SwissAtMid, the non-displayed order book provided by Exchange Services of SIX that offers the opportunity for mid-point execution on Swiss equity instruments, continues to grow. As Tony Shaw of SIX pointed out in a recent interview (see below), increasing volumes have been accompanied by significant improvements regarding time to fill.
Furthermore, he explains the features of the "Sweep" order type which provides participants with unique benefits when trading Swiss equities and points out that SwissAtMid has become the largest single venue non-displayed pool in Europe in terms of daily market share.
Regarding new initiatives, Tony Shaw mentions the introduction of two new order types: "Limit Plus" and "Iceberg Plus" which will both allow dual representation in the lit book and the non-displayed book in one single order. Again, he explains the functionality and benefits of these order types that will be introduced with the upcoming SWXess Maintenance Release 7.1 (SMR7.1).
With a trading turnover of CHF 4.7 billion in 2017, SwissAtMid has significantly contributed to the impressive market share in trading of Swiss large cap equities of 68.3% (up from 64.6% in 2016) and therefore to a very successful year 2017. This momentum has been carried over into 2018, as per end of March, market share has risen further to reach 71.8%.
More information about the upcoming release is available in the brochure SMR7.1 Participant Readiness.
The interview was filmed by The Trade during the TradeTech Europe 2018, where SIX Swiss Exchange was present with a booth. Furthermore, Tony Shaw was present on a panel to discuss how current market structure changes are going to impact trading strategies, how cost implications of regulation will impact market interaction and liquidity sourcing and how banks and leading buy side houses are reacting.
Exchange Services: Get the best of both worlds
A strategic and organizational realignment of SIX has brought the Swiss Exchanges and Securities Services together. This combines the dynamism of one of Europe's foremost exchanges with the stability and reliability of one of the most respected post-trade service providers in the industry. The resulting SIX business unit is now a powerful single source for Swiss and international clients for listing, trading and post-trade solutions.
SIX Swiss Exchange AG is one of Europe's key stock exchanges and is the reference market for Swiss securities and has recently been nominated as "Exchange Group of the Year" for the FN Trading and Technology Awards 2018.