Just over a year ago, SIX Swiss Exchange successfully launched an exciting new initiative for the market - a non-displayed trading pool called SwissAtMid. In that time we have seen significant growth in the service and have seen exceptional value provided to firms that are searching for best execution for Swiss listed equities.
More than half of SIX Swiss Exchange participants use SwissAtMid
Over the past year, an increasing number of trading participants - currently more than 50 different members - have traded over CHF 4.3 billion in SwissAtMid. These members 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. This includes all instruments in the Blue Chip segment and over 135 instruments in our Mid and Small Cap segment.
Specifically in the Mid and Small Cap segment, SwissAtMid has quickly become a critical source of liquidity for the market with multiple days where over 40% of the lit trading on the exchange of a given instrument happened in SwissAtMid. Average trade size in the service is CHF 18'000 (substantially larger than average dark pools) with the largest single trade values at over CHF 1.7 million.
Customer feedback reflects the high success rates and improved execution performance for firms that have integrated the service. With sweep orders searching for liquidity in both dark and lit books with no latency penalty, participants have the opportunity of a mid-point match, on the way to aggressing the order book with no opportunity cost.
Laying the foundation for further growth
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."
"We are also working hard on some exciting new functionality for SwissAtMid that is due for release in 2018", added Adam Matuszewski, Senior Equity Product Manager SIX Swiss Exchange. "On the back of this, and clients continuing to add SwissAtMid as a preferred destination for execution, we expect the strong growth seen in the first year to be a sign of more to come."
Visualizing the benefits of SwissAtMid
Our website provides more information on Trading without pre-trade transparency. A video clip shows you how SwissAtMid works and how participants can enjoy its numerous benefits. Detailed figures are available in the SwissAtMid Monthly Execution Report; previous editions of the report are available in the archive.