Switzerland’s repo market relies on bilateral and triparty structures without a domestic CCP, while the US and EU increasingly adopt CCP-based models. Global reforms (e.g., SEC’s mandatory Treasury repo clearing) raise questions about Switzerland’s long-term competitiveness, netting efficiency, and integration into international standards, prompting an assessment of whether introducing optional CCP clearing could enhance efficiency and resilience without eroding domestic advantages.

The study applied a comparative PESTLE analysis across US, EU, and Swiss repo markets, combining literature review, regulatory analysis, and two expert interviews (Swiss and EU perspectives). It examined political mandates, market incentives, operational design, and legal frameworks, with focus on Basel III effects, netting benefits, settlement systems, and environmental considerations such as green finance integration.

Findings confirm Switzerland’s triparty model offers transparency, flexibility, and domestic resilience but lacks the netting efficiency, maturity diversification, and global reach of CCP-based systems. Comparative evidence from the US and EU shows optional CCP clearing for standardised trades could reduce capital costs, improve collateral mobility, and attract broader participation while preserving the stability of the triparty framework. For SIX x-clear AG, the analysis supports a “dual-track” approach, retaining current strengths for domestic needs while enabling CCP services to meet evolving global standards. This positioning could strengthen client offerings, improve cross-border interoperability, and enhance Switzerland’s strategic role in the international repo landscape.