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The Swiss Euro Clearing Bank or SECB is a special-purpose bank based in Frankfurt, Germany, whose role is to facilitate transactions in euros by banks in Switzerland and Liechtenstein. It is the centerpiece of the euroSIC system, which is the euro counterpart to the Swiss Interbank Clearing (SIC) system for transactions in Swiss francs.
Overview
SECB was established in 1998 and started operations on 1 January 1999, the same day as the euro was introduced as single currency of 11 member states of the EU. It settles transactions in euros that are processed on the SIC system, thanks to its access to the TARGET Services platform of the Eurosystem.
Use of SECB is not obligatory. In the mid-2000s, UBS preferred to process transactions in euro via its own direct access to the German real-time gross settlement system, which was subsequentlyu replaced by TARGET2.
Originally owned by several Swiss financial sector participants, SECB has been a fully-owned by SIX Group since 2018.
See also
References
- ^ "SECB Swiss Euro Clearing Bank GmbH". secb.de. Retrieved 25 December 2024.
- ^ Morten L. Bech, Christine Preisig, & Kimmo Soramäki (September 2008), "Global Trends in Large-Value Payments" (PDF), FRBNY Economic Policy Review, Federal Reserve Bank of New York
{{citation}}: CS1 maint: multiple names: authors list (link) - "SIX Increases Its Stake in SECB GmbH to 100%". SIX Group. 3 September 2018.
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