Switzerland: Financial Sector Stability Assessment; imf country Report 14/143; April 16, 2014

70. The SNB and FINMA are encouraged to take a firm stance on the full 
implementation of the new principles. This is needed in all countries, but particularly in 
Switzerland given the continuous challenges faced by the authorities to ensure safety of FMIs in 
SIX Group AG 
SIX Swiss 
Exchange AG
SIX Securities
Services AG
Telekurs Holding 
AG
7 other
significant 
participations
SIX
Str
uc
tur
ed
Pr
od
ucts
AG
2 significant 
participations; 
1 associated
company
100% 
100%
100% 
100% 
1
00
% 
Link-Up 
Capital 
Markets 
SIS SIS
Nominee 
UK Ltd 
SIX x-clear
AG
SIX SIS 
AG
4 significant 
participations; 
1 associated 
company
100% 
23.47% 
100% 
SIX Interbank 
Clearing AG 
19 significant 
participations; 
1 associated 
company
75%
Big banks 30.12% 
Cantonal banks 13.92
% 
Regional and Raiffeisen banks 6.10%
Commercial and investment banks 14.92%
Private banks 9.02% 
Foreign banks 21.58%
Treasury shares 3.11%
Others 1.23% 

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SWITZERLAND
INTERNATIONAL MONETARY FUND
35 
an environment focused on efficiency and subject to competition. SIX’s current organization does 
not necessarily provide the optimal structure for explicit support of public interest 
considerations. The board of SIX Group AG has to divide its attention between the FMIs and 
various other business activities that are mainly commercial. Also, the Central Securities 
Depository (CSD), and particularly the central counterparty (CCP), operate in a highly competitive 
environment. As collateral is costly, the CCP may face market pressure to compromise on certain 
features of its risk management framework.