Companies listed on SIX can apply to open an additional order book with its own security number,
thereby establishing a separate trading line.
When a separate trading line is opened, the securities are traded under two security numbers. However,
this does not constitute an actual listing. The new trading line allows a listed security
to be traded under a separate security number for a limited time.
Why do companies trade securities on a second line?-
An additional security facilitates public takeover/exchange offers. It is used
exclusively for trading or exchanging securities during the term of such offers.
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Companies use an additional security to buy back their own securities until the target
figure has been achieved.
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A new trading line allows different dividends to be paid in the case of
equity securities with different dividend entitlements. Different dividend entitlements
can occur, for example, following a capital increase or the exercise of derivatives. In such cases,
an additional security may be opened up to the next dividend due date.
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If, during capital restructurings or mergers, the rights associated with the security
are modified for a certain period, using an additional security can simplify the technical clearing
and settlement procedure.
Which regulatory provisions apply to the opening and closing of a trading line?List of Separate Trading Lines*Legend: RS = Registered Share, BS = Bearer Share, PC = Participation Certificate
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