Just over a year ago, on 17 October 2016, SIX Swiss Exchange launched a non-displayed trading pool called SIX Swiss Exchange At Midpoint (SwissAtMid). The service has seen significant growth and provided value to national and European firms that are searching for best execution for Swiss listed equities.

Over the past year, an increasing number of trading participants of SIX Swiss Exchange from all across Europe – currently more than 50 different members – have traded over CHF 4.3 billion in SwissAtMid. They have achieved over CHF 1.6 million in execution improvements for their order flow in SwissAtMid with an average basis point price improvement of 3.8. Average trade size in the service is CHF 18,000 – which substantially larger than average dark pools, according to figures from Rosenblatt Securities) with the largest single trade values at over CHF 1.7 million.

These figures include all instruments in the Blue Chip segment and over 135 instruments in the Mid and Small Cap segment of SIX Swiss Exchange. Specifically in the latter, SwissAtMid has quickly become a critical source of liquidity for the market with multiple days where over 40% of the corresponding lit trading volume on the exchange of a given instrument happened in SwissAtMid.

Customer feedback reflects the high success rates and improved execution performance for firms that have integrated the service. Together with SwissAtMid, SIX Swiss Exchange introduced a new sweep order type. It is searching for liquidity in both dark and lit books on SIX Swiss Exchange with no latency penalty. Therefore, participants have the opportunity of a mid-point match, on the way to aggressing the order book with no opportunity cost.

André Buck, Head Sales SIX Swiss Exchange, commented: “As we move into 2018 the value of this pool will continue to grow, and firms connected to it will be able to truly differentiate their execution quality going forward. We feel confident that any client looking for best execution for Swiss listed instruments will have to consider SwissAtMid as a significant source of liquidity.”

More information: www.six-swiss-exchange.com/swissatmid

Any questions?

If you have any questions, please do not hesitate to contact Julian Chan.

SIX operates and develops infrastructure services in the Securities & Exchanges, Banking Services and Financial Information business units with the aim of raising efficiency, quality and innovative capacity across the entire value chain of the Swiss financial center. The company is owned by its users (120 banks). With a workforce of some 2,600 employees and a presence in 20 countries, it generated operating income in excess of CHF 1.9 billion and Group net profit of CHF 221.3 million in 2018.