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

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<