Mr. Sibbern, SIX delivered a very strong result in the first half of the year. How much of that was driven by higher market volatility?

We distinguish between alpha and beta. According to our calculations, around 60 percent of the positive development was attributable to the general market tailwind. Higher volatility leads to more transactions, which benefits both our exchange business and our post-trade business. That applies to Switzerland and Spain as well as Aquis in the UK.

And the remaining 40 percent?

That is our alpha. We are winning additional business and developing new services and solutions for our clients.

What I find particularly encouraging is that all four of our business units grew. Banking Services and Financial Information did not benefit from the same market tailwind, yet they still achieved growth.

Your EBITDA margin stands at 45.6 percent, above the 40 percent threshold you are targeting by the end of 2027. Given this performance, shouldn’t you raise your targets?

No. Despite the strong first half, we are sticking to our medium-term plan and want to significantly improve SIX’s competitiveness by the end of 2027.

So you expect conditions to normalize?

We do not expect trading volumes next year to remain at the levels we saw in the first half. There will probably be some normalization – likely not back to the low levels of 2023 or 2024, but perhaps toward 2025 levels. So, at this point, I see no reason to adjust our targets.

We are living through a period of considerable uncertainty. For an exchange operator, that should actually be a favorable environment.

Yes and no. Volatility leads to higher trading volumes. But too much uncertainty and excessive volatility can weigh on the IPO market.

«We are not suddenly going to try to expand aggressively in the US or in Asia.»

In the first half, we had a good combination: volatility, rising company valuations, and no extreme market swings.

We had four listings in Switzerland and significantly more in Spain, with around 20.

Where do you see the biggest growth opportunities for SIX going forward?

Fundamentally, we want to grow across all four business units. It will be a combination of organic and inorganic growth. Aquis Exchange, which SIX acquired in July 2025, is a good example. It gives us equity trading capabilities across 16 European markets, allowing us to benefit from rising trading volumes. We also see opportunities to offer additional products and services in Financial Information.

Our growth will always build on our strengths: serving our clients in Switzerland and Spain and providing targeted offerings across Europe. We are not suddenly going to try to expand aggressively in the US or Asia.

The Swiss equity market is performing well, but the number of IPOs remains relatively modest. Does Switzerland have a structural problem?

Not at all when it comes to large caps. Switzerland is one of the best markets in Europe in this segment. We have very high liquidity, efficient price discovery, tight spreads, and a strong pool of capital. Three of Europe’s ten largest companies are Swiss.

So where is the problem?

With smaller companies. In Switzerland, we have not yet found a compelling model for using the capital markets to better support the growth of SMEs and small caps.

«Private equity always has an end date. At some point, a fund has to sell its holdings.»

Spain and Sweden are two European markets where this works significantly better. They have functioning market segments for smaller growth companies. This is something we are looking at very closely.

Why is it more difficult for smaller companies to go public today?

One important reason is that private equity plays a much bigger role in corporate financing than it did 20 or 30 years ago. For some companies, private equity is the better solution at a certain stage of development; for others, the stock market is the better option.

Does that make private equity a competitor to the stock exchange?

No. I see private equity as complementary. Private equity also always has an end date. At some point, a fund has to sell its holdings. An IPO may then be the next step, or the company may be sold to another financial investor or a strategic buyer. That is part of the cycle.

Could SIX itself become more active in private equity?

We are looking at many different opportunities, and that includes assessing whether we should become more active in the private equity space. But we currently do not have a specific offering that is about to be launched.

You want to bring more Swiss SMEs to the stock market. How could that work?

We are looking very closely at what we can learn from Spain and Sweden. When smaller companies gain access to capital through the stock market, they often grow faster and become more ambitious. A Swiss business plan can then evolve into a European business plan.

«We should have integrated BME earlier. We could have done that better.»

If we at SIX can help Swiss SMEs grow faster, that would be great. But there is no quick fix. It requires regulators, banks, advisors, and investors.

Sweden, for example, has also used tax incentives. A functioning ecosystem takes years to develop.

Let’s turn to Spain. SIX acquired the Spanish exchange operator BME around six years ago. Are you satisfied with the acquisition?

From a strategic perspective, the acquisition was a very good move. If we want the Swiss market to remain relevant and competitive over the long term, we cannot think exclusively in Swiss terms. We operate platform businesses, and scale is critical in that environment.

So has everything gone according to plan?

Strategically and operationally, we are very satisfied with BME. Spain has been one of Europe’s most attractive markets for IPOs in recent years. The fixed-income market is also developing very well. At the same time, the Spanish economy is currently among the stronger economies in Europe.

But we could and should have integrated BME more quickly. We could have done that better. That is exactly what we are working on now.

Where do you see the greatest synergies between Switzerland and Spain?

The more we can operate Switzerland and Spain on the same platforms, the greater the synergies and the better we can control our operating costs.

SIX is a platform business, so economies of scale are particularly important.

An important step is the new trading platform, which is based on Aquis technology. How is the project progressing?

Well. Several teams are working on it. Aquis provides the technology platform, which has already been successfully operating for years. At the same time, an important part of the functionality and further development comes from our teams in Switzerland and Spain. Our clients should be able to start testing it in 2027.

The platform migration is costing SIX a lot of money. Is it worth it?

A migration of this kind is obviously expensive. Our contract with the existing provider is expiring, so we had to find a new solution anyway. What matters is that the new platform will serve us for many years.

SIX now has a presence in Zurich, Madrid, and London. Is SIX still a Swiss company?

Absolutely. SIX is a Swiss company. We are owned by 117 banks, most of them Swiss. Our DNA is Swiss, a large proportion of our employees work in Switzerland, and a significant part of our business is based on Swiss clients.

But our clients themselves operate internationally. If we want to offer them relevant data products, those products cannot contain only Swiss data. In custody and securities services, our clients also require international solutions. That means we have to think on a European and, in some areas, global basis.

So is SIX increasingly becoming a European financial market infrastructure provider?

Competition is European and, in some areas, global. To remain relevant to our Swiss clients, we therefore have to operate on a European level in certain areas. Aquis, for example, trades equities across 16 European markets.

At the same time, we remain disciplined. You are not suddenly going to see us build a commodities exchange or launch a new trading platform in Asia. We focus on areas where we have expertise and can create clear added value for our clients.

You say BME was strategically the right move. What is your assessment of Aquis so far?

Very positive. Trading volumes are above our expectations and above budget. The collaboration is also working very well. So far, Aquis has been a very good acquisition.

«We were early in tokenization. With blockchain, we need to find the right use cases.»

Are you already looking for your next acquisition target?

We will continue to look at a number of potential transactions every year. What matters is that any acquisition is closely aligned with our strategy and relevant to our Swiss clients.

What role will blockchain and tokenization play for SIX in the future?

An important one. We are very satisfied with our joint project with the Swiss National Bank for the secure settlement of digital securities, and we are among the leading providers in Europe when it comes to the tokenization of bonds. SIX was early in this field.

At the same time, we need to look very closely at what our clients actually need. Stablecoins are being discussed intensively in the US and in Europe. The tokenization of equities is another topic. But there is still no clear verdict on which applications will ultimately prevail over the long term.

Does that mean blockchain has become less important than it was two years ago?

No, not at all. Blockchain remains very important. But we need to find the right use cases.

«We are relatively bullish on the IPO market for next year as well.»

In European equity trading, for example, I am not sure blockchain would provide significant additional benefits.

Equity trading already works very well and efficiently today. The situation could be different for structured products. So we need to look closely at where the technology can actually create additional value.

How do you assess the outlook for the Swiss IPO market for the rest of the year?

Following the four listings in the first half, we continue to have a strong and healthy IPO pipeline. So we are relatively bullish for the rest of this year and also looking ahead to next year.

I would, however, like to see more smaller companies coming to the Swiss stock exchange in the future. Spain is ahead of us in this area.

You seem to be a strong believer in the Swiss capital market in general.

Absolutely. Look at the ten largest companies in Europe: three of them are Swiss. Given the size of the country, that is extraordinary. In my view, the professionalism of investors and the strong commitment to the capital markets are important drivers of the Swiss economy.