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.

  • Read this next

    Retail FX

    Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion

    Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

    Retail FX

    Lark Funding reopens to US traders, MyFundedFX picks cTrader

    Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

    Institutional FX

    Cboe FX volume falls to lowest level since summer

    Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

    Retail FX

    ThinkMarkets secures lucrative DFSA license in Dubai

    Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

    Digital Assets

    New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

    Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

    Digital Assets

    Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

    Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

    Digital Assets

    Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

    Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

    Institutional FX

    Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

    Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

    Industry News

    Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

    In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.

    <