Switzerland: New direct link to SIX SIS AG

29.09.2025

Clearstream Banking1 informs clients that effective 

2 February 2026

a new Clearstream Banking S.A. (CBL) direct link to SIX SIS AG will be activated to hold the securities issued by SIX SIS AG as the Issuer CSD. CBL will open an omnibus account directly with the local CSD, SIX SIS AG. CBL’s direct participant status will ensure enhanced protection of clients’ assets.

Important note: Investment funds, eligible for Vestima Order routing, will continue to be held on the current CBL indirect link via UBS AG and will not be part of the migration.

The list of the impacted ISINs will be published in due time.

Important note: This will not impact Clearstream Europe AG (CEU) which will continue to have access to the Swiss market via its already existing direct link to the local CSD, SIX SIS AG.

Eligible securities

The following securities will be eligible in CBL, via the new omnibus account:

  • Government debt securities;
  • Corporate bonds;
  • Equities in bearer and listed registered form;
  • Investment funds (Closed ended funds and ETFs with no order routing);
  • Warrants;
  • Liechtenstein securities.

Note: Swiss shares registered in the name of Clearstream Nominees, London will from that date be registered under CBL.

New direct link details

CSD name: SIX SIS AG Zurich
Depository Code: 5S
Swift BIC address: INSECHZZ
Clearstream Banking account number in SIX SIS AG LU101193 (linked to the Swift BIC: CEDELLULGLB)

Tax requirements

Information on tax process and requirements will be communicated separately.

Impacts on clients

Settlement timing SECOM Settlement Times

Instruction

Provisioning

Deadline for receipt of valid instruction

Expected settlement results

start

end

from

to

value

AP=Against payment FOP=Free of payment SD=Settlement date

Settlement free of payment

FOP

21:30 SD-1

20:00 SD

20:00 SD

06:00 SD

22:00 SD

SD

Settlement against payment in CHF

AP

21:30 SD-1

16:00 SD

16:30 SD

06:00 SD

18:00 SD

SD

Settlement against payment in GBP

AP

21:30 SD-1

14:40 SD

14:40 SD

06:00 SD

18:00 SD

SD

Settlement against payment in USD

AP

21:30 SD-1

13:25 SD

13:25 SD

06:00 SD

18:00 SD

SD

T2S Settlement Times

Instruction

Provisioning

Deadline for receipt of valid instruction

Expected Settlement Results

start

end

from

to

value

AP=Against payment FOP=Free of payment SD=Settlement date

Settlement receipt free of payment

FOP

21:30 SD-1

17:45 SD

17:45 SD

05:00 SD

18:00 SD

SD

Settlement delivery free of payment

FOP

21:30 SD-1

17:45 SD

17:45 SD

05:00 SD

18:00 SD

SD

Settlement against payment in EUR

AP

21:30 SD-1

16:00 SD

16:00 SD

05:00 SD

18:00 SD

SD

Specific settlement rules

Bridge settlement is possible.

The information on settlement restrictions if any will be communicated separately.

Impacts on domestic counterparties

Important: Clients should inform their counterparties about the revised information to be indicated in their settlement instructions regarding CBL’s direct account with the SIX SIS AG as follows:

Procedures for domestic counterparties

Receipt in CBL

Deliver to:
In favour of:

Clearstream Banking, Luxembourg (LU101193)
5-digit account number of CBL clienta

Delivery from CBL

Deliver to:
In favour of:

Clearstream Banking, Luxembourg (LU101193)
5-digit account number of CBL clienta

------------------------------------------

a. This is an optional field in SIX and SI ignores it for matching purposes. Counterparties are requested nevertheless to supply it.

Instruction specifications – Xact via Swift and Xact File Transfer

In the following tables, M=Mandatory; O=Optional; C=Conditional; Seq=Swift Message (sub)sequence.

Transactions settling in the Swiss market (SECOM)

MT540

Receive Free

Seq

M

:98a:

:TRAD

//Trade date/time

B

M

:95P:

:PSET

//INSECHZZ[XXX]

E1

M

:95P:

:DEAG

//Counterparty’s BIC

or

:95R:

:DEAG

/SCOM/xxxxxxxx (BPID code) a

O

:95P:

:SELL

//Ordering party’s BIC

or

:95Q:

:SELL

//Ordering party’s name (if BIC does not exist)

O

:97A:

:SAFE

//Ordering party’s account

MT541

Receive Against Payment

Seq

M

:98a:

:TRAD

//Trade date/time

B

M

:95P:

:PSET

//INSECHZZ[XXX]

E1

M

:95P:

:DEAG

//Counterparty’s BIC

or

:95R:

:DEAG

/SCOM/xxxxxxxx (BPID code) a, b

O

:95P:

:SELL

//Ordering party’s BIC

or

:95Q:

:SELL

//Ordering party’s name (if BIC does not exist)

O

:97A:

:SAFE

//Ordering party’s account

MT542

Deliver Free

Seq

M

:98a:

:TRAD

//Trade date/time

B

M

:95P:

:PSET

//INSECHZZ[XXX]

E1

M

:95P:

:REAG

//Counterparty’s BIC

or

:95R:

:REAG

/SCOM/xxxxxxxx (BPID code) a

O

:95P:

:BUYR

//Beneficiary’s BIC

or

:95Q:

:BUYR

//Beneficiary’s name (if BIC does not exist)

O

:97A:

:SAFE

//Beneficiary’s account

MT543

Deliver Against Payment

Seq

M

:98a:

:TRAD

//Trade date/time

B

M

:95P:

:PSET

//INSECHZZ[XXX]

E1

M

:95P:

:REAG

//Counterparty’s BIC

or

:95R:

:REAG

/SCOM/xxxxxxxx (BPID code) a, b

O

:95P:

:BUYR

//Beneficiary’s BIC

or

:95Q:

:BUYR

//Beneficiary’s name (if BIC does not exist)

O

:97A:

:SAFE

//Beneficiary’s account

------------------------------------------
a. The format of the Business Partner Identification (BPID) code is ccxxxxxx (where cc is the ISO country code), which identifies the counterparty account at SIS.
b. EUR settlement clients are requested to use the 95P REAG/DEAG option.

T2S transactions

T2S instructions refer to FOP instructions (if client specifies 70E::FIAN///POSTYP/TS in his instruction in optional subsequence B1 Financial Instrument Attributes) or AP instructions in currency = EUR.

MT540

Receive free

Seq

O

:20C:

:COMM

//Common Reference a

A1

M

:98a:

:TRAD

//Trade date/time

B

O

:90a:

:DEAL

//Deal price

M

:70E:

:FIAN

///POSTYP/TS

O

:22F:

:TTCQ

//CCPN or XCPN c

O

:22F:

:STCO

//NPAR or COEX/PARQ c

E

O

:22F:

:STCO

//NOMC c

M

:95P:

:PSET

//INSECHZZXXX d, e

E1

M

:95P:

:DEAG

//Counterparty’s BIC8 and BIC11 d

O

:97A:

:SAFE a

//Counterparty's account in T2S

O

:95P:

:SELL g

//Ordering party's BIC8 or BIC11, if different from DEAG d

or

:95Q:

:SELL

//Ordering party’s name, if different from DEAG

or

:95R:

:SELLg

//Ordering party's proprietary code, if different from DEAG

O

:97A:

:SAFE

//Ordering party's account

O

:95a:

:BUYR f

Beneficiary

MT541

Receive against payment

Seq

O

:20C:

:COMM

//Common Reference a

A1

M

:98a:

:TRAD

//Trade date/time

B

O

:90a:

:DEAL

//Deal price

O

:22F:

:TTCQ

//CCPN or XCPN c

O

:22F:

:STCO

//NPAR or COEX/PARQ c

E

O

:22F:

:STCO

//NOMC c

M

:95P:

:PSET

//INSECHZZXXX d e

E1

M

:95P:

:DEAG

//Counterparty’s BIC8 and BIC11 d

O

:97A:

:SAFE a

//Counterparty's account in T2S

O

:95P:

:SELL g

//Ordering party's BIC8 or BIC11, if different from DEAG d

or

:95Q:

:SELL

//Ordering party’s name, if different from DEAG

or

:95R:

:SELL g

//Ordering party's proprietary code, if different from DEAG

O

:97A:

:SAFE

//Ordering party's account

O

:95a:

:BUYR f

Beneficiary

MT542

Deliver free

Seq

O

:20C:

:COMM

//Common Reference a

A1

M

:98a:

:TRAD

//Trade date/time

B

O

:90a:

:DEAL

//Deal price

M

:70E:

:FIAN

///POSTYP/TS

O

:22F:

:TTCQ

//CCPN or XCPN c

O

:22F:

:STCO

//NPAR or COEX/PARQ c

E

O

:22F:

:STCO

//NOMC c

M

:95P:

:PSET

//INSECHZZXXX d, e

E1

M

:95P:

:REAG

//Counterparty’s BIC8 and BIC11 d

O

:97A:

:SAFE a

//Counterparty's account in T2S

O

:95P:

:BUYR g

//Beneficiary's BIC8 or BIC11, if different from DEAG d

or

:95Q:

:BUYR

//Beneficiary's name, if different from REAG

or

:95R:

:BUYR g

//Beneficiary's proprietary code, if different from REAG

O

:97A:

:SAFE

//Beneficiary's account

O

:95a:

:SELL f

Beneficiary

MT543

Deliver against payment

Seq

O

:20C:

:COMM

//Common Reference a

A1

M

:98a:

:TRAD

//Trade date/time

B

O

:90a:

:DEAL

//Deal price

O

:22F:

:TTCQ

//CCPN or XCPN c

O

:22F:

:STCO

//NPAR or COEX/PARQ c

E

O

:22F:

:STCO

//NOMC c

M

:95P:

:PSET

//INSECHZZXXX d, e

E1

M

:95P:

:REAG

//Counterparty’s BIC8 and BIC11 d

O

:97A:

:SAFE a

//Counterparty's account in T2S

O

:95P:

:BUYR g

//Beneficiary's BIC8 or BIC11, if different from DEAG d

or

:95Q:

:BUYR

//Beneficiary's name, if different from REAG

or

:95R:

:BUYR g

//Beneficiary's proprietary code, if different from REAG

O

:97A:

:SAFE

//Beneficiary's account

O

:95a:

:SELL f

Beneficiary

------------------------------------------

a. Optional matching fields.
c. Additional matching fields.
d. If a client uses a BIC8, Clearstream Banking shall be entitled to modify the BIC8 by adding the default XXX suffix to comply with T2S settlement rules. Accordingly, such clients remain liable for any settlement fails that the use of the BIC8 may cause.
e. For cross-border transactions, the Place of Settlement must contain the BIC of the counterparty’s CSD.
f. This optional matching field will be forwarded as received. T2S will only match if provided with a BIC or proprietary code. If a client uses a BIC8, Clearstream Banking will add the default XXX suffix to comply with T2S settlement rules.
g. The BUYR/SELL field is optional in T2S, but is a mandatory field for CBL.

Additional information on the formats for physical and registered securities as well as for the multi markets realignments will be published separately.

Cash services

This change of link does not impact on the current cash set-up, with UBS and ZBK acting as CBL cash correspondent banks.

The CHF cash deadline will be16:00 CET.

Asset servicing

The service of Corporate Actions and for General meetings will continue to be available.

The changes to the current processing and reporting flows (for example, General Meetings, Transaction management rules, Registration services, Tax services) will be communicated in separate client announcements in due course.

Migration procedure

At close of business on Friday, 30 January, CBL will proceed with the migration of all settled positions in the impacted Swiss securities from its current account at UBS AG to its new omnibus account at SIX SIS AG.

To facilitate a smooth migration, CBL will impose an earlier settlement deadline on Friday, 30 January. Therefore, clients who wish to settle Swiss securities on this date should ensure that their instructions are received by CBL no later than this early deadline (the exact time is to be confirmed at the later stage).

All pending instructions for the Swiss securities, including matched instructions that did not settle at close of business on Friday, 30 January will be automatically cancelled by CBL. Clients will be informed of any cancelled instructions via MT548. Clients and their respective counterparties will have to reinstruct after the successful completion of the migration on Monday, 2 February with the new formats.

In order to reduce the number of matched instructions at the time of migration to a minimum, Clearstream Banking will suspend the instruction pre-matching service. 

In the event of ongoing corporate actions, the decision to migrate the securities will be taken on case-by-case basis and communicated to clients.

Further details and updates to the migration procedure will be published close to the migration date.

Further information

This is the current situation based on latest information, should there be any changes we will inform you accordingly. For further information, clients may contact Clearstream Client Services or their Relationship Officer.

------------------------------------------

1. Clearstream Banking refers to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.