Switzerland’s SIX scores record profit after Stoxx sale

Switzerland’s SIX scores record profit after Stoxx sale

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Swiss stock market operator SIX registered a record profit in 2015 as the disposal of two joint venture businesses boosted earnings.

Net profit came in at $763m over the twelve months according to the group - a jump of 188%.

The figure included the sale of both Stoxx and Indexium to Deutsche Börse for $650m last July.

SIX decided to offload its 50% stake in both businesses in order to focus on its core areas - trading and securities services. 

Discounting the influence of Stoxx and Indexium related earnings from 2014 and 2015, earnings rose by 7.8% to $286m. 

There was a 3% rise in revenue for the firm's exchange business last year while the securities services unit, which offers clearing and custody, and an 8% revenue jump for its securities services unit.

Volatile stock markets and high trading activity triggered by the Swiss National Bank's (SNB) decision to remove its currency peg to the euro helped the performance.

“All business areas once again posted growth on a currency-adjusted basis,” said SIX chief executive Urs Rüegsegger.

“We have aligned our strategy to a more diversified business model, broadening our revenue streams and making us less dependent on individual business areas and markets. Our hard work is paying off."

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