Ten years ago, the Swiss repo market was entering a period of significant structural change. Regulatory reform, rising collateral demands, increasing pressure for operational efficiency, and the growing importance of secured funding markets were all reshaping the financial landscape. Against that backdrop, the creation of the Repo CO:RE platform represented far more than a technology upgrade. It was a strategic investment in modernising and future-proofing the Swiss money market infrastructure.
What emerged was an integrated ecosystem connecting trading, settlement, payment processing, and Triparty Collateral Management within a single framework designed to improve transparency, resilience, and operational efficiency across the market. Today, the platform has evolved into a critical component of the Swiss money market value chain, supporting liquidity management, collateral mobility, and risk management for a broad network of domestic and international participants.
For me, that broader ecosystem perspective is one of the platform’s greatest strengths. The importance of repo markets extends well beyond trade execution alone. Efficient collateral management, reliable settlement processes, and secure liquidity flows are fundamental to the functioning of the wider financial system. This is particularly true in Switzerland, where the repo market also supports the Swiss National Bank’s monetary policy operations and access to secured Swiss franc liquidity.
The ability of SIX to connect these functions across the value chain has become increasingly important over the past decade. By bringing together trading and collateral management in a highly automated environment, the platform helps market participants manage liquidity more effectively, mobilise collateral more efficiently, and respond with greater confidence during periods of market stress. The infrastructure now connects more than 165 domestic and international counterparties across a broad multi-currency secured funding ecosystem, reinforcing Switzerland’s position as a trusted and highly efficient financial centre.
Triparty Collateral Management has become an increasingly important part of that evolution. What began as a repo trading infrastructure has developed into a broader collateral ecosystem in which collateral optimisation, operational efficiency, and asset mobility play a leading role.
The triparty model allows participants to delegate complex day-to-day collateral operations to SIX, reducing operational risk while improving scalability and efficiency. In an environment where collateral demands continue to grow across financing, derivatives, and regulatory requirements, this capability has become strategically significant for market participants.
The continued development of services such as the Collateral Cockpit also reflects the broader direction of travel for market infrastructure. Real-time visibility into collateral positions, forecasting tools, and enhanced analytics are becoming increasingly important as firms seek to optimise collateral usage across multiple activities and jurisdictions. Infrastructure providers today are expected not only to facilitate transactions, but also to deliver data, transparency, and decision-support capabilities that help clients navigate increasingly complex markets.
That is why I believe the next phase of SIX Repo will be defined not only by infrastructure renewal, but also by technology-driven innovation. As secured funding and collateral markets continue to evolve, the ability to leverage advanced analytics, automation, and AI-supported processes will become increasingly important. Over time, technologies such as AI have the potential to support collateral optimisation, liquidity forecasting, operational monitoring, and smarter risk management across the secured funding ecosystem.
Equally important will be investment in connectivity, interoperability, and client experience. The future of collateral management will increasingly depend on seamless integration across trading venues, triparty services, settlement systems, and market participants. Enhancing connectivity between Triparty Collateral Management and the broader market ecosystem therefore represents a significant opportunity for SIX to strengthen collateral mobility and improve operational efficiency for clients across Europe.
While the platform remains deeply rooted in the Swiss market, I also see significant opportunity to expand its role within the broader European secured funding landscape. Demand for high-quality collateral infrastructure, efficient cross-border collateral management, and trusted market connectivity continues to grow across Europe. By combining its Swiss market heritage with scalable technology, strong risk management, and an integrated service model, the CO:RE platform can support a broader pan-European client base.
The future strategy for the CO:RE platform focuses on upgrading and renewing the platform to create a more scalable, flexible, and technology-driven infrastructure that can support the next generation of products and services for clients.
By modernising the platform architecture and enhancing connectivity, automation, and data capabilities, SIX will be better able to expand its secured funding, collateral management, and triparty service offering while responding more effectively to the evolving needs of domestic and international market participants.
The objective is not only to maintain a resilient and trusted infrastructure for the Swiss market, but also to create a platform capable of supporting broader client workflows, new product innovation, and future growth opportunities across the European secured funding ecosystem.
As I reflect on the platform’s first decade, what stands out most is not simply the longevity of the infrastructure, but its continued relevance. The CO:RE platform has evolved alongside the market itself, adapting to changing regulation, technology, and client needs while remaining central to the Swiss secured funding ecosystem.
For SIX, the next decade will be about building on that trusted foundation while continuing to raise standards for efficiency, innovation, and client service. By combining resilient infrastructure, advanced technology, and a broader European outlook, the platform can continue to play a vital role in the evolution of the Swiss money market value chain and the wider secured funding landscape.
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