CUSTODY

Custody drives profits at SIX Securities Services

The international securities custody business saw higher deposit volumes and interest income in the first half of this year.

By Hayley McDowell hayley.mcdowell@strategic-i.com August 30, 2017 10:34 AM GMT

SIX Securities Services saw its operating income surge 10% in the first half of this year, largely driven by its international securities custody business.

SIX Group said the securities services unit achieved the strongest growth of all the business areas as its operating income reached CHF 189 million.

The firm added the international custody business saw a strong first six months of the year due to higher deposit volumes and interest income.

SIX made several product developments in the first half this year with the launch of its Advanced Settlement service.

The service allows institutions to process settlement instructions directly from the trading system and aims to reduce costs and risk. 

Overall, net profit across SIX Group stood at CHF 124.5 million up 18.5% from the first half of last year.

SIX said its strong results were due to the “consistent focus on the core business and the development of new central infrastructure services for the Swiss financial centre overall”.