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Securities Trading


Every day, millions of transactions take place in the securities market. Investors transmit orders to their principal bank, which in turn places a majority of the collected orders in the stock market. Sometimes banks execute customer orders with securities in their own portfolio. The investor pays the transaction costs in the form of fees and taxes.

The costs in Switzerland are as follows:

Typ Description
Brokerage fee Payment to the bank for executing buy and sell orders for all types of securities. The amount of the brokerage fee depends on the provider's tariff model and is partly determined by the volume, the price and the stock exchange where the order is executed. The Cartel Commission banned standardised agreed-upon brokerage fees with effect from end-1990.
Swiss stamp tax A stamp tax of 0.075 per cent applies to each contracting party (0.15 per cent total) on turnover in Swiss shares, regardless of the exchange and the security. The tax authorities charge each contracting party a stamp tax of 0.15 per cent (0.3 per cent total) on turnover in foreign shares. When the transaction is executed, the counterparty takes on the other half. As of July 1, 2010, foreign (i.e. non-Swiss) participants are no longer deemed to be securities traders in accordance with stamp duty legislation and are thus exempt from stamp duty (federal tax on transfer of securities).
Turnover fee incl. FINMA tax The SIX Swiss Exchange charges a turnover fee to the involved parties. The fee model takes account of the peculiarities of the different product segments. The new tariff specifies different fees for poster and aggressor transactions. The tariffs are explained in the following brochure: Trading fees.

Not only are the cost compositions and cost levels of orders variable, there are also many different types of orders that you as an investor can place at the Exchange.