Have there been other service enhancements?
If we look at investment products, the internationalization of CONNEXOR was certainly a highlight: we’ve rolled out our platform that standardizes and automates the collection and distribution of reference data for structured products in the Asia-Pacific market. And we launched a new API which allows our reference data consumers to obtain data of specific structured products, instead of mass downloads of large bulks.
Last but not least, we’ve added new functionalities in Deal Pool, the central electronic support tool for the Swiss Franc fixed income primary market, and enhanced our Quote on Demand trading service to improve execution quality in ETFs and ETPs. So there has been a great variety of initiatives, but all with one common goal: making listing and trading on the Swiss stock exchange more attractive for all our stakeholders.
Are you satisfied with the results?
Overall, yes. Five new companies listed on SIX Swiss Exchange in 2021: besides the SPAC listing by the VT5 Acquisition Company, we saw the IPOs of PolyPeptide, Montana Aerospace, medmix and SKAN, for a total transaction value in excess of CHF 2 billion and an overall market capitalization of around CHF 8 billion. As per end of November, about CHF 100 billion were raised in bonds and money market papers.
We also saw twelve new product issuers joining us this year, offering investors new ETFs, ETPs, investment funds and structured products. And we welcomed three new trading participants with Exane, Hudson River Trading Europe and SSW-Trading GmbH, further diversifying our membership basis.
If you’d have to pick one product segment that stood out this year, which would it be?
That’s tricky, because we’ve seen structured products steadily growing – so much so that in December, we’ve reached a new record of over 45,000 tradeable products! But perhaps even more striking has been the growth of ETPs with crypto-currencies as underlying. Six of our twelve new product issuers are ETP providers, and they’ve launched a record number of 81 products. Of these, 74 were Crypto-ETPs, and with them, seven new currencies were introduced, several a world’s first to be available on a regulated exchange.
This expansion of the product range reflects the growing interest by investors, which resulted in soaring trading volumes, obliterating the records of previous years. And while we’ve seen trade sizes in ETFs get smaller, indicating a broader use by private investors, the trading volumes in crypto ETPs hint at a widespread adoption among institutional investors – both trends that we expect to continue in 2022.