Switzerland is home to an attractive share universe of over 250 companies, including three of the five biggest in Europe. To make trading in these shares more attractive, SIX Swiss Exchange never ceases to innovate and introduce new services. A prime example is SwissAtMid: introduced five years ago, the Swiss stock exchange’s own non-displayed pool has established itself as the main source of block liquidity in Swiss shares and delivered over CHF100 million in price improvement value to market participants.

Since February 2021, Swiss EBBO improves access to best price and depth of liquidity in a fragmented and highly competitive environment. It is operated via an additional order book to the lit Central Limit Order Book (CLOB) and the non-displayed liquidity pool SwissAtMid.

Navigate Fragmented Markets

To enable its participants to identify – and evidence this to their clients – the venue of choice to achieve best execution in an increasingly fragmented trading landscape, SIX Swiss Exchange provides them with comprehensive tailor-made reports. Created in partnership with BMLL, the customised analytics for Swiss EBBO combine anonymised participant specific orderbook data from the Swiss stock exchange with BMLL’s harmonised Level 3 Data.

To learn more about the content and the benefits of these reports, watch the discussion between Doctor Elliot Banks, Chief Product Officer at BMLL, and Marc Berthoud, Head Exchange Data Strategy in the Business Unit Exchanges at SIX.

Marc Berthoud summarizes: “We provide every client with a neutral benchmarking of its orders and trades executed on the Swiss stock exchange. It delivers a reliable measurement of its execution performance compared to alternative European venues. This allows in turn our trading participants to evidence Best Execution to their own clients, without having to invest in smart order routing technology.” More about the initiative

Sizing Up: SwissAtMid Block Orders

SIX Swiss Exchange embraces competition and understands the needs of its clients – that’s why it keeps developing its services. To further enhance SwissAtMid as an execution venue for large block trades, it will introduce conditional order types as part of the next SWXess Maintenance Release (SMR10), scheduled for 6 December 2021. Additional information is available in our Release Guide.

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