Regulation

Regulation

The Swiss Stock Exchange is Tightly Regulated and Independently Supervised

The Trading Rules

The Trading Rules ensure equal treatment of investors and participants, as well as the transparency and proper functioning of securities trading on the Swiss Stock Exchange. The provisions for implementing the Trading Rules are laid down in Directives. General explanations and technical instructions with regard to participants connection to the Exchange system, as well as the organization of trading, can be found in the Guidelines.

As required by Swiss law, regulations for our issuers and participants are independently issued, monitored and executed by SER (SIX Exchange Regulation AG), an autonomous subsidiary of SIX.

Regulatory Documents

The following Trading Guides are valid as of 7 Dezember 2020 with SMR9:

Rules and regulations, Directives and Guidelines that are no longer legally valid are available in the archive
of SER (SIX Exchange Regulation AG).

Meeting the Highest Standards

Transparency and equal treatment are the cornerstones of a regulated market like the Swiss Stock Exchange. We are subject to the direct supervision of FINMA, the Swiss Financial Market Supervisory Authority, and to the Swiss Financial Market Infrastructure Act (FMIA), and we hold 6 of only 7 authorizations for Swiss financial market infrastructures granted by FINMA. The Swiss National Bank monitors the systemically important infrastructure of SIX (such as SIC, SECOM and the central counterparty SIX x-clear).  

Trading Rules

The Rule Book (previously Trading Rules) governs the rights and obligations of the Swiss Stock Exchange and its participants and traders. It is based on the principles of the Swiss Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FMIA) and includes rules on the admission of securities dealers as Exchange participants, the organisation of trading, clearing and settlement of trades on the Exchange, and monitoring and enforcement of the Rule Book as well as the sanctions the Exchange may impose on participants and traders.

Directives

The Directives detail and underpin the Trading Rules of the Swiss Stock Exchange. Our Directives contain provisions on the Admission of Participants (including traders, reporting agents and market makers), Technical Connectivity for participants and Application Services Providers (ASPs), Trading, Market Control, Alternative Trading (specifically for the on-exchange trading services SwissAtMid and Swiss EBBO), Market Information and Sponsored Access.

Guidelines

The Guidelines encompass the Trading Parameters that set out the implementing ordinances for all markets and trading segments of the Swiss Stock Exchange, as well as the List of Charges under the Listing Rules, the List of Charges under the Reporting Rules and the List of Charges under the Trading Rules, which includes the various Liquidity Provider Schemes (LPS).

Trading Guides

The Trading Guides help participants to interpret all the rules that apply to trading on the Swiss Stock Exchange. We provide a full version as well as individual documents on the following topics: overviews of the Business Day, the Trading Periods as well as the Market Models and Order Validity, Product Guides for our various markets (equities, bonds, funds and other financial products, structured products) and for Trading without pre-trade transparency, overviews of Price Steps (Tick Sizes), Trade Types & Flags as well as Deferred Publication Thresholds and Delays, SWXess functionalities, Emergency Deletions and Trading Calendars.

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