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With its non-displayed liquidity pool SwissAtMid, SIX has reshaped Swiss equity trading. An interview provides
In April 2019, the Swiss stock exchange saw activity in its non-displayed liquidity pool increase again, as a growing number of
trading participants enjoy the benefits of SwissAtMid more frequently and to a greater extent. Compared to the previous month,
the number of transactions rose by 57% to a total of 116'190, while
trading turnover soared by even 63% to reach CHF 3'156.8
million. As a result, SwissAtMid retains the leading market share in non-displayed trading of Swiss equities, with
39.4% and enabled participants to enjoy price improvements of
CHF 741'480 in April.
Go-to Venue for Block Liquidity
In an interview[pdf] with The Trade, first published during TradeTech
2019, Adam Matuszewski, Senior Equity Product Manager in the Securities & Exchanges business unit of SIX, provides further
background on 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.
In his interview, Adam explains how the client focus of SIX fueled the creation SwissAtMid and which key factors differentiate it
from other venues. He describes the various orders the Swiss stock exchange introduced to help clients interact with non-displayed
and lit liquidity at once, such as the Sweep order, and how the introduction of Plus orders have improved LIS liquidity. In recent
months, he has observed a strong growth in block liquidity, driven by demand from both buyside and sellside clients.
Liquidity in Swiss Shares Peaks on SIX
In 2018, SwissAtMid has become the largest non-displayed pool of liquidity for Swiss equities in Europe. In recent months, SIX
further cemented its position. In April, new records were established, with CHF 338 million traded on a
single day and over CHF 1
billion in single week; prior to this, CHF 5.6 bn
had already been traded during Q1 2019.