SIX, the operator of the Swiss and Spanish stock exchanges, is embarking on a significant technological transformation, announcing two strategic technology initiatives set to reshape its trading and data distribution infrastructure. Following its completion of the Aquis acquisition earlier this year, the group has now selected Aquis Technologies to harmonise its trading platforms across all venues. The exchange group is also collaborating with viaNexus to build a next-generation market data distribution platform.
The more substantial of the two initiatives will see SIX implement a shared trading platform across all its exchanges, including the SIX Swiss Exchange, BME Exchange, and Aquis Exchange. This move is designed to create a unified ‘one plug, multiple trading venues’ experience for clients, simplifying access, enhancing trading solutions, and ultimately boosting liquidity across its markets.At the core of this new pan-European platform will be the Aquis Equinox matching engine. This technology, which already underpins several global trading venues, is known for its high availability, ultra-low latency, and 24/7 continuous uptime capability. The selection of Aquis follows a comprehensive, multi-stage process involving several vendors.
Tomas Kindler, Global Head Exchanges & Executive Board Member at SIX, in conversation with TradingTech Insight, explains the strategic rationale behind the harmonisation project.
“We evaluated Aquis on several key criteria,” he says. “Functionally, their platform covers our most important asset class, cash equities, while also supporting our needs in fixed income and derivatives. The technology also had to be future-proof and non-legacy, meeting our high standards for performance and scalability. Beyond the commercial aspects and total cost of ownership, the selection process reinforced the value of the Aquis acquisition, as owning our core technology is now a key strategic asset for us.”
He continues: “This project involves replacing the very heart of our trading ecosystems in Switzerland and Spain. It’s a complex undertaking that requires significant groundwork, such as rolling out our Swiss trading network to Spain to create unified connectivity. We also have to manage the different internal systems that feed into and out of our exchanges, which have historically evolved separately. This will be a significant change for our clients as well, as they will need to adapt to new interfaces and a platform that operates differently than the ones they are used to.”
The migration to the harmonised trading platform will be carefully managed to minimise disruption, states Kindler. “Our rollout is a phased one, beginning with cash equities in the first half of 2027. We will stagger the launch between Spain and Switzerland by about two weeks to de-risk the migration for clients. Fixed income will be the next asset class to migrate, followed by our Spanish derivatives business, which is targeted for 2028. Since the derivatives platform is a proprietary system with no external dependencies, we have greater control over that timeline.”
In a parallel move to modernise its data infrastructure, SIX has formalised a strategic partnership with viaNexus, a financial data platform, to co-develop and deploy an advanced market data distribution system. This platform will integrate data from SIX’s exchanges and deliver it directly through a fully white-labelled viaNexus solution.
For SIX, the goal is to create a more efficient technological footprint across its entire operation. Kindler explains: “Our IT strategy is to consolidate and simplify the technology landscape across Spain and Switzerland, making it more efficient for both our clients and our own operations. The common trading platform is a prime example of this. The viaNexus partnership for market data follows the same conceptual approach: it’s about implementing new, cloud-based distribution channels to reach new target groups – like fintechs and private investors – who are not our traditional data feed recipients.”
The harmonised trading platform will offer potential for continued innovation, notes Kindler. “This new platform provides significant future optionality. Its 24/7 capability means we could extend trading hours, and it also gives us the crypto trading technology used by our AsiaNext joint venture. Although there are no concrete plans in that regard at the moment, these are the kinds of innovations the new platform makes possible.”
The twin announcements signal a clear strategic direction for SIX, positioning the group as a key innovator in European market infrastructure. By consolidating its trading venues onto a single, high-performance platform and simultaneously building a modern, cloud-native market data distribution network, SIX is aiming to reduce operational complexity for its participants, broaden its client base, and lay a resilient foundation for future growth and market innovation. The new platform for equity and equity-like products is expected to launch in 2027, with other asset classes to follow.
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