Swiss financial infrastructure provider SIX is to overhaul its business and create a new EUR43 million venture fund as it faces up to new competitors, technology and increased downward pressure on margins.
The restructuring will be undertaken under the reign of incoming CEO Jos Dijsselhof, formerly COO of Euronextin Amsterdam, who takes over from incumbent Urs Rüegsegger in January.
Under the plans, SIX will merge its exchange execution and post-trading areas into one organisational unit, consolidate its reference data business, and spin off its card acquiring unit from the rest of the core payments business with the aim of finding a "strategic partner" to grow the former.
In September, SIX hired JPMorgan to run the rule over its payments services unit as it looks to capitalise on the M&A deal frenzy in the payments processing market.
The group will also set up a new innovation unit, setting aside EUR43 million in venture funding to work with startups and shareholders in bringing new technologies to market.
Romeo Lacher, chairman of the board of directors, says: "SIX has developed very successfully since its inception. What we are doing now is setting the course for SIX to continue to play a major part in assuring the quality and success of the Swiss financial centre."
The measures are due to be fully implemented in the second quarter of 2018, he says.