Following today’s announcement regarding the legal restructuring at Credit Suisse, SIX Swiss Exchange has welcomed Credit Suisse (Switzerland) as a new participant.
The new Swiss legal entity is a wholly owned subsidiary of Credit Suisse AG and covers its Swiss business. With the admission of Credit Suisse (Switzerland), membership of SIX Swiss Exchange and the role of General Clearing Member will pass from Credit Suisse AG to the new Swiss legal entity. Credit Suisse AG will in future act as the Reporting Member.
As reported earlier today, the new bank is part of a broad shake-up of Credit Suisse aimed at focusing more on wealth management and less on volatile investment banking, as well as being part of its efforts to safeguard the country’s economy from another banking crisis.
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In addition, the Swiss lender has just moved over 1 million customers into the new subsidiary ahead of its proposed stock market listing which is expected to take place in the second half of 2017.
André Buck, Head of Sales, commented: “We are pleased to support Credit Suisse (Switzerland) AG in the implementation of its objectives and welcome them to trading in our highly liquid segments.”
With the inclusion of the new Credit Suisse subsidiary, the number of trading participants on SIX Swiss Exchange totals 105.