SIS SegaInterSettle AG will introduce a new pricing model as of 1 January 2009.
Until implementation of the new model, SIS SegaInterSettle is reducing its prices for 2008 in the amount of approx. CHF 26 m.
Thanks to the continued positive development in the securities settlement and custody volumes, SIS SegaInterSettle has revised its pricing structure and will introduce a new pricing model as of 1 January 2009. SIS SegaInterSettle will refund a part of the high income accrued in 2008 to its clients. This will be done through a non-recurring price reduction of 20% or approx. CHF 26 m per annum with retroactive effect as of 1 January 2008. The price reduction is applicable to the entire cross-border settlement segment and the custody fees for the Swiss and foreign markets.
Dr Robert Rickenbacher, CEO of SIS SegaInterSettle: "Our aim is to offer our clients an effective and transparent pricing model which also takes the volume development into account." SIS SegaInterSettle complies with the decision of the Board of Directors regarding a newly developed strategy: The owners and users of the financial market infrastructure should benefit from high quality services at competitive rates.
SIS SegaInterSettle's clients have already benefited from price reductions as of 1 January 2008 and as of 1 July 2008 in the amount of approx. CHF 8 m (per annum) for securities transactions, SWIFT messages, Global Funds Services and reporting. As a result, the overall price reductions 2008 amount to approx. CHF 34 m.