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:
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:
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.