Microwave Technology

Microwave Technology

Discover the Largest Microwave Network in Europe

Microwave Technology for Lowest Latency

The Swiss Stock Exchange is the first regulated exchange in Europe to own and operate an international microwave (or radio frequency, RF) network which enables the fastest transmission of market data between trading centers. Read on to learn more about the technology, our network and your benefits.  

The Swiss Stock Exchange offers the service through the Zurich-based subsidiary 12H AG (“12H”) and takes care of all customer relationships.

Your Benefits on the Swiss Stock Exchange

Microwave Technology for the Lowest Latency

Microwave technology allows fastest transmission of trade data between exchange data centers. Microwave can deliver lower end-to-end latency than fiber because it takes a more direct line between the two ends of the network. Also, microwave signals travel at the speed of light through air, rather than over fiber, which can attenuate signals. This speed advantage is coupled with a high level of availability and reliability. Point-to-point connections between the matching engines of exchanges are designed, built and operated. Along the ideal path the data signals are reinforced through dishes on towers.

A Pan-European Network

We are the largest microwave network provider in Europe and the second largest in the world. The network currently links Zurich with London, Frankfurt and Milan as well as Milan with Frankfurt and London. Furthermore, SIX partners with the operator of Nasdaq´s Nordic exchanges to offer microwave services between London and Stockholm.

  • Termination Point A: Equinix ZH4 
  • Termination Point B: Equinix LD4
  • Bandwidths: 10 Mbps & 5 Mbps
  • Termination Point A: Equinix ZH4 
  • Termination Point B: Equinix FR2
  • Bandwidths: 10 Mbps & 5 Mbps
  • Termination Point A: Equinix ZH4 
  • Termination Point B: BT Milan
  • Bandwidth: 10 Mbps
  • Termination Point A: Equinix LD4 
  • Termination Point B: BT Milan
  • Bandwidth: 10 Mbps
  • Termination Point A: Equinix FR2
  • Termination Point B: BT Milan
  • Bandwidth: 10 Mbps
  • Termination Point A: Equinix LD4
  • Termination Point B: Digiplex Stockholm
  • Bandwidth: 5Mbps

Exclusive Access – for Everybody

The Swiss Stock Exchange is the first regulated exchange in Europe to own and operate an international microwave network. Equal access to the microwave network is ensured for all trading participants at both regulatory and technical levels, in line with Switzerland's legal framework.

We foster equal access to the most modern market data transmission technology for the benefit of all market participants.

Gregor Braun, Head Sales Switzerland & Europe

Better Execution Conditions for All Market Participants

The ultra-low latency microwave network of SIX enables trading participants of the Swiss Stock Exchange – such as market makers and liquidity providers in the equities and ETF space – to execute their trading strategies faster while at the same time improving their risk management. As a result, improved liquidity and tighter spreads create better execution conditions for all market participants.

Shaping the Future of Trading

As the first exchange in the world to introduce fully electronic trading in 1996, the Swiss Stock Exchange has a history of taking a pioneering role in the development of electronic trading. We deploy breakthrough technology to shape the future of trading and to create the best possible trading conditions.

Growing the Network

The Swiss Stock Exchange intends to further grow the network and further democratize the low latency access to exchanges in a fair and equal manner. We are looking to expand our European footprint and offer the services to additional exchanges and market participants. And we will continue improving routes and selecting the best available technology to achieve market leading low latencies and highest availability.

Combining Industry-Leading Expertise

In December 2017, the Swiss Stock Exchange first announced its joint venture with 12Horizons Pte Ltd, to create 12H AG (“12H”) to provide low-latency access for Swiss securities trading via microwave technology. With the launch of 12H in May 2018, SIX became the first exchange operator worldwide to own and operate an international microwave network in Europe. Having taken a majority stake in 12H in early 2020, SIX now owns and operates the largest microwave network in Europe.

The route between London and Stockholm is operated through a partnership between SIX and Nasdaq via the jointly owned Swedish company RF Nordic Express AB (“RFNE”). SIX is invested in RFNE through 12H.

Nasdaq and the Swiss Stock Exchange have been technology partners since 2005 and leverage Nasdaq’s trading technology for all markets, including equities, ETFs, structured products, funds and fixed income, as well as Nasdaq Market Surveillance and Nasdaq Pre-Trade Risk Management.

100% Swiss Quality Trading

Where quality comes as standard: trade on the Swiss Stock Exchange and enjoy the outstanding liquidity and order-book quality of the reference market for Swiss Blue Chips.

Resources

Voice of FinTech

A recently recorded podcast by Voice of FinTech is mapping out the Swiss and global fintech ecosystem and focusing on pan-European connectivity through microwave networks. Gregor Braun, Head Sales Switzerland & Europe for Equities and ETFs at SIX, and Reinier Boeschoten, Board Member at 12H, together with Henrik Husman, President Nasdaq Helsinki, VP, Head of European Cash Equities Nasdaq, talk about the strategic rationale for SIX acquiring majority stake in 12H earlier this year as well as the benefits of a three-way partnership between SIX, Nasdaq and 12H for its partners and customers.

To the podcast

Technische Anfragen?

Unsere Local Support Center in Zürich, Genf und London sind die Anlaufstelle in allen technischen Belangen.