- The new service enables bonds listed on SIX Swiss Exchange to also become available on this BME’s fixed income market in Spain, on the initiative of the market operator
- The first issuers joining this framework are UBS Group, Swiss Life Finance, Galderma Finance Europe and SIX Finance
A total of four euro-denominated bond issues from Swiss issuers, for a combined amount of EUR 3.6 billion have been admitted to trading on MARF under a new service that enables bonds listed on SIX Swiss Exchange to also become available on BME's fixed income market in Spain on the initiative of the market operator.
The first issuers joining of this new service are UBS Group (EUR 2 billion), Swiss Life Finance (EUR 600 million), Galderma Finance Europe (EUR 500 million) and SIX Finance (EUR 500 million).
The milestone demonstrates the successful implementation of an innovative cross-border market solution developed by SIX. The framework extends the availability of EUR-denominated bonds across Swiss and European Union trading venues and strengthens connectivity between investors and issuers across both markets. Under the arrangement, SIX Swiss Exchange remains the primary listing venue and the principal regulatory home of the securities. Admission to trading on MARF is initiated by the market operator pursuant to the applicable MARF framework and is not requested or initiated by the issuer.
The admissions mark the first transactions completed under the framework established by MARF Circular 3/2026, "On the incorporation and removal of securities in the Alternative Fixed Income Market without the issuer's consent", which entered into force in July 2026 and created the regulatory basis for the admission of certain securities to MARF on the initiative of the market operator.
The service enhances the visibility and accessibility of eligible debt securities by making them available on both a Swiss and an EU trading venue while preserving the existing primary listing structure. Investors benefit from broader access to the instruments through multiple market infrastructures, while issuers continue to benefit from a streamlined listing model centered around a single primary exchange.
In addition to the first new bond issues, further admissions to trading on MARF of outstanding EUR-denominated bonds already listed on SIX Swiss Exchange are expected to follow in the coming months.
Juan Flames, Head of Primary Listings at SIX, explains: “the first admissions confirm the practical relevance and market appeal of this innovative framework, enhancing connectivity between Swiss and European capital markets and improving market access for investors. We are pleased to see both newly issued and outstanding bonds already benefiting from this new service. The first admissions underline the strong interest in solutions that combine the strengths of SIX Swiss Exchange as a primary listing venue with enhanced accessibility through a recognized EU trading venue."
You can find more information on MARF in its website.
