Contineo, Asia’s largest messaging network and data provider for structured products, announced today that SIX had joined the firm’s consortium as a strategic partner and investor.
CEO Mark Munoz said the new partnership represented a clear backing of Contineo’s unique model. “Our success was built on a consortium framework that allows top tier institutions to join together to build a utility service that drives costs down and creates market efficiencies,” he said. “The commitment from SIX embodies our core principals of operating an open and shared network that benefits all financial institutions.”
Christoph Landis, Division CEO SIX Swiss Exchange, said the company was excited about the new opportunities in Asia. “We are very pleased to bring our European leadership and experience to Asia through CONNEXOR, our high-performance infrastructure for product data,” he said. “We are looking forward to working with the leading structured product network in this region.”
As a strategic investor, SIX joins Contineo’s other shareholders including AGDelta, Barclays, BNP Paribas, Goldman Sachs, J.P. Morgan, HSBC, and Societe Generale.
Contineo will integrate SIX’s CONNEXOR, providing additional functionality to existing Contineo clients to better serve their relationship managers and adhere to regulatory requirements. Mr. Munoz said the partnership would enhance Contineo’s post-trade processing, enhancing user experience.
“SIX brings new technology, expertise in the European structured product market and an important new business opportunity,” he said. “Over the last year we’ve more than doubled the number of private banks and issuers on our network, enabling us to extend our post-trade data capabilities. SIX is a leading exchange provider in Europe and we look forward to incorporating their best in class features into our offering.”
For interviews with Mark Munoz:
Kristin Westlake, The Continuum Partners firstname.lastname@example.org
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Contineo is the first industry supported, open messaging network for private banks and wealth management firms to access issuers of structured products. It is also the first firm to offer structured product data feeds, illuminating this previously opaque market for the very first time. Together we are a community with a shared vision and purpose.
We believe that technology should be intuitive, easy to access, and available to all participants. This means creating an open messaging standard in concert with the buy-side and sell-side, and enabling access to all parties, including other certified technology vendors.
This mission is shared by our current subscribers, who recognise the importance of an open, efficient and transparent network.
SIX operates the infrastructure underpinning the Swiss financial sector and offers a comprehensive range of services around the world in the fields of securities trading and settlement, financial information and payment transactions. The company is owned by its users (approximately 130 banks of various orientation and size). Its workforce of over 4,000 employees and presence in 25 countries throughout the world generated operating income of CHF 1.8 billion and a Group net profit of CHF 221.1million in 2016.