SIX Structured Products

The genesis of any trade execution is of course the order itself. By entering an order, a trader orders the Exchange System to buy or sell a certain number of securities. He or she may determine a limit or leave the pricing to the market by entering the order into the order-driven part of the Exchange System as a market order.

Orders that lack certain details or contain improper information (attributes) are automatically rejected by the Exchange System (see Rule Book; Directive 3: Trading).

It is the task of the trader, based on the information available and in keeping with the client's instructions, to decide on the appropriate time to enter the order and, under circumstances, to set a reasonable price limit. Neither the Trading System nor the Exchange System investigates whether an order is executable or not, or whether it is logical in view of current market conditions (see Art 11 SESTA - disclosure, diligence and loyalty obligations).

In the case of an execution that deviates considerably from the going market price or was not concluded in a fair and orderly manner, SIX Swiss Exchange Ltd has the right to intervene and declare the trade null and void (see Rule Book)

Identification and designation of activities

Only those traders are admitted to Exchange trading who assume full responsibility for all actions they take by means of the SIX Platform. Among other things, each such action is documented by:

— an identifier of the given trader and participant institution

— a precise date and time stamp

— a distinct order identifier for each day (Order-ID)

— and, in the case of an execution (trade) by a distinct Trade-ID.

Information required upon order entry

Aside from various details pertaining to the specific order (e.g. size, price and type of price, period of validity, type of order, etc.), it must be disclosed to the Exchange at the time of entry whether the order is being executed for the participant's proprietary trading account (nostro trade / principal trade) or on behalf of a client (riskless principal). This information is treated confidentially and not divulged to other participants or the public in general.

SIX Swiss Exchange Trading Guide

All up-to-date information pertaining to product specifications and the organisation of trading are published in the "SIX Swiss Exchange Guides".

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Trade Confirmation

Reported Trade

The Exchange System supports the various forms of off-order book trading. Throughout the entire period of exchange operation, i.e. during continual trading, participants have at their disposal the following off-order book functional features:

— Trade Confirmation (TC)
— Reported Trade (RT)

In effort to ensure fair and orderly trading to the greatest extent possible, the SIX Swiss Exchange may intervene by taking appropriate measures (Rule Book and Trading Guides).

Delayed Opening

If the theoretical opening price equals or exceeds an Exchange-specified tolerance range, the opening in the given security is delayed by either 5 or 15 minutes, depending on the situation. These ranges and time frames are laid down in the SIX Swiss Exchange Trading Guide.

Suspension of trading

Trading may be temporarily suspended in individual issues or entire market segments. For the securities involved, no opening or continual trading will take place.

Handling of mistrades

Under certain circumstances, market control may investigate a transaction executed by the Exchange system and, if necessary, declare the trade null and void.

In the case of an execution that deviates considerably from the going market price and is thus at conflict with the principle of fair and orderly trading, SIX Swiss Exchange Ltd has the right to intervene and nullify the trade (Rule Book).

Capacity fees

Trading fees

Admission - List of Charges

Other charges

To those market makers/liquidity providers who are linked with the quote system, SIX Swiss Exchange Ltd charges a QPS capacity fee. Dedicated as well as non-dedicated (“shared”) QPS are at their disposal where Shared QPS can only be purchased as part of a package. (see List of Charges under the Trading Rules).

Management of SIX Swiss Exchange AG reserves the right to alter the fee schedule if necessary.

If the rules laid down in the Trading Rules or the Directives of SIX Swiss Exchange are breached, Surveillance & Enforcement (SVE) or the Sanction Commission may pronounce sanctions against the participant or trader(s) concerned.

Further details can be found here.