SIX has reported its latest full‑year results, with the Securities Services business unit delivering growth across all core products and service segments – helping to offset the expected decline in net interest income caused by the lower interest‑rate environment.

Net operating income reached CHF 439.0 million, a 3.2% decrease year‑on‑year, but supported by strong operational momentum across clearing, custody and trade repositories.

Average deposit volumes rose 6.1% in Switzerland and 9.4% in Spain, while clearing activity increased to CHF 390.5 million in Switzerland (2024: CHF 362.1 million) and CHF 64.2 million in Spain (2024: CHF 59.9 million).

Settlement transactions grew 22.0% in Switzerland and 2.0% in Spain.

A major milestone was reached in custody, with SIX’s international business surpassing CHF 1 trillion in international assets under custody in 2025. 

SIX also confirmed plans to combine the interoperable pan‑European cash‑equity model of SIX x‑clear with the multi‑asset clearing strengths of BME, creating a scaled, open and competitive CCP alternative for clearing across asset classes in Europe. The move is central to SIX’s long‑term strategy of building a unified, pan‑European post‑trade infrastructure.

A few weeks before the announcement, we spoke with Rafael Moral Santiago, head of Securities Services, about the strategy now taking shape.

Building a pan‑European post‑trade infrastructure

Since joining in June last year, Rafael  has led a comprehensive strategic review, including interviews with major clients across Switzerland, Spain and international markets. The outcome was a sharpened vision to become “a leading pan‑European provider of integrated and digital post‑trade solutions.”

Clients, he said, were clear about their expectations: “Clients want to grow, become more pan‑European themselves, and they want to do this with a partner.”

This has translated into a multi‑year integration programme across clearing, custody and trade repositories. The merger of the Swiss and Spanish CCPs into a single, Spanish‑headquartered entity is already underway.

Santiago also elaborated on SIX’s pan-European ambitions. “Our ambition is to integrate our digital CSD with our traditional CSD into one CSD… allowing clients to navigate more seamlessly between the digital and traditional worlds.”

This includes unifying the underlying IT platforms so clients can onboard once and operate across jurisdictions and technologies without friction.

Offering alternatives in a consolidating market

Rafael  is clear that SIX’s strategy is rooted in interoperability and open access – an approach he believes Europe needs more of.

“We believe in interoperability, competition, free access and user choice… not forcing clients into vertical silos.”

The combined x‑clear/BME CCP is designed to offer the market a pan‑European alternative across asset classes, at a time when clients are increasingly seeking optionality and resilience in their clearing arrangements.

He also expects further consolidation across Europe’s post‑trade landscape, but insists it must be market‑driven: “Do I foresee further integration and consolidation? Yes. Do I see a single FMI for Europe? No. Clients benefit from competition between a limited number of true pan‑European FMIs.”

T+1: readiness, coordination and the deeper challenge

With Europe’s transition to T+1 scheduled for 2027, SIX has taken a leading role in industry coordination in implementation and testing across Switzerland, Spain and the EU.

“We feel we’re ready. We’re on track.”

Rafael  notes that while direct market participants are progressing well, the real challenge lies deeper in the chain: “The clients of the clients may not fully appreciate what’s coming and what that means for their operating models.”