SIX Securities Services has launched a Delivery versus Payment (DvP) settlement capability against gold.
The SIX Securities Services settlement team reduced time-to-market for this product by treating gold as a settlement currency as well as a foreign currency (XAU). The value of one XAU unit is defined as one troy ounce of gold valued in US dollars.
SIX Swiss Exchange and Scoach Switzerland are planning to introduce the listing and trading of structured products denominated in XAU in October.
To create true value through innovation in todays economic climate is a real challenge for any organization, Thomas Zeeb, CEO of SIX Securities Services, says. This is why I am particularly proud of this achievement. It has taken close collaboration with market participants and a truly innovative approach from SIX Securities Services. I look forward to more such fruitful collaborations with all of our customers as we drive the product development process forward with and on behalf of our clients.
(CM)