SwissAtMid: Now with New Block Orders

SwissAtMid: Now with New Block Orders

The Leading Non-displayed Pool for Swiss Equities

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.

Your Benefits on SIX Swiss Exchange

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 has changed from a pure mid-point execution pool into a go-to venue for participants looking for block liquidity in Swiss shares.

Adam Matuszewski, Head Equity Products and Analytics

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.

Resources

See which direct trading participants of SIX Swiss Exchange are supporting access to SwissAtMid.

  • SIX Swiss Exchange Broker Access List

    Discover the list of direct trading participants of SIX Swiss Exchange that are supporting access to SwissAtMid and Trading-At-Last (TAL).

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The Product Guide – Trading without pre-trade transparency provides you with information on the rules in force governing trading with SwissAtMid.

  • Product Guide – Trading without pre-trade transparency in SwissAtMid

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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

Details on the regulation of SwissAtMid are set out in the Directive 5

SwissAtMid Monthly Execution Reports

Want to receive the SwissAtMid Monthly Execution Report on a regular basis? Sign up here.

  • 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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    Monthly Execution Report, February 2021

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    Monthly Execution Report, January 2021

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  • SwissAtMid

    Monthly Execution Report, December 2020

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    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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    Monthly Execution Report, July 2020

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    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

    Monthly Execution Report, December 2019

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  • SwissAtMid

    Monthly Execution Report, November 2019

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  • SwissAtMid

    Monthly Execution Report, October 2019

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    Monthly Execution Report, September 2019

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    Monthly Execution Report, August 2019

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    Monthly Execution Report, July 2019

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  • SwissAtMid

    Monthly Execution Report, June 2019

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  • SwissAtMid

    Monthly Execution Report, May 2019

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  • SwissAtMid

    Monthly Execution Report, April 2019

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  • SwissAtMid

    Monthly Execution Report, March 2019

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  • SwissAtMid

    Monthly Execution Report, February 2019

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    Monthly Execution Report, January 2019

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  • SwissAtMid

    Monthly Execution Report, December 2018

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  • SwissAtMid

    Monthly Execution Report, November 2018

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  • SwissAtMid

    Monthly Execution Report, October 2018

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  • SwissAtMid

    Monthly Execution Report, September 2018

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    Monthly Execution Report, August 2018

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    Monthly Execution Report, July 2018

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    Monthly Execution Report, June 2018

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  • SwissAtMid

    Monthly Execution Report, May 2018

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  • SwissAtMid

    Monthly Execution Report, April 2018

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  • SwissAtMid

    Monthly Execution Report, March 2018

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  • SwissAtMid

    Monthly Execution Report, February 2018

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  • SwissAtMid

    Monthly Execution Report, January 2018

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  • SwissAtMid

    Monthly Execution Report, December 2017

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  • SwissAtMid

    Monthly Execution Report, November 2017

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  • SwissAtMid

    Monthly Execution Report, October 2017

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  • SwissAtMid

    Monthly Execution Report, September 2017

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  • SwissAtMid

    Monthly Execution Report, August 2017

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  • SwissAtMid

    Monthly Execution Report, July 2017

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  • SwissAtMid

    Monthly Execution Report, June 2017

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  • SwissAtMid

    Monthly Execution Report, May 2017

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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

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