SIX announced a seven-year strategic partnership with Barclay to support the bank’s international growth and drive cost efficiencies. The multi-year collaboration will see Barclays’ entire business – which spans investment banking, retail banking, wealth management, and corporate services – gain access to financial data products from SIX. In addition, Barclays will contribute to the product strategy and development of new data and analytical products and customer solutions.
The news comes as Barclays focuses on simplification and boosting its three core businesses while slashing £2 billion ($2.7bn) in costs by 2026. The wide array of financial information services from SIX, including real-time market data, wealth management capabilities, regulatory reporting solutions, and cross asset data coverage, will be instrumental in supporting Barclays growth and cost management ambitions.
Meanwhile, Barclays’ strong presence in key regions such as the US and Asia aligns with the business model from SIX, supporting its plans to accelerate expansion and strengthen its presence in these markets. The partnership also comes just weeks after SIX launched two new market data offerings – SIX Fixed Income Data and the Digital Assets Regulatory & Tax Service.
Marion Leslie, head Financial Information & member of Executive Board, SIX, said in a statement: “As banks face immense pressure to curb costs amid an increasingly uncertain economic environment, harnessing the smartest financial data will be essential in protecting margins and laying the foundations for growth. This partnership is a testament to the strong foundations of our relationship that has been built on trust, commitment and collaboration.”
Georges Lauchard, Global Markets and Wholesale Lending COO at Barclays, said in a statement: “SIX has been a valuable partner to Barclays over recent years, and it will continue to be so at this incredibly exciting chapter of the company’s growth. Accelerating our digital transformation with the help of leading market data vendors like SIX is a central tenet of our expansion strategy, and we are excited to bring innovative new products and services to our global client base over the coming months.”