Based on the new “ recognition regime”, FINMA will only grant recognition if the jurisdiction, in which the foreign trading venue is located, permits investment firms in that jurisdiction to trade in Swiss shares in Switzerland without restriction. If this condition is not met, a foreign trading venue will not be granted recognition by FINMA; consequently, these venues will not be allowed to offer trading in Swiss shares, effective from 1 January 2019.

The intended consequence of the measure is that EU investment firms continue to have access to the Swiss domestic market and are able to trade Swiss equities in their home market, because the shares are no longer subject to the trading mandate (Share Trading Obligation) in MIFIR (Art. 23). However, SIX regrets that it was necessary to implement the measure at all and that to date the decision of the equivalence recognition has not been granted yet by the EU Commission.

Romeo Lacher, Chairman of the Board of Directors, SIX, emphasizes: "Switzerland is the home of some of the largest and most actively traded companies in Europe. These securities are listed and traded on SIX which is the deepest, most liquid and most cost effective market for these shares. The international connectivity of the Swiss financial center is a fundamental prerequisite for these conditions – for both, national and European investors. This is why the achievement of equivalence continues to be our highest priority, such that legal certainty is achieved and transparent and effective open markets can continue to serve the requirements of investors.”




Further information on the decision of the Federal Council:

Press release of the Federal Department of Finance



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 (122 banks). With a workforce of some 2,600 employees and a presence in 20 countries, it generated operating income of CHF 1.13 billion and Group net profit of CHF 120.5 million in 2019.