Exceptional Liquidity in Swiss Shares

Exceptional Liquidity in Swiss Shares

The Best Prices and Narrowest Spreads in Combination with the Biggest Volumes

Trade Europe’s Greatest Equities

The Swiss Stock Exchange is the reference market for Swiss securities and home to over 250 Swiss stocks, including some of Europe’s most important blue chips such as Novartis, Roche and Nestlé. These are not just 3 of the 5 biggest shares in Europe, but include even the biggest.

We have the best order book quality in the world for Swiss securities, even for large volumes. The average size of trades in SMI securities is more than twice that of alternative platforms. Our excellent liquidity is underscored by the high average execution size and European Best Bid and Offer (EBBO) ratios.

Put simply, the Swiss Stock Exchange offers you the best prices, the narrowest spreads and the biggest volumes when it comes to trading in Swiss equities. It’s consistent quality you can count on.

Your Benefits on the Swiss Stock Exchange

A Vast Universe Of Equities

The Swiss equities segment covers Swiss blue chips (SLI® securities), Swiss mid and small caps, and rights. Participants on the Swiss Stock Exchange trade in equities with either a primary or secondary listing. If needed, companies listed on the Swiss Stock Exchange can even open an additional order book with its own security number to establish a separate trading line. When a separate trading line is opened, the securities are traded under two security numbers.  

Trading InfoSnacks

The Trading InfoSnack articles are data driven research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities. They are underpinned by in depth analysis compiled by the Swiss Stock Exchange’s Equities team.

About Our Order Books

Swiss Listed Shares are traded across two order books on the Swiss Stock Exchange: the Central Limit Order Book (CLOB) and SwissAtMid (MPOB). The CLOB is the main source of liquidity. Participants can use various orders to interact with liquidity in CLOB. There are some orders that allow to access CLOB and the supplementary liquidity book – SwissAtMid – at once.

Continuous trading takes place in the CLOB, as do the opening and closing auctions for all instruments listed on the Swiss Stock Exchange. For Swiss securities, CLOB and MPOB are the largest and most comprehensive liquidity pools with and without pre-trade transparency.

Trading commences with an opening auction, followed by continuous trading, then a closing auction that determines the closing price of instruments and finishes with a short trading session Trading-At-Last. The CLOB adopts minimum price steps dictated by MiFID II tick size regime. There are trading interruptions in case price deviates from the reference price.

Trading Guides

The Trading Guides help participants to interpret all the rules that apply to trading. They provide information on the individual segments, market models, trading hours and calendars, order validities, tick sizes, functionalities and further aspects.

Product Guide – Equity Market

Product Guide for the Equity Market contains the full range of trading provisions governing trading times, tick size, trading interruptions, reporting, and more.

Fees & Charges

The list of Trading Charges fully describes all fees applicable to on-order-book trades as well as on-Exchange trades executed away from the order book. The List of Charges under Trading Rules applies to all participants, as well as persons who have submitted themselves to the rules and regulations of the Exchange.

SwissAtMid: Where Best Execution Gets Better

Benefit from mid-point execution on Swiss equities directly within the largest source of non-displayed liquidity.

Downloads

The Trading InfoSnack articles are a series of data driven, mini-research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities. They are designed to be brief but insightful summaries of relevant trading topics, underpinned by in depth analysis compiled by the Swiss Stock Exchange’s Equities team.