SIX, Switzerland’s financial market infrastructure, reported growth in its Securities Services business area in 2013.
Operating income for the segment grew 6.6% to CHF 259.9 million (€213.07 million), while EBIT increased 13.1% to CHF 31.5 million (€25.82 million).
SIX says growth was mainly attributable to the rise in clearing transactions and higher deposit volumes in the custody business.
In a fiercely competitive environment, says SIX, it was able to boost the number of clearing transactions by 31.1% to 240 million. Some 85% of clearing transactions originated from abroad.
Assets under custody rose by 7.6% to CHF 2.9 billion (€2.37 billion) thanks to new clients.
Increased activity on the financial markets and an expansion in international business, primarily in the payment services business area, enabled SIX to improve its group operating profit in the 2013 financial year. Operating income rose by 8.9% to CHF 1.6 billion (€ 1.3 billion), of which 29.2% (previous year: 25.8%) was generated outside Switzerland. At CHF 196.2 million (€ 160.87 million), operating profit was 56.2% higher than in the previous year.
In its latest results, SIX highlighted two key projects for 2014. Firstly, the Swiss National Bank has commissioned the group to operate the trading platform for SNB money market transactions and the repo interbank market, and this will come into operation in May this year. Secondly, in the post-trading area preparations are underway for connecting directly to the European TARGET2-Securities platform, which will thus connect the Swiss financial market to the euro capital markets.
SIX Securities Services’ Earnings Increase 13.1% in 2013
SIX, Switzerland’s financial market infrastructure, reported growth in its Securities Services business area in 2013.
« BNP Paribas Appoints Head of Depot Bank Business in the U.K.