Trade in the Largest Non-Displayed Liquidity Pool
In today’s market environment, accessing and interacting with liquidity remains a central concern for traders and investors alike. When it comes to liquidity in Swiss equities, the Swiss Stock Exchange not only provides the most attractive lit-book, but also the largest non-displayed pool: SwissAtMid.
SwissAtMid offers mid-point execution on Swiss equities directly within the biggest source of liquidity, enabling you as a trader to minimize price slippage as a result of information leakage. This unique and innovative service combines a non-displayed order book and order types to allow for execution of Swiss equity trades at the midpoint of the Swiss Stock Exchange’s lit order book. You can trade all Blue Chip and Mid- and Small-Cap securities in SwissAtMid.
Benefit from guaranteed mid-point execution on Swiss equities within the largest source of non-displayed liquidity.
SwissAtMid FactsheetYour Benefits on SIX Swiss Exchange
Bigger Liquidity
Largest pool of non-displayed liquidity in Swiss equities.
Better Pricing
Execution price is the mid-point of the lit order book of the Swiss Stock Exchange.
Unique Setup
Implemented directly using the same matching logic as the lit order book.
New Orders on the Block
With the introduction of Block orders in December 2021, SIX Swiss Exchange enhances its block trading capabilities in SwissAtMid with the added benefit of offering interaction with existing unique liquidity: a meaningful segment of this liquidity is not available for interaction with on any other dark conditional venue. This combined with latency efficiencies embedded within the solution design of the Swiss stock exchange, means market participants benefit to secure block liquidity that they won’t find on other venues.
The new Block order type available in SwissAtMid comes in two variants: indicative (conditional) and binding (firm), with order entry and executions required to be at or above a Minimum Block Order Value Threshold (Large In Scale) that is pre-defined per security. Conditional orders enable counterparties, either on one or both sides of a match, to ‘firm up’ prior to trade execution, which mitigates their risk of overfill when working a large block order.
The following clips introduce the SwissAtMid Block order and the corresponding Trading User Interface. Further details are available in the SMR10 Release Guide.
Use “Plus”. Get More.
With a single order, you can access both pools in multiple ways. Limit Plus is a completely unique order that lets you place your resting orders in both books simultaneously. This makes them fully visible in the lit book, but also fully available for execution in SwissAtMid.
The enhanced version of our iceberg order, the Iceberg Plus, allows you to take advantage of the deep pool of liquidity available in SwissAtMid. You’ll be able to interact with passive Iceberg Plus orders on the opposite end of the order book, crossing at mid-point.
SwissAtMid Orders
The Swiss Stock Exchange maintains two order books in the same On Book Matcher (OBM) for SwissAtMid eligible securities: the Central Limit Order Book (CLOB) with pre-trade transparency and price-time priority and the Mid-Point Order Book (MPOB) without pre-trade transparency and size-time priority.
The MPOB and CLOB order books are collocated in the same low latency On Book Matcher. This simplifies synchronisation between the two order books and ensures that no simultaneous processing can happen in CLOB and MPOB with minimal impact on complexity and latency.
The orders entered in the SwissAtMid order books are binding. SwissAtMid supports Normal Orders and offers the feature to sweep orders from the MPOB to the CLOB of the respective security as well as Minimum Execution Quantity (MEQ).
Monthly Execution Report
The SwissAtMid Monthly Execution Report provides the latest figures on traded volumes, the number and size of transactions as well as price improvements.
About This Service
With MiFID II driving liquidity shifts, the Swiss Stock Exchange has a solution for both the buy-side and sell-side looking for non-displayed liquidity – SwissAtMid. Thanks to Switzerland’s extensive banking network, along with innovative new orders such as Limit Plus and Iceberg Plus, SwissAtMid is able to offer unique liquidity, making it the leading non-displayed pool for Swiss equities even for larger executions.
Flexible Liquidity
The Swiss Stock Exchange understands that different clients have different needs and have different liquidity profiles. If you’re looking for block executions, SwissAtMid lets you set a "minimum execution quantity". This helps you select the threshold that is just right for you.
Driving Block Liquidity
In this interview, Adam Matuszewski, Head Equities at the Swiss Stock Exchange, explains the transformation of SwissAtMid from a pure mid-point execution pool with trade sizes comparable to those on the lit market, into a go-to venue for participants looking for block liquidity in Swiss shares.
Intraday Activity SwissAtMid
The SwissAtMid Dashboard compares shares by the ratio of SwissAtMid volume against the On Market volume. Get a daily snapshot of the most actively traded stocks.
Building Blocks With a Plus
The Swiss Stock Exchange understands the value of concentrating liquidity, and SwissAtMid perfectly demonstrates how we accommodate this market need. Read on for more reasons why SwissAtMid is so successful.
Driven by Demand: Transforming Markets
Understand the transformation of SwissAtMid from a pure mid-point execution pool into a go-to venue for participants looking for block liquidity in Swiss shares.
Resources
See which direct trading participants of SIX Swiss Exchange are supporting access to SwissAtMid.
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Broker Access List
The Product Guide – Trading without pre-trade transparency provides you with information on the rules in force governing trading with SwissAtMid.
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Product Guide – Trading Without Pre-Trade Transparency in SwissAtMid
This Directive contains implementing provisions for On-exchange trading without pre-trade transparency in SwissAtMid.
Exchange days, exchange and trading hours determine when trading may take place in CLOB and SwissAtMid. Details of all regulations concerning times are set out in the Directive 3 and Directive 5.
On which days are trading and clearing possible?
CLOB and SwissAtMid are open from Monday to Friday, except on Swiss public holidays. Exchange days are also clearing days. This means that trading takes place and that trades are forwarded to the central counterparty (CCP) or central securities depository (CSD) for clearing and settlement. In exceptional cases, All market holidays are listed in the trading calendar.
At what times are trading and clearing possible?
- Exchange hours are from 6 a.m. to 10 p.m. CET
- Clearing hours are from 8 a.m. to 6.15 p.m. CET
The trading days and hours of SwissAtMid comply with the trading hours of the Central Limit Order Book of the respective Trading Segment or security.
Trading State Constellations for SwissAtMid
Orders in SwissAtMid can only be executed when the CLOB of the respective security is in the trading status "Continuous Trading".
The opening and continuous trading periods together make up the trading day.
Details on the regulation of SwissAtMid are set out in the Directive 5.
Authorisation of Trading
Rules for SwissAtMid are consistent with Lit order book trading, no additional authorizations are required.
Reporting Obligation
Clearing & Settlement
Transactions in CLOB and SwissAtMid are automatically cleared by the existing CCP's and will be settled in the domestic CSD of the underlying products traded. It is not possible to execute a trade in any of the books which is not cleared. Products (including non Swiss products) currently traded on SIX will continue to settle on SIX as they do today. Participants may choose either of the CCP's (SIX x-clear AG, LCH Ltd and EuroCCP) to conduct this business following the standard guidelines applicable on SIX.
SwissAtMid Monthly Execution Reports
Want to receive the SwissAtMid Monthly Execution Report on a regular basis? Sign up here.
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SwissAtMid
Monthly Execution Report, September 2024
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SwissAtMid
Monthly Execution Report, August 2024
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SwissAtMid
Monthly Execution Report, July 2024
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SwissAtMid
Monthly Execution Report, June 2024
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SwissAtMid
Monthly Execution Report, May 2024
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SwissAtMid
Monthly Execution Report, April 2024
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SwissAtMid
Monthly Execution Report, March 2024
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SwissAtMid
Monthly Execution Report, Februar 2024
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SwissAtMid
Monthly Execution Report, January 2024
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SwissAtMid
Monthly Execution Report, December 2023
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SwissAtMid
Monthly Execution Report, November 2023
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SwissAtMid
Monthly Execution Report, October 2023
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SwissAtMid
Monthly Execution Report, September 2023
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SwissAtMid
Monthly Execution Report, August 2023
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SwissAtMid
Monthly Execution Report, July 2023
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SwissAtMid
Monthly Execution Report, June 2023
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SwissAtMid
Monthly Execution Report, May 2023
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SwissAtMid
Monthly Execution Report, April 2023
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SwissAtMid
Monthly Execution Report, March 2023
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SwissAtMid
Monthly Execution Report, February 2023
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SwissAtMid
Monthly Execution Report, January 2023
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SwissAtMid
Monthly Execution Report, December 2022
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SwissAtMid
Monthly Execution Report, November 2022
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SwissAtMid
Monthly Execution Report, October 2022
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SwissAtMid
Monthly Execution Report, September 2022
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SwissAtMid
Monthly Execution Report, August 2022
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SwissAtMid
Monthly Execution Report, July 2022
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SwissAtMid
Monthly Execution Report, June 2022
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SwissAtMid
Monthly Execution Report, May 2022
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SwissAtMid
Monthly Execution Report, April 2022
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SwissAtMid
Monthly Execution Report, March 2022
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SwissAtMid
Monthly Execution Report, February 2022
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SwissAtMid
Monthly Execution Report, January 2022
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SwissAtMid
Monthly Execution Report, December 2021
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SwissAtMid
Monthly Execution Report, November 2021
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SwissAtMid
Monthly Execution Report, October 2021
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SwissAtMid
Monthly Execution Report, September 2021
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SwissAtMid
Monthly Execution Report, August 2021
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SwissAtMid
Monthly Execution Report, July 2021
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SwissAtMid
Monthly Execution Report, June 2021
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SwissAtMid
Monthly Execution Report, May 2021
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SwissAtMid
Monthly Execution Report, April 2021
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SwissAtMid
Monthly Execution Report, March 2021
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SwissAtMid
Monthly Execution Report, February 2021
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SwissAtMid
Monthly Execution Report, January 2021
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SwissAtMid
Monthly Execution Report, December 2020
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SwissAtMid
Monthly Execution Report, November 2020
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SwissAtMid
Monthly Execution Report, October 2020
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SwissAtMid
Monthly Execution Report, September 2020
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SwissAtMid
Monthly Execution Report, August 2020
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SwissAtMid
Monthly Execution Report, July 2020
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SwissAtMid
Monthly Execution Report, June 2020
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SwissAtMid
Monthly Execution Report, May 2020
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SwissAtMid
Monthly Execution Report, April 2020
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SwissAtMid
Monthly Execution Report, March 2020
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SwissAtMid
Monthly Execution Report, February 2020
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SwissAtMid
Monthly Execution Report, January 2020
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SwissAtMid in Investment Funds
Monthly Report, September 2024
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SwissAtMid in Investment Funds
Monthly Report, August 2024
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SwissAtMid in Investment Funds
Monthly Report, July 2024
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SwissAtMid in Investment Funds
Monthly Report, June 2024
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SwissAtMid in Investment Funds
Monthly Report, May 2024
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SwissAtMid in Investment Funds
Monthly Report, April 2024
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SwissAtMid in Investment Funds
Monthly Report, March 2024
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SwissAtMid in Investment Funds
Monthly Report, February 2024
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SwissAtMid in Investment Funds
Monthly Report, January 2024
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SwissATMid in Investment Funds
Monthly Report, December 2023
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SwissATMid in Investment Funds
Monthly Report, November 2023
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SwissATMid in Investment Funds
Monthly Report, October 2023
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SwissATMid in Investment Funds
Monthly Report, September 2023
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SwissATMid in Investment Funds
Monthly Report, August 2023
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SwissATMid in Investment Funds
Monthly Report, July 2023
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SwissATMid in Investment Funds
Monthly Report, June 2023
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SwissATMid in Investment Funds
Monthly Report, May 2023
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SwissATMid in Investment Funds
Monthly Report, April 2023
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SwissAtMid in Investment Funds
Monthly Report, March 2023
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SwissAtMid in Investment Funds
Monthly Report, February 2023
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SwissAtMid in Investment Funds
Monthly Report, January 2023
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SwissAtMid in Investment Funds
Monthly Report, December 2022
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SwissAtMid in Investment Funds
Monthly Report, November 2022
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SwissAtMid in Investment Funds
Monthly Report, October 2022
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SwissAtMid in Investment Funds
Monthly Report, September 2022
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SwissAtMid in Investment Funds
Monthly Report, August 2022
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SwissAtMid in Investment Funds
Monthly Report, July 2022
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SwissAtMid in Investment Funds
Monthly Report, June 2022
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SwissAtMid in Investment Funds
Monthly Report, May 2022
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SwissAtMid in Investment Funds
Monthly Report, April 2022
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SwissAtMid in Investment Funds
Monthly Report, March 2022
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SwissAtMid in Investment Funds
Monthly Report, February 2022
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SwissAtMid in Investment Funds
Monthly Report, January 2022
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SwissAtMid in Investment Funds
Monthly Report, December 2021
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SwissAtMid in Investment Funds
Monthly Report, November 2021
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SwissAtMid in Investment Funds
Monthly Report, October 2021
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SwissAtMid in Investment Funds
Monthly Report, September 2021
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SwissAtMid in Investment Funds
Monthly Report, August 2021
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SwissAtMid in Investment Funds
Monthly Report, July 2021
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SwissAtMid in Investment Funds
Monthly Report, June 2021
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SwissAtMid in Investment Funds
Monthly Report, May 2021
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SwissAtMid in Investment Funds
Monthly Report, April 2021