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Becoming a Participant: Procedure

  1. An institution must fulfil the basic requirements to become a participant.
  2. The institution contacts Member Services at SIX Swiss Exchange. Member Services sends the institution the application documentation. The institution completes and returns the application form.
  3. SIX Swiss Exchange sends the prospective participant the IT documentation, adds the new participant to the Member Section of its website, defines a Master User and sets up a test environment on the SWXess trading platform.
  4. After the SIX Swiss Exchange Management Committee has checked and approved the application, the connectivity equipment is ordered and installed. This work is jointly carried out by technicians of the participant, the telecom service provider and the SIX Swiss Exchange.
  5. The participant completes the Clearing and Settlement Standing Instructions (CSSI) form, which determines how its trades will be cleared and settled. It also registers its traders.
  6. The participant purchases a trading application (MOA = Member Own Application) and conducts its own tests.
  7. The participant carries out technical "key functionality tests".
  8. The participant connects to the test environment of the SWXess trading platform and performs the conformance tests, in conjunction with Member Services. These contain both functional tests and clearing and settlement tests.
  9. The participant agrees a "go live" date with Member Services.
  10. SIX Swiss Exchange sets up the participant's live environment.
  11. The participant chooses a trading tariff from the Member Section of the SIX Swiss Exchange website.
  12. The participant performs the technical readiness checks for the live environment.
  13. The participant pays the access fee.
  14. At least five working days before the agreed "go live" date, SIX Swiss Exchange sends a message informing the other participants of the new participant's first trading day and settlement details.
  15. The participant can start trading on the SWXess trading platform on the "go live" date.