SIX to migrate Spanish exchange platform following BME acquisition

Rick Steves

The migration is envisaged to happen between Q4 2022 and Q2 2023 and will create the foundation for the Spanish along with the Swiss market to be established on one of the leading platforms in Europe.

SIX Group will migrate BME’s current trading platform to a version of its existing platform, thus establishing the future trading platform technology set-up for both companies.

This news follows the acquisition of Bolsas y Mercados Españoles (BME) in 2020 and is designed to enhance speed, latency and capacity for Spanish clients as the firm consolidates the Swiss and Spanish exchange platforms.

The Spanish market will continue to be hosted in Madrid and the Swiss market will continue to be hosted in Zurich as well as local regulatory oversight for both markets.

In a first step, trading and trading-related services for Equities, Equity-like and Fixed Income instruments will be harmonized on the SIX trading platform by extending and optimizing the current SIX capabilities to also address the Spanish market’s needs.

The migration is envisaged to happen between Q4 2022 and Q2 2023 and will create the foundation for the Spanish along with the Swiss market to be established on one of the leading platforms in Europe.

Along the same lines, market data dissemination will be harmonized for both markets. The scope of the trading platform harmonization process does not include derivative instruments.

SIX will keep the CNMV informed of the integration process at all times and, where appropriate, will request the pertinent authorizations for the complete migration to the SIX trading platform.

Thomas Zeeb, Global Head Exchanges and Member of the SIX Executive Board, commented: “This is an important step in the integration of BME into SIX. Our Spanish and Swiss teams are working closely together on the best approach to this transition and are evaluating how to most effectively support activities and ensure member conversion.

This migration ensures that the market gets to benefit from an enhanced trading platform, extended capabilities, new functionalities as well as simplified and improved systems and technology.”

SIX is one of the most dedicated to ESG investing, having acquired an ESG analytics firm in February. Orenda was founded in 2015 and delves in the fields of artificial intelligence, alternative data, social science, and finance.

The exchange group also launched ESG indices to address investor demand. The trading industry must always keep pace with geopolitical and technological disruption along with client demand. ESG products must not be overlooked.

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