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The financial market infrastructure comprises four layers, each in relation to a
specific task:
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Subsystem
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Task
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Exchange System (SWXess trading platform)
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Trading
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Clearing System
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Clearing
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Settlement System
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Settlement
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Payment System
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Payment Transaction
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The Swiss Value Chain partners integrated the subsystems horizontally as part of a
coordinated process, thus creating the ideal environment for straight-through processing.
Locked-in trades
Clearing is only possible for eligible securities (CCP-eligible securities), with
an automated settlement instruction being sent to the relevant central counterparty (CCP)
in the form of a locked-in trade. In the case of other products, transaction are is forwarded to the
relevant national or international central securities depository (CSD/ICSD).
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