SIX announced its Connexor service is set to become a D7 Digital Market Partner to process and distribute reference data of financial instruments. D7 is Deutsche Börse’s digital post-trade platform for digitizing financial instruments, which allows for the issuance of electronic securities, operating under the German eWpG regulation.
This move comes in response to a regulatory directive as well as market needs for standardization, representing a significant leap towards a digital and efficient future for financial markets. The connection between Connexor and D7 will be activated provisionally in the second half of 2024, providing market participants with one single access to fulfill their regulatory obligations.
The collaboration between SIX and Clearstream, Deutsche Börse’s post-trade provider, capitalizes on the expertise of both parties within their markets Switzerland and Germany. It also expands SIX Swiss Exchange’s position in international reference data processing in Europe and Asia, offering access to issuers and financial institutions across different countries and jurisdictions.
The initiative contributes to digitalization and standardization of processes within the European financial market, which can be expected to result in regulatory compliance, reduction of complexity and minimization of maintenance-intensive interfaces, standardized and higher reference data quality through reduction of media-breaks as well streamlined product lifecycle management through automation.
André Buck, global head for Sales & Relationship Management at SIX Swiss Exchange, said in a statement that the partnership is based on years of “evolutionary innovation as an infrastructure provider”, adding that “through Connexor and D7, we both enable our customers to benefit significantly.”