00
448
875
1,323
183.90
Staff structure in Switzerland
Men (HC)
Women (HC)
At employee level (HC)
At management level incl. GExB (HC)
Percentage of women in management (%)
107
83
81
109
23
476
57
369
164
5
195
71
167
99
20
318
163
324
157
16
333
115
267
181
14
104
86
133
57
30
392
118
328
182
7
1,925
693
1,669
949
15
1,854
667
1,577
944
14
Staff turnover and absences in Switzerland
Turnover rate (%)
Rate of absences due to illness days / FTE
Rate of absences due to accidents days / FTE
21.1
7.2
0.2
12.6
6.6
1.1
17.1
4.6
0.3
13.1
5.2
0.6
9.3
4.9
0.3
10.6
5.9
0.2
7.9
5.3
0.9
12.1
5.6
0.6
9.3
6.95
0.49
349
498
170
426
397
283
211
352
345
1.5
2.3
1.9
1.5
1.0
1.2
1.2
1.5
2.92
38
34
Initial and further training in Switzerland*
Average cost of initial and further training
(in CHF per employee)
Average time for initial and further training
(in days per employee)
Commercial and IT trainees
* The systematic survey initially conducted for the 2009 business year covers only the internal training offered by Human Resources.
SIX Telekurs carried out around 100 client interviews
with financial institutions from 23 countries. Overall, its
client management received positive feedback. Areas
identified as needing improvement included data quality and product functionality. In November, SIX Multipay performed a pilot client survey on client satisfaction together with the LINK research institute, which
will be repeated on an annual basis so that comparisons can be drawn. SIX Multipay received a rating of 80
out of 100, which represents a “good” score in terms of
client satisfaction.
SIX Group participates in public dialog on the future of
the financial center through its membership in various
industry associations, e.g. economiesuisse, the Swiss
Bankers Association and the World Economic Forum,
while the individual Group companies are also members
of various sector-specific associations. The “Focus”
series of podium discussions continued in 2010, with
this year’s topic being “Switzerland under international
pressure”. In holding this annual event, SIX Group offers
a neutral platform for a constructive exchange of views
on issues related to the financial center.
Added value through lean management
The focus of SIX Group’s wide-ranging lean management program is to consistently add value. It aims to
increase productivity and quality over the long term.
Activities that add too little value are to be systematically reduced, with the capacity this frees up being used
to add value in other areas. Clients will benefit from optimized services; for example, the lean-management
measures already introduced have helped streamline
the process for connecting stock exchange participants
to the trading system, which in future will be cut down
to an average of four weeks.
Corporate responsibility and ethical conduct
In 2010, SIX Group introduced a Code of Conduct entitled “Our responsibility”, which is based on its corporate
values, in addition to a detailed Code of Compliance,
which is binding for all employees in Switzerland. This
Code of Conduct sets out the principles with respect to
taking responsibility for ethical and professional conduct. SIX Group’s employees are expected to act as
ambassadors for the financial center, to always focus on
clients’ success, and to maintain a respectful dialog and
keep promises made with respect to all internal and
external stakeholder groups. SIX Group strives to maintain an open dialog with all its stakeholders, whom it
always treats fairly. The Group’s relationship with its
shareholders, clients, business partners and employees
is based on a high sense of mutual responsibility and
personal respect. SIX Group and its companies compete
in the marketplace based on the quality and efficiency
of their services.
38 SIX Group Annual Report 2010
Sustainability
As part of the continual risk management process,
SIX Group and its subsidiaries monitor and investigate
any potential risks on an ongoing basis. There is a clear
whistleblower process in place for SIX Group employees
to report any potential misconduct in the company. In
2010, all employees joining the company in Switzerland
were automatically informed of the SIX Group directives
in force.
In the card business, a number of competition law proceedings have been initiated against individual
SIX Group companies. SIX Group and its companies did
not receive any pecuniary or non-pecuniary penalties.
During the year, SIX Group appealed to the Federal
Administrative Court against a fine imposed by the
Swiss Competition Commission (WEKO) for alleged
market abuse.
SIX Group has always attached the utmost priority to
safeguarding client data. The Group’s internal data protection officer must maintain communication with the
Federal Data Protection and Information Commissioner
(FDPIC). When joining the company, SIX Group employees must sign a confidentiality declaration, under which
they are strictly forbidden from disclosing any businessrelated information. During the year under review, there
were no breaches of client data protection rights identified at SIX Group or its subsidiaries.
In recognizing its social responsibility, SIX Group offers
support for a number of specific activities, which are not
aligned with any of the Swiss political parties. No donations are made to political parties or individual politicians. Of the projects implemented last year, only a few
can be mentioned here due to constraints on space.
The “Wertpapierwelt” museum has been based in Olten
since 2003 and houses the world’s most significant collection of historical securities. Summer 2010 saw the
opening of the museum’s seventh exhibition, this year
titled “Shop around the clock – The share paves the way
to consumer society”.
At the “Fondsmesse 2010” financial trade fair, the
“FinanzFITamine” training initiative was unveiled; the initiative was developed jointly by SIX Swiss Exchange and
a number of independent partner organizations. The
series of presentations, which will take place over the
coming years, will provide private investors with indepth financial knowledge.
As in previous years, SIX Telekurs USA organized a
Thanksgiving employee food drive. The food that was
collected was donated to the local food bank, which
provides assistance to people in need.
In 2010, SIX Group provided financial assistance to a
study carried out by the University of Zurich’s Swiss
Banking Institute titled “Equity Ownership in Switzerland”. The study, which since 2000 has been carried
out every two years, provides information on the proportion of direct and indirect shareholders in Switzerland and paints a detailed picture of how private households invest.
Corporate volunteering
SIX Group also aims to use the knowledge and capabilities it has for the benefit of the public. In 2011, the
Group will hold a number of “Social Days”, a corporate
volunteering program, in Switzerland for the first time.
From 2012, this initiative is also to be extended to locations outside Switzerland. As part of these Social Days,
employees will be able to work on one of the selected
projects, which benefit disadvantaged people or the
environment, for example. SIX Group will release
employees from work for a day so that they can take
part in a project.
Commitment to the environment
As a sustainably managed company, SIX Group attaches
great importance to managing its resources carefully
and limiting air travel where possible. By systematically
collecting key data, the Group is able to observe and
continually improve environmental performance. The
data collection system, which is geared to SIX Group’s
39 SIX Group Annual Report 2010
Sustainability
Environmental performance of the Swiss offices 2010 (2009)
Unit
Zurich Selnau
Zurich West
Olten
Brandschenkestrasse
Total 2010
Total 2009
in MWh
in MWh
in MWh
2,960
–
7,205
–
2,965
24,654
530
–
1,768
–
74
375
3,490
3,039
34,002
2,716
2,619
33,528
Consumption of paper
Paper
in kg
16,145
63,571
16,145
5,045
100,906
106,944
Consumption of water
Municipal water supply
in m3
15,949
19,277
3,362
784
39,372
39,007
in tons
in tons
in tons
in 100-l bags
in tons
in tons
37.8
19.6
2.1
140
6.1
1.9
90.1
86.1
6.2
948
13.4
34.5
46.8
65.8
0.5
90
2.4
5.4
4.2
1.5
0
0
0
0
178.9
172.3
8.8
1,172.0
21.9
41.8
171.5
175.0
8.7
1,060.5
18.9
53.8
3,446
2,612,720
3,580
3,692,547
Energy consumption
Energy consumption
District heating
Electricity
Waste and recycling
Waste
Paper recycling 1
Glass recycling
PET recycling
Metal recycling
Electronic waste
Business trips by plane
Total number of flights of SIX Group, Switzerland
Total kilometers of flights of SIX Group, Switzerland
1
U sed paper, cardboard and newspapers
physical processes, has been of great help in this
respect. The main focal points are still energy, paper and
water consumption as well as waste and recycling at the
four locations in Switzerland. Going forward, SIX Group
will also begin to examine and account for its CO2 emissions in an appropriate form.
Careful management of energy resources
In 2010, 51.8 % more natural gas was consumed at
Zurich Selnau (Stock Exchange building) than in 2009
(1,950 MWh); this was because the gas-fired heat pump
was out of operation for three months in 2009 for renovation. The premises in Olten consumed less natural
gas, as the buildings were heated by oil while the gas
tank was being renovated. In 2010 the Zurich West
premises used 13.2 % more district heating than in the
previous year (2,619 MWh) due to the prolonged periods
of cold weather experienced.
SIX Group aims to save energy costs and protect the
environment by achieving greater efficiency. As a member of the Zurich Energy Model, it has committed itself
to increasing efficiency by 2 % each year. Over the past
three years, the company has recorded an average
increase in the energy efficiency rate of 2.5 %, which
corresponds to a reduction of 3,095 MWh in total.
Waste disposal and recycling
Waste is carefully separated and disposed of at all Swiss
locations or sent for recycling outside the company.
General refuse is incinerated, which in turn provides
electricity and district heating to the canton’s energy
system, supplying tens of thousands of households.
Waste paper is shredded and sent for recycling. Reus­
able PET material is separated and sent to collection
depots for recycling. Electrical waste, which IT-reliant
companies such as SIX Group produce in great quantities, is sent to a disposal company, which disassembles
the equipment into basic parts to be reused. By sorting
materials in this specific way, the specialist recycling
companies obtain pure-grade secondary raw materials.
By carefully separating waste – often by hand – the
materials can be safely reused.
“ As a bank serving banks, we appreciate
the s­ ignificance of stability, security and service
orientation for our clients.”
Peter Hubli
Global Client Relationship Management, SIX Securities Services
A relationship based on trust
“ A trusting working relationship and tailor-made solutions
that add value make all the difference.”
Peter Camenzind
Head of Transaction Banking, Bank Vontobel, Zurich
SIX Securities Services maintains a regular dialog with
Bank Vontobel, just one of the reasons why it has been
able to maintain a successful long-term relationship that
is based on a high level of trust and mutual understanding
of the business challenges faced. The results of this are
client-oriented services for Vontobel, such as the efficient
settlement process in the Euronext markets, right through
to security custody services, which is the final link in the
post-trade securities trading chain.
42 SIX Group Annual Report 2010
Supervision and regulation of SIX Group
SIX Group maintains the systemically relevant infrastructure of the Swiss financial center and is supervised accordingly. Various activities are overseen by
regulatory or supervisory bodies such as the Swiss
Financial Market Supervisory Authority (FINMA) or
the Swiss National Bank (SNB). As a self-regulating
entity, SIX Group also supervises stock exchange
trading and the admission of securities together
with the related obligations that arise.
Self-regulation activities are separated from operational
exchange trading. The Listing & Enforcement and Surveillance & Enforcement (SVE) units within SIX Exchange
Regulation are responsible for regulatory activities.
SIX Exchange Regulation is the executive arm of
SIX Group’s stock exchange regulation and is respon­
sible for the implementation thereof as well as the regulation and monitoring of issuers and participants. The
Regulatory Board is responsible for setting regulations,
while decisions on implementing them are taken by the
Sanction Commission, the independent Appeal Board
and the Board of Arbitration.
Trade monitoring
SVE monitors exchange trading in order to detect any
breaches of the law and regulations or other failings and
take appropriate measures (Art. 4 and Art. 6 SESTA).
Trading in 2010 was conducted in accordance with the
rules and without any serious incidents. Most of the
irregularities detected during monitoring were duly
resolved by phone calls or written notifications to the
participants. During the course of the year, SVE
launched 24 investigations into suspected breaches of
the rules and laws. It was only necessary to impose
sanctions on transgressing participants in a few of these
cases. The results of investigations involving suspected
breaches of criminal or regulatory law were forwarded
to the relevant criminal prosecution bodies and/or
FINMA; the same also applied to nine cases where
insider knowledge may have been misused (Art. 161
Swiss Penal Code).
Regulatory activities
During the year under review, the rules and regulations
governing SIX Swiss Exchange and Scoach Switzerland
were revised. The new Rule Book and Directives entered
into force for SIX Swiss Exchange on 1 April 2010, and
Scoach Switzerland on 1 November 2010. Given the
market needs and the change in practice by FINMA,
SIX Exchange Regulation created a new regulatory
standard for Exchange Traded Products (ETPs). The regulations governing the initial listing and the maintenance
of listings of ETPs entered into force on 15 October 2010.
Systemically relevant systems
Pursuant to Art. 5 para. 2 lit. e of the National Bank Act,
it is the SNB’s duty to promote the stability of the financial system. As part of this remit, the central bank supervises Switzerland’s systemically relevant payment and
securities settlement systems. Such systems can generate or spread a systemic crisis, which can in turn lead to
severe credit and liquidity problems for financial intermediaries or even jeopardize the stability of the financial
system as a whole. Subsidiaries of SIX Group operate the
systems SIC (interbank payment system), SECOM (securities settlement system) and SIX x-clear (Central Counterparty), which are deemed to be systemically rele­vant
by the SNB. They must therefore meet the minimum
requirements set out in the National Bank Ordinance.
Listing
The year under review saw two constant trends in the
admission business: the lively issuing activity witnessed
in the bond segment throughout the year and the positive development recorded in the area of new derivatives issues. The number of derivative admissions
reached record levels in 2010.
On behalf of the SNB, SIX Interbank Clearing provides
services essential for payment settlement in the SIC system. As SIC’s system manager, the SNB maintains giro
accounts for the participating financial institutions that
form the system’s core. The collaboration between the
SNB and SIX Interbank Clearing on operation, maintenance and development is regulated by contracts. Secu-
43 SIX Group Annual Report 2010
Supervision and regulation
rity requirements based on international IT standards
effectively reduce technical and operational risks in SIC.
The organizational and transparency requirements follow widely accepted corporate governance guidelines.
The minimum requirements, observance of which is
monitored by the SNB, are aimed primarily at reducing
systemic risk. They are applied to areas such as organization, public information, contracts, controlling and
the limitation of credit/liquidity risks and means of
­p ayment. However, security requirements aimed at
reducing and controlling technical and operational risk,
protecting information and providing safe access to
systems are also included. All in all, Switzerland’s sys­
temically relevant systems are characterized by high
levels of security and efficiency. Their architecture
helps to minimize the risks typically associated with the
settlement of payments and securities transactions. As
integrated applications, they provide efficient, highly
automated transaction settlement, while minimizing the
related systemic risks.
Development of listing applications
Equities
Bonds
Derivatives
2007
2008
2009
2010
152
256
25,767
132
239
33,119
126
241
29,760
137
306
41,176
means that the guarantors and internal organization, the
organizational, competency and business regulations,
and the risk controlling and risk management regulations are subject to approval by FINMA.
Regulation in a European context
Banking and consolidated supervision by FINMA
Besides the systemic supervision of payment and securities settlement systems by the SNB, parts of SIX Group
are also subject to direct institutional supervision by
FINMA. SIX SIS and SIX x-clear have operated as
licensed banks since 1999 and 2003, respectively, and
are therefore required to comply with Swiss banking
regulations. The latter include – alongside equity and
risk diversification rules – provisions with regard to
guarantors, internal organization and the separation of
powers. Changes to the articles of association or organizational and business regulations must be approved by
FINMA in advance.
Although SIX Group is for the most part not subject to
banking or stock exchange regulation, FINMA has classified it as a financial group pursuant to the banking law
due to its significance for the financial center. Hence,
SIX Group is subject to institutional supervision by
FINMA at group level, albeit with exceptions. This
As a result of the financial crisis, the frequency with
which new laws have been passed and the degree
of detail contained in such laws has continued to
increase; the same also applies to the intensity of
the state supervision to which SIX Group’s business fields are subject in Europe. The aim of these
laws is to develop and integrate markets, promote
competition, create a minimum level of protection
and reduce systemic risks. Recent estimates suggest that the Securities Law Directive, European
Market Infrastructure Regulation, Regulation on
Central Securities Depositories and the revision of
the Markets in Financial Instruments Directive will
all have a particular impact on the business of
SIX Group. SIX Group always aims to optimally
position its organizational structure and legal
framework in the local European business and for
cross-border services.
“ Data security is key for all involved.
Access rights for Terravis are clearly defined.”
Werner Möckli
Head SIX Terravis Ltd, SIX Securities Services
Real estate information for all of Switzerland
“ All real estate data for Arosa is now available
in Terravis. The system has increased the efficiency
of our land registry.”
Hansandrea Däscher
Head of Land Registry, Arosa
Together with the federal government and the cantons,
SIX Group has developed Terravis, the new Swiss information portal for real estate and survey data. In autumn 2010,
Arosa was the first local community to be activated in the
system; by the end of the year, another 23 had been con-
nected. From 2012, Terravis will be introduced across
Switzerland as a hub for the electronic exchange of information between land registries, notaries, banks, pension
funds and public administration bodies.
46 SIX Group Annual Report 2010
Organization and competencies
Management structure and shareholders
SIX Group Ltd is an unlisted public limited company domiciled in Zurich. SIX Group Ltd operates in four business
fields via seven divisions.
Organization (as at 31.12.2010)
Board of Directors
Peter Gomez Chairman
Group CEO
Urs Rüegsegger
SIX Exchange
Regulation
Rodolfo Straub
Division
Cash Markets
Division
Securities
Services
Division
Financial
Information
Division
Multipay
Division
Cards &
Payments
Division
IT & Logistics
Division
Finance & Risk
Christian
Katz
Thomas
Zeeb
Thomas
Gross
Hans-Martin
Moser
Felix
Aeschlimann
Robert
Bornträger
Stefan
Mäder
Securities Trading
business field
Securities Services
business field
Financial Information
business field
Payment Transactions business field
SIX Group Annual Report 2010
Organization and competencies
Shareholders’ participation right
The transfer of shares must be approved by the Board of
Directors. Subject to Art. 685b para. 4 Swiss Code of
Obligations (CO), approval may be refused for significant
reasons as mentioned in the articles of association.
A resolution by the general meeting, backed by at least
two thirds of the represented votes and an absolute
majority of the par value of represented shares, is
required along with a statutory quorum pursuant to Art.
704 para. 1 CO in order to:
1.ease or lift the transfer restriction on registered
shares;
2.convert bearer shares into registered shares;
3.dissolve the corporation through liquidation;
4.modify this Article.
30.12
21.58
14.92
9.02
Ordinary share capital
Authorized share capital
Conditional share capital
Registered shares (par value CHF 1)
Security number
as at 31.12.2010
Treasury shares
3.11
1.23
Others
6.10
Foreign banks
13.92
Private bankers
35
30
25
20
15
10
5
0
Commercial and
investment banks
Equity structure
SIX Group Ltd’s total equity amounts to CHF 19,521,905
and is divided into 19,521,905 registered shares with a
par value of CHF 1 each. Of this amount, 607,864
(3.11 %) are owned by SIX Group (treasury shares). The
transfer of registered shares is restricted by the articles
of association.
in %
Regional and
Raiffeisen banks
All previous owners of the merger partners are represented among the shareholders. The shares are widely
distributed, i.e. no one owner or bank category has an
absolute majority. All shareholders are bound by a
shareholders agreement.
Shareholder structure
Cantonal banks
Participations
The individual participations of SIX Group Ltd are presen­
ted in the financial report, which is published on the Inter­
net: www.six-group.com/about_sixgroup/publications.
Big banks
47 CHF 19,521,905.00
–
–
19,521,905
37682280
Board of Directors
−Dean, Executive School of Management, Technology
and Law, University of St. Gallen
−Director, Institute of Management, University
of St. Gallen
−Chairman, Max Schmidheiny Foundation, St. Gallen
−Chairman of the Association of Friends of the FDP. The
Members of the Board of Directors
Liberals (Freunde der FDP. Die Liberalen)
On 31 December 2010, the Board of Directors consisted −Chairman, Foundation for the Promotion of SystemOriented Management Theory, St. Gallen
of ten non-executive members.
−Member of the Board, Technical University of Aachen
(RWTH), Aachen
Prof. Dr. Peter Gomez***, Chairman (1947)
Swiss citizen, member of the Board since 1 January 2008, −Member of the Board, St. Gallen Foundation
for International Studies, St. Gallen
elected until 2011. Education: Graduate degree, Ph.D. and
−Member of the Board of Trustees, Alfred Herrhausen
habilitation, University of St. Gallen.
Society for International Dialogue, Frankfurt
−Member of the Board, Swiss Finance Institute, Zurich
Career
1975 – 1976 Research fellow, University of St. Gallen. −Member of the Executive Committee of various
institutes, University of St. Gallen
1977 – 1978 Visiting Professor, State University of New
York, Binghamton, USA. 1979 – 1983 Member of the Exec­ −Member of the Board of Directors, Valcor AG, Zurich
utive Board, Ringier Group, Zurich. 1983 – 1989 Member −Chairman of the Board of Directors of various Group
companies
of the Executive Board, Distral Group, Zurich. 1989 Founding partner Valcor Ltd, Küsnacht. Since 1990 Tenured professor of Business Administration, Director of Dr. Romeo Lacher**, Vice Chairman (1960)
Institute of Management (IfB), University of St. Gallen. Swiss citizen, member of the Board since 1 January 2008,
1995 – 1998 Dean of the Department of Management elected until 2011. Education: Graduate degree and Ph.D.
and Vice President, University of St. Gallen. 1999 – 2005 in Business Administration, University of St. Gallen; AMP,
President, University of St. Gallen. Since 2005 Dean of Harvard Business School, Boston, USA.
the Executive School of Management, Technology and
Law, University of St. Gallen. 2006 – 2007 Chairman of Career
the Board of Directors, SWX Group Zurich.
After studies: Three years of professional experience in the
insurance business. 1990 – 1993 Head of Marketing ProFurther activities and mandates
motion, Credit Suisse, Zurich. 1994 – 1997 Head of Prod−Chairman of the Board of Directors of the Eurex
uct Development/Product Management Retail Banking,
companies, Zurich/Frankfurt
Credit Suisse, Zurich. 1997 – 2000 Head of Retail Customer
The Board of Directors as at 31 December 2010 (from left): Stephan Zimmermann, Herbert J. Scheidt, Prof. Dr. Peter Gomez,
Ruth Metzler-Arnold, Dr. Romeo Lacher, Dr. Philipp Halbherr, Hermann Wirz, Dr. Pierin Vincenz, Eduardo Leemann, Christophe Gabriel.
Business, Credit Suisse. 2000 – 2003 Head of Product
Management Banking Products and Internet Banking,
Credit Suisse, Zurich. 2004 – 2006 Member of the Executive Board and Head of Operations, Credit Suisse,
Zurich. Since 2006 Member of the Private Banking
Management Committee / Global Head of Private Banking Operations, Credit Suisse.
Further activities and mandates
−Chairman of the Board of Directors, SIX Interbank
Clearing, Zurich
−Member of the Board of Directors, Swisscard AECS
Ltd, Horgen
−Member of the Board of Directors, CLS Group
Holdings AG, Zurich
Stephan Zimmermann***, Vice Chairman (1956)
Swiss citizen, member of the Board since 1 January 2008,
elected until 2011. Education: Business informatics specialist.
Career
1996 – 1997 Head of the Services business field, member
of the Executive Board, Swiss Bank Corporation (SBC),
Basel. 1997 Member of the Extended Group Executive
Board, Swiss Bank Corporation (SBC), Basel. 1998 – 2002 Head of Operations, Private and Business Customers
division, UBS AG, Zurich. 2002 – 2005 Head of Operations, Wealth Management & Business Banking, UBS AG,
Zurich. 2005 – 2009 Chief Operations Officer, Global
Wealth Management & Business Banking, UBS AG,
Zurich. 2009 Chief Executive Officer, UBS Deutschland
AG, Frankfurt am Main. 2010 Head of Group Internal
Audit, UBS AG, Zurich. Since 2011 Chief Operating
Officer, Wealth Management, UBS AG, Zurich.
Further activities and mandates
−Vice Chairman of the Board of Directors, SWIFT Scrl,
La Hulpe, Belgium
Christophe Gabriel (1961)
Swiss citizen, in office since 27 October 2009, elected until
2011. Education: Graduate degree in Business Management
and Business Information Technology, University of Zurich.
Career
1983 – 1984 Different internships in Sweden, France
and Venezuela. 1985 – 1991 Andersen Consulting in
Zurich and Geneva, various projects in the finance sector, in particular with SOFFEX. 1991 – 1994 Compagnie
de Ser­vices et de Conseils, various projects in the
finance sector. 1994 – 1996 Head of Development of
Financial Applications Lombard Odier & Cie. 1996 – 1998 Head of Financial Controlling, Lombard Odier & Cie.
1998 – 2001 Head of Operations, Lombard Odier & Cie.
Since 2001 Head of IT and Operations, member of the
Executive Board, Lombard Odier Darier Hentsch & Cie.
Dr. Philipp Halbherr* (1952)
Swiss citizen, member of the Board since 20 September
2008, elected until 2011. Education: Graduate degree and
Ph.D. in Economics, University of Zurich.
Career
1983 – 1987 National research program No. 9 “Economic
development”, assistant to head of program. 1984 – 1987 * Member of the Audit Committee
** Member of the Nomination & Compensation Committee
***Member of the Risk Committee
50 SIX Group Annual Report 2010
Organization and competencies
Lecturer, HWV, Zurich. 1977 – 2003 Various lecturing
assignments, University of Zurich. 1987 – 1989 Research
grant from Swiss National Science Foundation, Stanford
University, USA. Zürcher Kantonalbank: 1995 – 2000 Head of Central Risk Controlling. 1991 – 2002 Head of
Economics. 1999 – 2004 Head of Treasury. 2002 – 2005 Head of Financial Management. 2005 – 2008 Head of
the Finance business unit. Since July 2008 Head of the
Investment Banking business unit.
Further activities and mandates
−Member of the Board, Swiss Finance Institute, Zurich
−Chairman of the Board of Directors, Adamant
Biomedical Investments Ltd, Zurich
Eduardo Leemann** (1956)
Swiss citizen, member of the Board since 1 January 2008,
elected until 2011. Education: Graduate of Economics and
Business Administration HWV (Higher School for Economics and Administration) Zurich, and Advanced Executive
Program, J.L. Kellogg Graduate School of Management,
Northwestern University, Chicago, USA.
Career
1981 – 1985 Private Banking South and Central America,
Julius Baer. 1985 – 1990 responsible for the setup of Private Banking, Bank Julius Baer, New York. 1990 – 1992 Deputy Head of Private Banking Department (worldwide private banking operations with direct responsibility for the western hemisphere, Switzerland and comprehensive marketing), Julius Baer. 1992 – 1997 Member
of the Management Board and Head of Private Banking,
Goldman, Sachs & Co, Zurich. Since 1997 Chief Executive Officer, AIG Private Bank (today Falcon Private
Bank), Zurich, later Chairman of the Board, AIG Private
Bank, Senior Managing Director and Head of AIG Global Wealth Management, AIG Investments. In September 2008, Eduardo Leemann returned to the Executive
Board of AIG Private Bank and today, he is Chief Executive Officer, Falcon Private Bank Ltd.
Further activities and mandates
−Chairman of APEN AG, Zug
−Chairman of the Board of Directors,
AIRE GmbH & Co. KGaA, Frankfurt am Main
−Member of the Board of Directors, Association
of Foreign Banks in Switzerland, Zurich
Ruth Metzler-Arnold* (1964)
Swiss citizen, member of the Board since 1 January 2008,
elected until 2011. Education: lic. iur., Swiss certified
accountant, University of Fribourg.
Career
1989 – 1990 UBS. 1990 – 1999 Audit and consultancy,
Price­waterhouseCoopers. 1996 – 1999 Cantonal Councillor
(Department of Finance), Canton of Appenzell Inner­
rhoden, Switzerland. 1999 – 2003 Federal Councillor, Swiss
Federal Department of Justice and Police. 2004 – 2005 Lecturer at the University of St. Gallen. 2005 – 2006 Member of the Executive Board and Head of the Legal
Department at Novartis Group, France. 2006 – 2010 Head
of Investor Relations, Novartis. Since 2010 Independent
consultant, owner of Metzler Strategy, Management,
Communications.
Herbert J. Scheidt*** (1951)
German and Swiss citizen, member of the Board since
1 January 2008, elected until 2011. Education: MBA, University of New York; BA & MA in Economics, University of
Sussex.
Career
1982 – 1986 Various management positions at Deutsche
Bank AG, Frankfurt and Essen. 1986 – 1990 Head of
Eurobond Capital Market Team, Vice President, Deutsche Bank Capital Corporation, New York. 1990 – 1993 Head of Corporate Finance, Director, Deutsche Bank
Italy, Milan. 1993 – 1996 Head of Distribution, Managing
Director, Private Banking Division, Deutsche Bank AG,
Frankfurt. 1996 – 2000 Head of Private Banking Europe
and Middle East, Deputy CEO, Deutsche Bank (Suisse)
SA, Geneva. 2000 Head of Private Banking International, Deutsche Bank Group, Geneva, and member of
Group Executive Committee, Wealth Management,
Frankfurt. 2001 Chief Executive Officer, Deutsche Bank
51 SIX Group Annual Report 2010
Organization and competencies
(Suisse) SA. Since 2002 Chief Executive Officer, Vontobel
Group.
Further activities and mandates
−Member of the Board of Directors, Swiss Bankers
Association, Basel
−Member of the Board of Directors, Association
of Swiss Commercial and Investment Banks
(VHV), Zurich
−Vice Chairman of the Board of Directors,
Hero Ltd, Lenzburg
−Member of the Board of Directors, German
Society for Foreign Policy (DGAP), Berlin
−Member of the Board, Ernst von Siemens
Music Foundation, Munich
−Two foundation board mandates
−Member of the Board, Swiss Finance Institute, Zurich
−Member of the Steering Committee, UNICO Banking
Group, Brussels
−Vice Chairman of the Board of Directors, Raiffeisen
Jubilee Foundation, St. Gallen
−Member of the Board of Directors, Action for Foster
Children, Switzerland
−Member of the Board, Foundation for Clinical
Cancer Research of Eastern Switzerland, St. Gallen –
Foundation Board, Speranza (support and advancement of occupational integration and training
in Switzerland), Aarau
Hermann Wirz** (1947)
Swiss citizen, in office since 27 October 2009, elected until
2011. Education: Business Administration. Programme for
Executive Development, IMD, Lausanne.
Dr. Pierin Vincenz* (1956)
Swiss citizen, member of the Board since 1 January 2008,
elected until 2011. Education: Graduate degree in Business
Administration, Ph.D. in Economics, University of St. Gallen.
Career
1968 – 1969 Financial and Management Accounting,
Elek­trizitätswerk Luzern, Switzerland. 1969 – 1971 Management Accounting, Shell Switzerland. 1972 Internship
Factory Administration, Nestlé England and Spain.
Career
1979 – 1982 Swiss Auditing and Fiduciary Company, St. Gal- 1973 – 1979 Head of Factory Administration, Industrial
len. 1986 – 1990 Global Treasury, GD, Swiss Bank Corpo- Accounting and Budgeting, Nestlé Venezuela. 1980 – 1984 ration, Zurich; Vice Director, Swiss Bank Corporation Manager Operational Control Latin America, Nestec
O’Conner Services L.P., Chicago. 1991 – 1996 Vice Presi- Switzerland. 1984 – 1989 Director Financial & Control,
dent and Treasurer, Hunter Douglas, Lucerne. 1996 Nestlé Peru. 1989 – 1995 Director of Finance & Control,
Member of the Executive Board, Head of Finance, Raif- Nestlé Venezuela. 1995 – 2000 Executive Vice President
feisen Group, St. Gallen. Since 1999 Head of the Execu- and Chief Financial Officer, Nestlé Mexico. Since 2001 tive Board, Raiffeisen Group, St. Gallen.
Chief Accounting Officer, Nestlé SA, Switzerland.
Further activities and mandates
−Chairman of the Board of Directors, Aduno Holding
Ltd and Aduno SA, Opfikon
−Member of the Board of Directors Committee,
Swiss Bankers Association
−Member of the Board of Directors, Vontobel Holding
Ltd, Zurich
−Member of the Board of Directors, Helvetia
­Insurances, St. Gallen
−Member of the Board of Directors, Mortgage Bond
Bank of the Swiss Mortgage Institutions, Zurich
Further activities and mandates
−Member of the Board of Directors, Alcon Inc.,
­Hünenberg (2009/2010)
−Member of the Board of Directors, Intercona
Re AG, Cham
−Member of the Board of Directors, Nestlé Health
Science SA, Lutry
* Member of the Audit Committee
** Member of the Nomination & Compensation Committee
***Member of the Risk Committee
52 SIX Group Annual Report 2010
Organization and competencies
The Board of Directors consists of up to ten members. It
is elected for a period of three years. The Board of Directors constitutes itself. All business relationships with
members of the Board and associated persons are conducted within the framework of regular business and
under the same terms as are applicable to comparable
transactions with externals. These transactions do not
carry enough weight to be able to impair the freedom of
judgment or independence of the members of the Board
of Directors.
Internal organization and competency rules
As the company’s highest governing body, the Board of
Directors is responsible for supervising the Group Executive Board. The tasks and competencies of the Board
of Directors, its committees and of the Group Executive
Board as corporate bodies of SIX Group Ltd are defined
in the articles of association, the rules of organization
and the competency rules. Tasks of the Board of Directors are generally assigned to the committee responsible. The Board of Directors has three committees, the
Audit Committee, the Nomination & Compensation
Committee and the Risk Committee. Insofar as the committees are assigned discretionary powers by the competency rules, the duties of the Board of Directors are
limited to supervision of the committees. The committees regularly report to the Board of Directors, generally
at each meeting. The committees of the Board of Directors also accept reports pertaining to their sphere of
responsibility from the Group Executive Board and
supervise the respective operating business, in particular with regard to compliance with the articles of association, regulations and directives. Meetings of the
Board of Directors and committees generally have a
duration of between two hours and half a day. The
Chairman of the Group Executive Board is present at all
meetings of the Board of Directors and committees. The
Chairmen of the committees decide whether further
members of the Group Executive Board or other management staff are to be summoned, depending on the
agenda. If deemed necessary, representatives of the
external auditors participate in the Board of Directors’
discussion of their reports. In the year under review, the
Board of Directors convened on six occasions, one of
which was a one-day strategy seminar. The Chairman of
the Board of Directors, or the Chairmen of the committees, define the agendas of meetings. The deliberations
and resolutions are recorded in the form of minutes. The
minutes of the committees are sent to all members of
the Board of Directors. Moreover, the Chairmen of the
committees deliver an oral report on important events
and resolutions at every Board of Directors meeting.
Audit Committee (AC)
The AC consists of three to four non-executive members of the Board of Directors. The activities of the AC
are stipulated by the law, the FINMA circular 08/24, the
articles of association and the rules of organization
(including the competency rules).
The AC assumes tasks related to accounting and financial
reporting, the internal controlling system, the external
auditors and the Internal Audit department. AC meetings are attended by the Group CEO, the Group CFO
and representatives of the internal and external auditors.
Five such meetings were held in the report year.
Nomination & Compensation Committee (NCC)
The NCC consists of three to four non-executive members of the Board of Directors. The activities of the NCC
are stipulated by the law, the articles of association and
the rules of organization (including the competency rules).
On behalf of the Board of Directors, the NCC does the
groundwork for all decisions on important personnel
and related organizational issues at the Group Executive
Board and senior management level, including all issues
pertaining to remuneration. The NCC meetings are
attended by the Chief Executive of the Group (CEO) and
the Head of Human Resources. Four such meetings
were held in the report year.
53 SIX Group Annual Report 2010
Organization and competencies
Risk Committee (RC)
The RC consists of three to four non-executive members of the Board of Directors. The activities of the RC
are stipulated by the law, the articles of association and
the rules of organization (including the competency rules).
The RC assumes the duties of the Board of Directors in
the framework of SIX Group Ltd’s risk management in
accordance with the risk policy. Furthermore, the RC
carries out tasks related to the divisional operations of
Securities Services. RC meetings are attended by the
Group CEO, the Group CFO and the Group CRO. Four
such meetings were held in the report year.
Internal Audit
Internal Audit functionally reports to the Audit Committee and administratively directly to the Chairman of the
Board of Directors. It supports the supervisory and controlling functions of the Board of Directors and executes
the audit tasks assigned to it. It disposes of an unrestricted right of audit within SIX Group Ltd and all Group
companies and has access to all business documents at
all times. Internal Audit coordinates its activities with
the external auditors as well as with those responsible
for Compliance and Risk Controlling.
Informational and supervisory instruments with
regard to the Group Executive Board
SIX Group Ltd disposes of a fully developed management information system (MIS) which supports the
Board of Directors in the performance of its supervisory duties and in monitoring the competencies
assigned to the Group Executive Board. A comprehensive interim statement containing budget and yearon-year comparisons is submitted quarterly to the
Board of Directors. As of 1 January 2010, a new, harmonized financial management tool was introduced for
all SIX Group business fields.
The Chairman of the Board of Directors is provided with
the minutes of the Group Executive Board meetings.
Risk management and compliance
The Board of Directors is informed about the risk situation at regular intervals. For market risk, the current situation is compared with the corresponding limits. The
systems and methods used are described in the Risk
Management section of the financial report (page 9),
which is published on the Internet: www.six-group.com/
about_sixgroup/publications. The current risk situation is
outlined in the section Risk situation. Furthermore, the
Group disposes of an internal control system (ICS) consisting of regulations, internal directives and corresponding measures which serve to ensure that business operations are conducted properly. A corresponding compliance program also ensures that statutory and regulatory
requirements are met. The annual report on compliance
activities is approved by the RC.
Group Executive Board
Members of the Group Executive Board
On 31 December 2010, SIX Group’s Executive Board
(GExB) consisted of eight members. Dr. Stefan Mäder
joined the company in December 2010 as CFO.
Dr. Urs Rüegsegger (1962)
Swiss citizen, Group Chief Executive Officer (CEO). Education: Graduate degree in Business Administration, Ph.D. in
Economics, University of St. Gallen.
Career
Swiss Re: 1991 – 1993 Head of Finance and Services at the
subsidiary group Audatex Ltd. St. Galler Kantonalbank:
1993 – 1997 Head of Accounting, Controlling and Risk
Management. 1997 – 2000 Head of the Projects & Organization unit, member of the Executive Board. 2000 – 2001 Head of the Service Center. 2001 – 2008 CEO. Since 2008 Group CEO, SIX Group Ltd, Zurich.
Further activities and mandates
−Member of the Board of Directors of the Eurex
companies Zurich/Frankfurt
−Chairman of the Board of Directors, Cetrel SA,
Luxembourg
−Chairman of the Board of Directors, Concert
and Theatre Society, St. Gallen
−Chairman or member of the Board of Directors
of various Group companies
Dr. Christian André Katz (1967)
Swiss citizen, Chief Executive Officer (CEO) of the Cash
Markets division. Education: Graduate studies in Business
Administration, Ph.D. in Economics, University of St. Gallen.
Career
1993 – 1997 Derivatives Sales, Credit Research, SBC Warburg, Zurich and Hong Kong. 1997 – 1998 Senior Manager, Head of Asia Research, London Forfaiting Company, London and Hong Kong. 1998 – 2005 Vice President, Head of Equities Sales for Switzerland, J.P. Morgan,
London. 2005 – 2006 Vice President, Head of Research
Marketing for Europe, J.P. Morgan, London. 2006 – 2009 Managing Director, Head of Equities & Institutional Equity
Derivatives and Office Head, Goldman Sachs International, Zurich Representative Office, Zurich. Since 2009 CEO, Cash Markets division, SIX Group Ltd, Zurich.
Further activities and mandates
−Member of the Board of Directors of the Scoach
Companies
−Chairman or member of the Board of Directors
of various Group companies
−Member of the Board of the Federation of European
Securities Exchanges (FESE)
Thomas Zeeb (1964)
Canadian citizen, Chief Executive Officer (CEO) of the Securities Services division. Education: BA Honors Business
Administration, University of Western Ontario, London, Ontario; MBA, Katholieke Universiteit Leuven, Leuven, Belgium.
The Group Executive Board as at 31 December 2010 (from left): Dr. Urs Rüegsegger, Thomas Gross, Felix Aeschlimann,
Robert Bornträger, Thomas Zeeb, Dr. Stefan Mäder, Hans-Martin Moser, Dr. Christian André Katz.
Career
1996 – 1998 Vice President, Sales Manager, Continental
Europe, Bank of New York, London. 1998 – 2002 Managing Director, Head of Sales, Bank of New York, London. 2002 – 2004 Managing Director, Non-Bank Client
Executives, Bank of New York, London. 2004 – 2005 Director, Head of Section, Clearstream Banking SA,
London. 2006 Director, Head of Department, Clear­stream
Banking SA, London. 2006 – 2008 Member of the Board,
Clearstream International SA, Luxembourg. 2008 Member of the Board, Clearstream Banking SA, Luxembourg. Since 2008 CEO, Securities Services division,
SIX Group Ltd, Zurich.
Further activities and mandates
−Chairman or member of the Board of Directors
of various Group companies
−Member of the Board, Link Up Markets
Hans-Martin Moser (1955)
Swiss citizen, Chief Executive Officer (CEO) of the Multipay
division. Education: Business economist.
Career
1979 – 1996 Marketing & Sales, Kraft Jacobs Suchard Ltd,
Switzerland. 1997 – 2000 Trade Marketing, Hero Swit­
zerland Ltd, Lenzburg. 2001 – 2003 CEO, Dannemann
Switzer­land Ltd, Burg AG. 2004 – 2007 CEO, Telekurs
Multipay Ltd, Zurich. Since 2008 CEO, Multipay division,
SIX Group Ltd, Zurich.
Further activities and mandates
−Member of the Board, Society for Technical
­Cooperation ep2
−Chairman, Card Committee MasterCard, Switzerland
−Member, Issuer Acquirer Forum VISA, Switzerland
−Chairman of the Board of Directors of various
Group companies
Felix Aeschlimann (1948)
Swiss citizen, Chief Executive Officer (CEO) of the Cards &
Payments division. Education: Commercial clerk with federal certificate.
Career
1983 – 1986 COO, Vice Director, Swiss Bank Corporation,
Luxembourg. 1986 – 1990 Head of the IT Division, Executive Director, Swiss Bank Corporation, London. 1990 – 1994 Head of the IT division, Managing Director, Swiss
Bank Corporation, Basel and Zurich. 1994 – 1997 COO, member of the Executive Board, Financial Services,
SBZ, Olten. 1997 – 2003 Head of the Financial Solutions
division, member of the Executive Board, Systor Ltd,
Basel and Zurich. 2003 – 2007 Head of Card Solutions,
member of the Executive Board, Financial Services, Tele­
kurs Ltd, Zurich. Since 2008 CEO, Cards & Payments
division, SIX Group Ltd, Zurich.
Further activities and mandates
−Member of the Board of Directors, Cetrel SA,
Luxembourg
−Member of the Board of Directors, Rolotec Ltd,
Bienne
−Chairman or member of the Board of Directors
of various Group companies
56 SIX Group Annual Report 2010
Organization and competencies
Robert Bornträger (1960)
Swiss citizen, Chief Executive Officer (CEO) of the IT &
Logistics division. Education: Graduate studies in Computer
Science, ETH Zurich; graduate studies in Economics with
focus on IT, University of Zurich; lic. oec. diploma in Business Informatics; further training in executive management,
IMD, Lausanne.
Investment Officer, member of the Executive Board,
Zurich, Switzerland, Zurich. 2004 – 2007 Head of Finance
and Services, CFO, member of the Executive Board,
Zurich, Switzerland, Zurich. 2007 – 2010 CFO Europe,
member of the Executive Board, Zurich Europe General
Insurance, Zurich. Since December 2010 Head of Finance & Risk division, and CFO, SIX Group Ltd, Zurich.
Career
Various positions in IT as consultant and developer.
1993 – 1998 CEO, Swissair, Sweden and Hungary.
1998 – 2001 Chief Information Officer, member of the
Executive Board, Swisscargo Ltd and Cargologic AG,
Zurich. 2002 – 2003 CEO, Integralis Switzerland Ltd, Glatt­
brugg. 2003 – 2005 Chief Information Officer, member
of the Extended Executive Board, Swiss International
Air Lines Ltd., Zurich. 2005 – 2007 CEO and member of
the Executive Board, Telekurs Services Ltd/Telekurs
Holding, Zurich. Since 2008 CEO, IT & Logistics division, SIX Group Ltd, Zurich.
Further activities and mandates
−Member of the Board of Directors, Cetrel SA,
Luxembourg
−Member of the Board of Directors of various
Group companies
Further activities and mandates
−Member of the Board, Swiss IT Leadership Forum
−Chairman of the Board of Directors of a Group
company
Dr. Stefan Mäder (1963)
Swiss citizen, Chief Financial Officer (CFO) and Head of the
Finance & Risk division. Education: Graduate degree and
Ph.D. in Applied Economics, University of Zurich.
Career
1988 – 1994 Lecturer, Socioeconomic Institute, University
of Zurich. 1991 – 1994 Research fellow, Institute for Empi­
rical Research in Economics, University of Zurich.
1994 – 1996 Economist, International Monetary Relations, Swiss National Bank. 1996 – 1997 Financial Analyst, Global Asset Management, Zurich Financial Services, Zurich. 1998 – 2001 Head of Global Investment
Management Services, Zurich Financial Services,
Zurich. 2001 – 2002 Chief Operating Officer, Ecofin
Research and Consulting AG, Zurich. 2002 – 2004 Chief
Thomas Gross (1964)
Swiss citizen, Chief Executive Officer (CEO) of the Financial
Information division. Education: lic. iur., University of Neuchâtel; MBA, MIT Sloan School of Management, Cambridge MA, USA.
Career
1989 Project Manager, BSI, Lugano. 1989 – 1990 Pro­
ject Manager, SMH, Bienne. 1991 – 1992 Assistant to the
Chairman, IPC Intercontinental Packaging Corporation,
Rüti/Tuckahoe NY, USA. 1992 – 1993 Sales Representative, Hilti, Leipzig. 1995 – 2001 Management Consultant,
McKinsey & Co., Zurich and São Paulo. 2001 – 2004 Head of Inhouse Consulting, Credit Suisse, Zurich.
2004 – 2009 Head of Securities Settlement, Credit Suisse,
Zurich. Since 2009 CEO, Financial Information division,
SIX Group Ltd, Zurich.
Further activities and mandates
−Vice Chairman, School Board of Kantonsschule
Rychenberg, Winterthur
−Chairman or member of the Board of Directors
of various Group companies
57 SIX Group Annual Report 2010
Organization and competencies
Remuneration
At the request of the Nomination & Compensation
Committee, the Board of Directors defines Group-wide
remuneration guidelines. The members of the Board of
Directors receive a fixed salary. The Chairman of the
Board of Directors and the members of the Group
Executive Board receive a fixed basic salary as well as
a variable cash payment. The latter is dependent on
both company revenue and individual performance.
Part of the payment received by members of the Group
Executive Board is held for three years and then paid
subject to continued employment with the company
(deferred payment). In the year under review, ten members of the Group Executive Board and ten members of
the Board of Directors were paid a total of CHF 10.6
million. This includes members of the Board of Directors and the Group Executive Board who either left,
joined or intermittently filled a position during the
course of the year. Along with the basic salary and variable payment, the amount also covers social and
fringe benefits customary in the industry. SIX Group
does not grant loans of any kind to either its employees
or corporate bodies. Performance analysis is based on
quantitative and qualitative objectives individually
defined at the beginning of each business year. The
objectives comprise the business result, strategy
implementation and the achievement of personal goals.
SIX Group Ltd auditors
Ernst & Young Ltd was appointed as auditor of
SIX Group Ltd on 1. January 2008 (having acted as
auditor of SWX Group, SIX Group Ltd’s previous trade
name, since 2002). The Mandate Manager is Thomas
Schneider, accredited audit expert. Iqbal Khan, also an
accredited audit expert, is the auditor in charge. Supervision and control of external auditors and Group auditors reside with the Board of Directors. Discussion of
the internal and external auditors’ reports lies within the
sphere of competence of the Board of Directors, who
are supported in this endeavor by the Audit Committee.
The Audit Committee regularly receives and discusses
reports from representatives of the external auditors or
the Group auditors. Detailed information on remuneration is provided in the financial part:
www.six-group.com/about_sixgroup/publications.
Fees of the audit company
CHF 1,000
Audit fee of Ernst & Young Ltd
Audit-related fees of Ernst & Young Ltd and tax consultancy
31.12.2010
1,846
926
Information policy
Up-to-date information is available at www.six-group.
com. Calls for meetings and messages to the shareholders are sent by mail to the addresses recorded in
the share register. Subject to legal requirements,
announcements to creditors are published in the Swiss
Official Gazette of Commerce. SIX Group Ltd publishes
its business results semi-annually. All registered shareholders are sent a brief report (shareholder letter) containing an overview of the Group’s business development and activities. The annual report in German, English and French as well as the financial report in English
can be downloaded from the SIX Group website www.
six-group.com/about_sixgroup/publications or ordered
from the following address:
SIX Management Ltd
Corporate Communications
Selnaustrasse 30, P.O. Box 1758
8021 Zurich
Switzerland
“ Client proximity is important for us – as neighbors,
this applies to ING-DiBa in the truest sense of the word.”
Oliver Frös
Senior Account Manager, SIX Telekurs Germany, Frankfurt
­
Setting standards with innovative solutions
“ SIX Group’s intelligent online solutions, which really
add value for our clients, have met all our expectations.”
Ronny Förster
Securities business development consultant, ING-DiBa, Frankfurt
ING-DiBa, Germany’s largest direct bank, chose SIX Tele­
kurs as a partner to streamline, optimize and improve cost
efficiency in its infrastructure in the area of online market
information. It also implemented a tailor-made online bro-
kerage tool developed by SIX Telekurs, which is used to
provide comprehensive price information in real time. This
web-based solution has helped ING-DiBa become Germany’s market leader in the area of online brokerage.
60 SIX Group Annual Report 2010
Financial report – short version
Group balance sheet
The detailed version of SIX Group’s financial report for 2010 can be found online:
www.six-group.com/about_sixgroup/publications/annual_report_en.html.
in CHF 1,000
31.12. 2010
31.12. 2009
Assets
Liquid funds
Due from banks
Securities and precious metals trading portfolio
Non-consolidated participations
Fixed assets
Intangible assets
Accrued income and prepaid expenses
Other assets
Total assets
530,844
364,936
399,727
504,132
428,263
50,442
37,094
2,832,054
5,147,492
842,708
358,571
400,199
579,264
423,852
72,031
38,066
3,239,343
5,954,034
Liabilities and equity
Due to banks
Other due to clients
Accrued expenses and deferred income
Other liabilities
Value adjustments and provisions
Total liabilities
Share capital
Capital reserves
Treasury shares
Retained earnings
Foreign exchange translation differences
Group net income majority shareholders
Equity majority shareholders
Minority interest in equity
Minority interest in profit
Equity minority shareholders
Total equity
Total liabilities and equity
17,148
700
193,361
2,995,293
137,521
3,344,021
19,522
767,859
– 23,348
933,079
– 107,230
169,910
1,759,792
40,002
3,677
43,679
1,803,471
5,147,492
21,753
3,479
260,750
3,736,001
127,516
4,149,499
19,522
765,214
– 23,348
851,414
– 70,982
215,125
1,756,945
42,425
5,165
47,590
1,804,535
5,954,034
61 SIX Group Annual Report 2010
Financial report – short version
Group income statement
in CHF 1,000
Interest income
Interest expenses
Net interest income
Commission income
Commission expenses
Income from other services business
Expenses for other services business
Net commission and other services business income
Net trading income
Income from non-consolidated participations
Other ordinary income
Other ordinary expenses
Net other income
Operating income
Personnel expenses
Other operating expenses
Operating expenses
Gross income
Depreciation and write-offs
Valuation adjustments, provisions and losses
Operating profit (sub-total)
Extraordinary income
Extraordinary expenses
Taxes
Group net income
Minority interest in profit
Group net income majority shareholders
* R estated: Several prior-year figures have been adjusted due to improved allocation of income and expenses.
2010
2009
(restated*)
7,307
– 2,960
4,346
1,027,260
– 345,065
466,703
– 46,746
1,102,153
6,055
– 17,959
130,641
– 4,743
107,938
1,220,492
– 579,570
– 295,101
– 874,671
345,821
– 128,157
– 749
216,914
226
– 670
– 42,883
173,588
– 3,677
169,910
10,506
– 2,404
8,103
965,824
– 337,125
482,735
– 54,748
1,056,686
38,106
– 20,479
131,117
– 2,211
108,427
1,211,321
– 551,139
– 278,825
– 829,963
381,358
– 117,871
– 3,938
259,549
6,110
– 1,559
– 43,810
220,289
– 5,165
215,125
“ No matter where or when, I am always there for
my clients, especially during critical project phases.”
Roman Huser
Business Development Healthcare, SIX Paynet
Purchasing and invoicing, simple and efficient
“ Optimizing logistics processes
is a matter of detailed analysis.
The team from SIX Group fully
understood our processes.”
Reinhard Kuster
Head of purchasing logistics, St. Gallen hospital, St. Gallen
St. Gallen hospital, the main hospital in eastern Switzerland, has restructured its logistics processes. The solution
implemented together with SIX Paynet is part of the optimized procurement and billing process. From placing an
order, right through to receiving the dispatch note and
verifying the invoices, the whole process is carried out
electronically without any media discontinuity. This has
resulted in a lowering of administrative costs, a reduction
in expenditure, qualitative improvements and increased
transparency.
64 SIX Group Annual Report 2010
Key addresses
Securities Trading business field
Cash Markets division
SIX Swiss Exchange Ltd
Selnaustrasse 30
P.O. Box 1758
8021 Zurich
Switzerland
T +41 58 399 5454
www.six-swiss-exchange.com
SIX Swiss Exchange Ltd
15 Appold Street
London EC2A 2NE
United Kingdom
T +44 20 7864 4336
SIX Swiss Exchange Ltd
Route de Meyrin 49
Case postale 260
1211 Geneva 28
Switzerland
T +41 58 399 5454
SIX Exfeed Ltd
Selnaustrasse 30
P.O. Box
8021 Zurich
Switzerland
T +41 58 399 2977
www.six-exfeed.com
Regulatory committees and advisory commissions: www.six-swiss-exchange.com/about_us/company/commissions_en.html
Participant lists and associated participants: www.six-swiss-exchange.com/participants_en.html
Significant participations:
Eurex Zurich Ltd
Selnaustrasse 30
P.O. Box
8021 Zurich
Switzerland
T +41 58 399 2942
www.eurexchange.com
Scoach Switzerland Ltd
Selnaustrasse 30
P.O. Box
8021 Zurich
Switzerland
T +41 58 399 2100
www.scoach.ch
STOXX Limited
Selnaustrasse 30
P.O. Box
8021 Zurich
Switzerland
T +41 58 399 5400
www.stoxx.com
Swiss Fund Data AG
Hottingerstrasse 14
8032 Zurich
Switzerland
T +41 44 250 5120
www.swissfunddata.ch
SIX x-clear Ltd
Sveavägen 56
P.O. Box 3117
103 62 Stockholm
Sweden
T +46 8 5861 6351
Securities Services business field
Securities Services division
SIX SIS Ltd
Brandschenkestrasse 47
P.O. Box 1758
8021 Zurich
Switzerland
T +41 58 399 3111
www.six-sis.com
SIX SIS Ltd
Baslerstrasse 100
P.O. Box
4601 Olten
Switzerland
T +41 58 399 3111
www.six-sis.com
SIX x-clear Ltd
Brandschenkestrasse 47
P.O. Box 1758
8021 Zurich
Switzerland
T +41 58 399 4311
www.six-x-clear.com
SIX SAG Ltd
Baslerstrasse 90
P.O. Box
4601 Olten
Switzerland
T +41 58 399 6111
www.six-sag.com
Wertpapierwelt
Baslerstrasse 90
4600 Olten
Switzerland
T +41 58 399 6622
www.wertpapierwelt.ch
Link-Up Capital Markets S. L .
Palacio de la Bolsa
Plaza de la Lealtad, 1
28014 Madrid
Spain
T +34 91 709 5207
www.linkupmarkets.com
Swiss Securities Post-Trading Council: www.six-sis.com/sec/cm/index/sptc.htm
65 SIX Group Annual Report 2010
Key addresses
Financial Information business field
Financial Information division
SIX Telekurs Ltd
Route de Meyrin 49
P.O. Box 260
1211 Geneva 28
Switzerland
T +41 58 399 7711
SIX Telekurs Ltd
Via Cantonale 1
6901 Lugano
Switzerland
T +41 58 399 7111
Rolotec Ltd
Albrecht-Haller-Strasse 9
P.O. Box
2501 Bienne
Switzerland
T +41 32 344 8600
www.rolotec.ch
SIX Telekurs Belgium S.A./N.V.
9, bd de la Plaine
1050 Brussels
Belgium
T +32 2 790 0500
SIX Telekurs Hong Kong Limited
33/F One Int. Finance Centre
1 Harbour View Street
Central Hong Kong
Hong Kong
T +852 2971 0388
SIX Telekurs Monaco SAM
“Les Acanthes”
6, avenue des Citronniers
MC-98000 Monaco
Monaco
T +377 9797 7161
www.six-telekurs.fr
SIX Telekurs Sweden AB
Nordhemsgatan 12, 4tr
41327 Göteborg
Sweden
T +46 8 5861 6300
SIX Telekurs Denmark A/S
Nikolaj Plads 2, 5
1067 Copenhagen K
Denmark
T +45 33 41 1111
www.six-telekurs.dk
SIX Telekurs Ireland
Arena House
Arena Road
Sandyford
Dublin 18
Ireland
T +353 1 213 0722
SIX Telekurs Nederland B.V.
Gebouw Rivierstaete, 1e etage
Amsteldijk 166
1079 LH Amsterdam
The Netherlands
T +31 20 3012 888
SIX Telekurs U.K. Ltd
15, Appold Street
London EC2A 2NE
United Kingdom
T +44 20 7550 5000
SIX Telekurs Deutschland GmbH
Theodor-Heuss-Allee 108
60486 Frankfurt am Main
Germany
T +49 69 717 00 0
SIX Telekurs Italia S.r.l.
Via del Vecchio Politecnico 3
20121 Milan
Italy
T +39 02 76 45 631
SIX Telekurs Norway AS
Holbergsgate 1
0166 Oslo
Norway
T +47 23 32 6620
www.six-telekurs.no
SIX Telekurs U.K. Ltd
9/10 St. Andrew Square
Edinburgh EH2 2AF
United Kingdom
T +44 13 1718 6006
SIX Telekurs Finland Oy
Rikhardinkatu 1 b
00130 Helsinki
Finland
T +358 20 733 4043
www.six-telekurs.fi
SIX Telekurs Japan Ltd
Hulic Kakigaracho Bldg 5F
1-28-5, Nihonbashi
Kakigaracho, Chuo-ku
Tokyo 103-0014
Japan
T +81 3 3808 2271
SIX Telekurs
Deutschland GmbH
Zweigniederlassung Wien
Wipplingerstrasse 34
1010 Vienna
Austria
T +43 1 5324 5710
SIX Telekurs USA Inc.
River Bend Center
One Omega Drive, Building 3
Stamford, CT 06907
USA
T +1 203 353 8100
SIX Telekurs France
Headquarters:
5, boulevard Montmartre
75002 Paris
France
T +33 1 5300 0100
SIX Telekurs Canada *
First Canadian Place
100 King St. West, Suite 5700
Toronto, ON M5X 1C7
Canada
T +1 416 915 4121
SIX Telekurs Singapore Pte. Ltd
5 Temasek Boulevard
#16-01 Suntec Tower Five
Singapore 038985
Singapore
T +65 6338 3808
SIX Telekurs USA Inc.
101 Federal Street
Suite 1900
Boston, MA 02110
USA
T +1 617 342 7050
Mailing address:
91/93 avenue François-Arago
92739 Nanterre cedex
France
T +33 1 4729 4729
www.six-telekurs.fr
SIX Telekurs Luxembourg SA
10b, Z.A.I. Bourmicht
B.P. 2135
8070 Bertrange
Luxembourg
T +352 26 1161
SIX Telekurs España SA
Paseo de la Castellana, 40 bis
28046 Madrid
Spain
T +349 1 577 5500
SIX Telekurs USA Inc.
48 Wall Street
Suite 1100
New York, NY 10005
USA
T +1 212 918 4780
EuroPerformance SIX Telekurs
89, avenue François-Arago
92017 Nanterre cedex
France
T +33 1 7072 4400
www.europerformance.fr
SIX Telekurs MENA
43, Boulevard d’Anfa
20070 Casablanca
Morocco
T +212 5 2227 6410
www.six-telekurs.fr
SIX Telekurs Sweden AB
Sveavägen 56
Box 3117
10362 Stockholm
Sweden
T +46 8 5861 6300
www.six-telekurs.se
SIX Telekurs USA Inc.
One Market Street
Spear Tower, Suite 3600
San Francisco, CA 94105
USA
T +1 415 293 8320
SIX Telekurs Ltd
Hardturmstrasse 201
P.O. Box 1521
8021 Zurich
Switzerland
T +41 58 399 5111
www.six-telekurs.com
Subsidiaries abroad:
* SIX Telekurs USA Inc. operating as SIX Telekurs Canada
66 SIX Group Annual Report 2010
Key addresses
Payment Transactions business field
Multipay division
Cards & Payments division
SIX Multipay Ltd
Hardturmstrasse 201
P.O. Box 1521
8021 Zurich
Switzerland
T +41 58 399 9111
www.six-multipay.com
SIX Card Solutions Ltd
Hardturmstrasse 201
P.O. Box 1521
8021 Zurich
Switzerland
T +41 848 66 1111
www.six-card-solutions.com
SIX Pay SA
10, rue Gabriel Lippmann
5365 Munsbach
Luxembourg
T +352 20 880 227
www.six-pay.com
SIX Interbank Clearing Ltd
Hardturmstrasse 201
P.O. Box 1521
8021 Zurich
Switzerland
T +41 58 399 2999
www.six-interbank-clearing.com
SIX Multi Solutions Ltd
Hardturmstrasse 201
P.O. Box 1521
8021 Zurich
Switzerland
T +41 58 399 9111
www.six-multi-solutions.com
SIX Paynet Ltd
Hardturmstrasse 201
P.O. Box 1521
8021 Zurich
Switzerland
T +41 58 399 9511
www.six-paynet.com
Significant participation:
Cetrel SA
10, rue Gabriel Lippmann
5365 Munsbach
Mailing address:
2956 Luxembourg
Luxembourg
T +352 3 55 66-1
www.cetrel.lu
SIX Group
SIX Group Ltd
Selnaustrasse 30
P.O. Box 1758
8021 Zurich
Switzerland
T +41 58 399 2091
www.six-group.com
SIX Group Services Ltd
Hardturmstrasse 201
P.O. Box 1521
8021 Zurich
Switzerland
T +41 58 399 4111
Subsidiaries abroad:
SIX Card Solutions GmbH
Bornbarch 9
22848 Norderstedt
Germany
T +49 40 325 967 200
SIX Card Solutions
Luxembourg SA
15, rue Léon Laval
3372 Leudelange
Luxembourg
T +352 27 753 450
SIX Card Solutions UK Ltd
Regal House
70 London Road
Twickenham
TW1 3QS
United Kingdom
T +44 20 8892 2573
SIX Card Solutions Austria GmbH
Floridsdorfer Hauptstrasse 1
1210 Vienna
Austria
T +43 1 71 773
SIX Card Solutions Sweden AB
Veterinärgränd 6
12163 Johanneshov
Sweden
T +46 8 5451 3530
SIX Card Solutions USA Corp
700 Commerce Dr. Suite 500
Oak Brook, IL 60523
USA
T +1 630 288 2752
Produced by: SIX Group Ltd, Zurich
Lead: Corporate Communications
Concept and design: Wirz Corporate AG, Zurich
Photography: Markus Bühler-Rasom, Zurich
Sustainability reporting consulting: Sustainserv, Zurich and Boston
Carbon-neutral printing: Neidhart + Schön AG, Zurich
Paper: X-PER, FSC
© SIX Group Ltd 2011
SIX Group Ltd
Selnaustrasse 30
P.O. Box 1758
8021 Zurich
www.six-group.com