SIX’s new Triparty Agent system goes live

Maria Nikolova

The Triparty Agent from the Swiss Stock Exchange incorporates the Collateral Cockpit, streamlines front and back office processes to provide seamless and effective collateral management for its clients.

SIX today announces the launch of its Triparty Agent system, in a move seen to strengthen the Swiss financial infrastructure and SIX’s commitment to the repo and securities finance business.

As the key financial infrastructure provider for Switzerland, SIX invented and operates the multi-currency repo trading platform. The system is used by over 170 domestic and international clients, ranging from regional banks to Swiss insurance companies and the Swiss National Bank (SNB).

The Triparty Agent with its user interface Collateral Cockpit™ manages on behalf of the counterparties secured transactions such as repos. This encompasses the automated allocation and settlement of collateral and covering of margin calls. Thanks to the highly automated system, no manual interventions are needed to perform these processes while operational risks are minimized. The visualization of the availability and usage of collateral reaches an unprecedented level of user friendliness. This centralized service provides benefits to all clients by reducing back office interventions and costs and strengthens a higher grade of automation.

The new Triparty Agent is a central and essential element for the Swiss repo market. The SNB performs its open market operations in Swiss francs on this infrastructure and also concludes repo transactions in US-dollars in the form of auctions with its counterparties. In connection with the Swiss Repo Market the new Triparty Agent further increases the attractiveness of secured financing, thus strengthening the stability of the financial system. The partnership with the specialists from Calypso and the integration partner Synechron, enabled to tackle the complexity of this important infrastructure with the required software and expertise.

Based on this renewed foundation, further services are planned and about to be implemented in order to address regulatory changes (i.e. transaction reporting) and a wide range of additional possibilities in using and optimizing collateral.

Commenting on the launch, Valerio Roncone, Head Future Business, Securities & Exchanges, SIX said:

“With our new Triparty Agent, we have created a hub that will harness the power of automation and intelligent data usage to give repo professionals, traders, treasury professionals, and other stakeholders full control over their collateral. Through this technology, manual tasks like monitoring and adjusting will no longer require attention, and professionals can focus on what matters: driving efficiency, accountability, and accuracy.”

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