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Separate Trading Lines

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.
  • Companies use an additional security to buy back their own securities until the target figure has been achieved.
  • 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.
  • 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

IssuerReasonType*ISIN of separate lineDuration of trading
ABB LtdBuy-backRSCH035767961923.07.20 - 24.03.21
Adecco Group AGBuy-backRSCH053234746226.03.20 - 24.03.23
Alpine Select AGBuy-backRSCH055039512026.06.20 - 31.05.22
BB Biotech AGBuy-backRSCH002765979308.11.06 - 11.04.22
Castle Private Equity AGBuy-backRSCH018458715914.06.19 - 13.06.22
Credit Suisse Group AGBuy-backRSCH045422569606.01.20 - 30.12.20
GAM Holding AGBuy-backRSCH024222519828.04.14 - 28.04.23
HBM Healthcare Investments AGBuy-backRSCH025771709728.06.19 - 27.06.22
Julius Bär Gruppe AGBuy-backRSCH012664577620.11.19 - 26.02.21
Nestlé AGBuy-backRSCH037207134704.07.17 - 30.12.22
Novartis AGBuy-backRSCH003845941511.03.20 - 10.03.23
SGS AGBuy-backRSCH036568077317.02.20 - 30.12.20
Sonova Holding AGBuy-backRSCH043374645710.10.18 - 08.10.21
Swiss Life Holding AGBuy-backRSCH044539526902.03.20 - 31.05.21
UBS Group AGBuy-backRSCH040222755426.03.18 - 25.03.21

*Legend: RS = Registered Share, BS = Bearer Share, PC = Participation Certificate