In order to enhance efficiency and to strengthen the competitiveness of Switzerland in the financial markets, the owners of the Swiss Stock Exchange, SWX Group, SIS Group and Telekurs Group have unanimously agreed to merge the three companies. The business activities of the Swiss financial market infrastructure providers will be combined in a strategic holding entity to be called “Swiss Financial Market Services“. This new corporate structure will be established at the start of 2008, subject to approval of the transaction by the Competition Commission. The new enterprise will be owned by domestic and foreign financial institutions that are also users of the financial market infrastructure. The shares will be held in broadly diversified hands and no owner or banking group will have an absolute majority interest. According to a statement, the leveraging of resources that goes hand in glove with this merger is intended to increase the innovativeness of the financial centre infrastructure and heighten the efficiency across all related fields of business. As a result, both existing and new customers, be they located in Switzerland or abroad, will benefit from an optimised range of services. The alliance of strong partners under a common roof will also contribute to a sustainable increase in the competitiveness of the Swiss financial centre. Stephan Zimmermann, chairman of the board of the Telekurs Group, said: “Through this merger, our owners and users are strengthening the Swiss financial centre by providing a spectrum of financial market infrastructure and services that covers the entire value chain. As a result, the new enterprise will be in an excellent position to press ahead with the expansion of its services both at home and abroad.”