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Overview of Admissible Collateral

Securities from the following categories are acceptable for the collateralization of certificates:

  • securities accepted by the Swiss National Bank in conjunction with repo transactions;
  • selected securities accepted by the European Central Bank;
  • SIX Delta1 eligible collateral
  • shares included in recognized stock indices, whereas the acceptance criteria require that the shares have sufficient market liquidity; and
  • book-entry funds (CHF, EUR, GBP, JPY, USD).

1 Rule-based category of collateral of SSX, with sole application of the admission criteria valid until the end of 2014 according to the "Instruction sheet on Collateral eligble for SNB repos", excluding Collateral being already accepted by the SNB or the ECB.

SIX Swiss Exchange selects the admissible forms of collateral from these categories on an ongoing basis in collaboration with Eurex Zurich Ltd. A current list of admissible securities is available on the website of Eurex Repo. Depending on the type of collateral, certain collateralization margins may be applied (so-called "haircuts") as set out in the Framework Agreement[pdf].

Not admissible as collateral are:

  1. securities of companies in which the issuer or the collateral provider directly or indirectly holds at least twenty percent of the share capital or voting rights; or
  2. securities of companies that have a similarly large financial interest or percentage of voting rights in the issuer or collateral provider;
  3. shares of the issuer or collateral provider; and
  4. issues in which the issuer or collateral provider acts as debtor.