2026 in Focus: How SIX Is Building a More Connected European Market

What changed in your business over the last year and what was your biggest achievement? 

The past year has reinforced just how quickly European market infrastructure is evolving. For SIX, the most notable change has been the growing expectation from clients that markets should feel less fragmented, even if regulation and national frameworks  are separate. Investors and traders want to operate across borders with the same ease they experience within a single domestic market.  

A defining milestone has been the successful closing of the acquisition of Aquis. With this strategic move, SIX is evolving into a pan-European exchange. It supports the development of pan-European trading and extends the reach of Aquis’ technology. Over time, it will allow our market participants to benefit from a next-gen trading system and access to investment opportunities in multiple markets with just one harmonised connection standard: One Plug, Multiple Trading Venues.  

Competition between trading venues remains healthy and beneficial. It drives innovation, keeps costs under pressure and gives participants real choice. The challenge is that regulatory complexity can dilute those benefits if systems do not work well together. Over the past year, we have focused on improving interoperability across our trading, post-trade and data services so that clients can move more seamlessly across markets. 

We have also seen encouraging signs of renewed investor confidence in parts of Europe. In Spain, a strong 2024 for equity capital markets has carried into 2025, with 14 SME listings and  three IPOs and a robust pipeline ahead. Local markets remain highly relevant for smaller and mid-sized companies, providing access to capital close to home. At the same time, one of the largest IPOs in Europe this year took place on our Swiss primary market, demonstrating that when economic momentum is present, capital follows. Supporting issuers and investors through those cycles, while ensuring market resilience, has been a core focus and a source of pride for our teams. 

What is your most important project this year, regulatory or otherwise? 

Our most important priority this year is advancing integration across the value chain. Traditionally, exchanges were judged mainly on trading volumes and liquidity. Today, that is no longer sufficient. Clients expect listing services, trading, clearing, settlement, data and indices to work together in a coherent way. 

A key part of this effort is the planned consolidation of our clearing activities of SIX x-clear and BME Clearing into a single international multi-asset clearing house. This will strengthen risk management, create operational efficiencies and respond directly to client demand for greater interoperability in clearing, not only at the trading layer. This is not about building closed ecosystems or limiting competition. 

It is about creating efficiency. When systems are better connected, risks are easier to manage, costs can be reduced and innovation becomes simpler to deliver. In practical terms, that means continuing to invest in the plumbing of the market. Settlement systems, reference data and index services may operate behind the scenes, but they are increasingly central to how markets function. 

On the regulatory side, engagement remains essential. Europe still operates with a patchwork of rules that differ by jurisdiction. While harmonisation is progressing, it does not always move at the same pace as market innovation. We are working closely with regulators and policymakers to ensure that new frameworks support cross-border activity rather than unintentionally holding it back. 

What are you most excited for in 2026? 

What excites me most is the continued shift toward genuine pan-European trading. Firms increasingly want to treat Europe as a single opportunity set, not as a collection of disconnected national markets. This is particularly evident among global investors and large dealers, who value speed, consistency and flexibility. 

The combination of established exchanges and technology-led trading platforms is accelerating this shift. The integration of Aquis technology into the SIX ecosystem will further support this model, allowing firms to access liquidity across multiple European markets through a single connection. When combined with strong local exchanges that remain close to issuers and domestic investors, this creates a powerful model.  

Clients can benefit from both deep local knowledge and broad geographic reach. 

This year, I expect this hybrid approach to be established more firmly. That will not eliminate national differences overnight, but it will make them easier to navigate. For market participants, that translates into simpler workflows and better access to opportunities across the continent. 

What are your biggest opportunities? 

One of the biggest opportunities lies in linking strong local markets with multi-market trading platforms. Europe does not need to choose between national champions and pan-European solutions. It can, and should, benefit from both. 

Local exchanges play a crucial role in supporting domestic companies, particularly small and mid-sized issuers. Spain is a clear example, where SME listings remain vibrant and continue to attract investor interest. They understand local investor bases, legal frameworks and economic conditions. At the same time, issuers want access to international capital, and investors want efficient ways to trade across borders. Bringing these elements together creates value for both sides. 

Another major opportunity is in data and indices. As investment strategies become more global and more systematic, the demand for high-quality, trusted data continues to grow. We are increasing our focus on expanding data delivery and coverage, which are essential inputs for both active and passive investment strategies. Indices are no longer just benchmarks. They are the foundation for a wide range of investment products. Firms that can combine trading insights with robust data and index capabilities will be well positioned as markets become more interconnected. 

What do you see as the key themes and trends for your exchange and market infrastructure in 2026? 

Two forces will define the next phase of European markets. The first is the continued move toward pan-European execution. Firms want to execute flow across multiple markets with minimal friction. This requires not only technology but also cooperation across venues and service providers. Interoperability will be critical. Without it, complexity can outweigh the benefits of competition. 

The second force is the integration of the value chain. Markets are increasingly looking beyond trading alone. Listings, clearing, settlement, data and index services are being designed to reinforce one another.  

This includes greater interoperability in clearing and post-trade services, reflecting client expectations for seamless access across asset classes and jurisdictions. This does not reduce competition. Instead, it allows firms to compete on quality, resilience and innovation rather than on isolated components of the system. 

Investor appetite will remain closely linked to economic momentum. Where growth prospects are clear and credible, capital will follow. The strong performance of Spanish markets, with the IBEX 35 up around 40 percent this year, underlines renewed interest across listings, trading, derivatives and fixed income. Europe has demonstrated that it can still attract global investors when conditions are right. Supporting that process through reliable, efficient market infrastructure is one of our most important responsibilities. 

Market resilience will also continue to underpin everything we do. As markets become faster and more interconnected, the importance of robust systems only increases. Investment in infrastructure may not always be visible, but it is essential to maintaining trust. 

Looking ahead to 2026, I am confident that European markets will be more connected, more efficient and better aligned with the needs of global investors and issuers. The task for market operators is to ensure that this progress delivers real benefits, while preserving the diversity and competition that make Europe’s markets strong.