Listing Structured Products at the Swiss Stock Exchange
Exchange trading opens a wide audience for issuers of structured products. By listing structured products on the Swiss Stock Exchange, issuers can not only expand their distribution channels, but do so rapidly.
In fact, if a product is submitted today, it will be ready to trade on the exchange tomorrow. For structured product issuers and traders, this unlocks opportunity by making it possible to invest in short-term market expectations and react quickly to trends.
Private investors can also benefit from access to new asset classes and markets previously reserved for institutional investors, and from high liquidity even in turbulent times.
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Structured products listing on the Swiss Stock Exchange is fast and efficient, allowing issuers and traders to be agile and react swiftly to market trends.
Thanks to high automation across the value chain, a product submitted to SIX can be traded on the exchange the very next day.
Products are listed according to five categories:
- leverage products
- capital protection products
- yield enhancement products
- participation products
- investment products with reference entities
Each of these are further subdivided into individual product types according to the categorization model of the Swiss Structured Products Association (SSPA).
Minimize Issuer Risk With COSIs
Investors in structured products are typically forced to take on not just market risk, but issuer-default risk too. This is because structured products are only available in the legal form of a bearer debenture – so if the issuer proves unable to fulfil its payment obligations, the investor is left exposed.
COSIs (collateral secured instruments) are an internationally unique way for investors to minimize that risk.
These work by requiring the issuer (or a designated provider of collateral deposits) to deposit fungible securities of a corresponding countervalue with the Swiss Stock Exchange. In the event of the issuer's insolvency, the securities are liquidated in favor of the investors.
Every financial instrument listed for trading on SIX needs amongst other identifiers a so called valor symbol (a unique value). This is an alphanumeric code consisting of maximally 6 characters. Well known symbols are "ROG", "NESN", etc.
Valor Symbols for Structured Products
Since June 2016 structured products require a symbol with 6 alpha-numeric characters allowing a simple, clearly visible distinction from other asset classes. The symbol must fulfill the following requirements:
- Chosen symbol ends on the specific (combination of) letter(s) dedicated to the respective issuer (see dedicated symbol pools below).
- Chosen symbol is still free and not yet used by a different tradable instrument.
- Chosen symbol does not end on "X" (reserved for XBTR securities).
Issuers can request a dedicated symbol pool via mail.
Dedicated Symbol Pools
|Banque Cantonale Vaudoise||BC|
|Cornèr Bank Lugano||CBL|
|HSBC Trinkaus & Burkhardt AG||HS|
|Bank J. Safra Sarasin||JS|
|Bank Julius Bär & Co. AG||JB|
|Leonteq Securities AG||TQ|
|Luzerner Kantonalbank AG||LK|
|Neue Helvetische Bank||HB|
|Notenstein La Roche Privatbank AG||NP|
|Bank Vontobel AG||V|
The Swiss Stock Exchange publishes the Crypto Products Report on a monthly basis as well as the yearly report once a year. The report provides detailed figures about the development of the crypto products as well as information on trading activity, trends and changes in this segment to investors, market participants and the interested public. All reports are available here.