This of course requires that settlement also takes place electronically. In turn, the securities are transferred from the seller's SIS custody account to that of the buyer. SIC is an online payments transfer system operated by Telekurs SIC AG in Zurich. Participating banks are also linked to the system either directly or via central data processing centres. On 19 February 1999, SWX and SIS expanded their clearing system to include SWX Eurobonds .
Specific details are available here .
SWX participants must submit a separate application directly to SIS in order to establish a clearing relationship with that organization. However, it is also possible to participate in SIS via an Assigned Business Partner. This means that an SWX participant may select an existing SIS participant as its Assigned Business Partner and maintain a sub-account with the latter. Member Support Center, Zurich Tel.