Switzerland: New direct link to SIX SIS AG - Migration procedure - Update

Note: This announcement, originally published on 19 December 2025, updated on 27 January 2026 has been further updated to add an Excel file of securities that have been instructed.

As previously communicated in Announcement A25064, Clearstream¹ 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 may be impacted by some migration activities as mentioned below.

Pre-migration

Cutover 

The migration will take place on 30 January 2026, and the first business date for the new link with SIX SIS AG will be 2 February 2026.

From the morning of 30 January 2026, acceptance of new ISINs will be suspended (this will be resumed on 2 February 2026). An updated list of ISINs excluded from migration (due to ongoing corporate actions - for example, redemptions with Record Date from 30 January to 6 February 2026 and with Record date 6 February 2026 and Payment Date 9 February 2026 -  or other reasons - for example, sanctioned securities or holdings) will be published to clients. In the event of ongoing corporate actions, the decision to migrate the securities will be taken on a case-by-case basis.

To facilitate smooth migration, CBL will impose an earlier settlement deadline on Friday, 30 January 2026 at 12:00 CET. Therefore, clients who wish to settle Swiss securities on this date should ensure that their instructions are received by CBL 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 Clearstream 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 the migrating securities that did 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 2026 with the new formats.

At close of business on Friday, 30 January 2026, CBL will proceed with the migration of all settled positions in the impacted Swiss securities (the timing for the migration of physical securities still to be confirmed) from its current account at UBS AG to its new omnibus account at SIX SIS AG.

For the migration of the permanently registered positions, a special procedure will be applied to migrate those positions with no involvement from clients.

Post migration   

From 2 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 Clearstream Client Services or their Relationship Officer.

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1. Clearstream refers collectively to Clearstream Banking 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-9248, and Clearstream Europe AG (for Clearstream Europe AG clients using Creation accounts), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500. 
Clearstream Banking S.A. is registered as an Australian CS (Overseas) Facility, under subsection 824B(2) of the Corporations Act 2001, with registration number ARBN 675 244 783.