Switzerland: New direct link to SIX SIS AG - Migration procedure - Update
Reference
Note: This announcement, originally published on 19 December 2025, has been updated to clarify the scope of migrating securities and to attach a preliminary list of ISINs with positions in Clearstream.
Clearstream Fund Centre Luxembourg (CFCL)1 informs its clients that, as CFCL relies on Clearstream Banking S.A. (CBL) for market connectivity, changes implemented by CBL may also affect CFCL clients for certain ISINs, particularly those without order routing. As previously communicated by CBL in Announcement A25064, Clearstream Banking S.A. (CBL) will activate its new direct link with SIX SIS AG effective
2 February 2026
As a reminder, the investment funds, eligible for Vestima Order routing, will continue to be held on the current CBL indirect link via UBS AG and will not be part of the migration (please refer to the list in the attachment), however they might be impacted by some migration activities as mentioned below.
Pre-migration
To prepare for the migration, the following measures will be implemented in advance. Friday, 23 January 2026 |
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By Tuesday, 27 January 2026 |
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Cutover
The migration will take place on 30 January 2026, and the first business date on the new CBL link with SIX SIS AG will be 2 of February 2026.
From the morning of 30 January 2026, acceptance of new ISINs will be suspended (this will be resumed on 2 of February 2026).
An updated list of ISINs excluded from migration (due to ongoing corporate actions or other reasons) will be published to clients. In the event of ongoing corporate actions, the decision to migrate the securities will be taken on case-by-case basis.
To facilitate smooth migration, CFCL will impose an earlier settlement deadline on Friday, 30 January at 12:00 CET. Therefore, clients who wish to settle Swiss securities on this date should ensure that their instructions are received by Clearstream no later than 12:00 CET.
It is highly recommended that clients send their instructions as early as possible and ensure that these are complete, accurate, and eligible for straight-through processing (STP) in CFCL and in the local market. Clients should also ensure that any necessary provision is available for the instructions and that their counterparty’s instructions are in place.
All domestic pending instructions in migrating securities that do not match on the market by 12:00 CET on Friday, 30 January 2026 will be automatically cancelled by Clearstream.
For non-migrating securities, settlement instructions received before 12:00 CET on Friday, 30 January 2026 will be processed automatically, consistent with the procedures for migrating securities. Instructions received after 12:00 CET will not be subject to automatic cancellation; instead, they will be released for settlement on a best effort basis. While every attempt will be made to facilitate settlement of these instructions, processing may be subject to operational constraints.
Clients will be informed of any cancelled instructions via MT548. Clients and their respective counterparties will have to reinstruct after the successful completion of the migration on Monday, 2 February with the new formats. (New formats can be found in the following link: Switzerland: New direct link to SIX SIS AG).
At close of business on Friday, 30 January, Clearstream will proceed with the migration of all settled positions in the impacted Swiss securities from its current account at UBS AG to its new omnibus account at SIX SIS AG.
Post migration
As of 2 of February 2026, the new settlement formats, settlement and cash deadlines as announced will apply and will be published in the Market Link Guide.
After the successful completion of the migration on Monday, 2 February 2026, clients and their respective counterparties will have to reinstruct the cancelled instructions during the migration following the new formats.
From the end of day on Friday, 6 February 2026, the pre-matching service for the settlement instructions and the registration service for the registered shares will be re-activated for clients.
Further information
For further information, clients may contact CFCL Client Services or their Relationship Officer.
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1. Clearstream Fund Centre refers to Clearstream Fund Centre S.A. registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-261691.
