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SIX shortens settlement to T+2

Securities transactions on SIX Swiss Exchange and SIX Structured Product Exchange will in future be settled within just two business days (T+2). This change is effective immediately. Until now, the time between the conclusion of a trade and settlement of the securities transaction in Switzerland was three business days (T+3).

This measure is in accordance with the Central Securities Depositories Regulation (CSDR) introduced by European supervisory authorities and is a requirement for participating in the European project Target2Securities.

The purpose is to standardize settlement times throughout Europe and correspondingly minimize the risk associated with securities transactions. 
On 6 October a total of 25 European countries will simultaneously reduce settlement time to T+2. By reducing the time between the conclusion of a securities trade and settlement of the transaction by one day, there is less risk that one of the trading partners will fail to meet its obligations.

In Switzerland fulfillment risk is minimal inter alia thanks to the Swiss Value Chain operated by SIX: simultaneous settlement via the linked real-time systems SECOM and SIC is carried out in central bank money subject to the "delivery against payment" principle.