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Lignes de négoce séparées

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
Adecco Group AGRachatRSCH018917705510.07.12 - 13.05.21
Alpine Select AGRachatRSCH048458157129.07.19 - 19.05.20
BB Biotech AGRachatRSCH002765979308.11.06 - 11.04.22
Bâloise Holding AGRachatRSCH027480484504.04.17 - 03.04.20
Castle Alternative Invest AGRachatRSCH018667529101.07.19 - 30.06.22
Castle Private Equity AGRachatRSCH018458715914.06.19 - 13.06.22
Credit Suisse Group AGRachatRSCH045422569614.01.19 - 30.12.19
Forbo Holding AGRachatRSCH018390376107.06.18 - 31.01.20
GAM Holding AGRachatRSCH024222519828.04.14 - 30.04.20
Geberit AGRachatRSCH035854105706.06.17 - 05.06.20
HBM Healthcare Investments AGRachatRSCH025771709728.06.19 - 27.06.22
Nestlé AGRachatRSCH037207134704.07.17 - 03.07.20
Novartis AGRachatRSCH003845941531.10.11 - 26.02.20
SGS AGRachatRSCH036568077304.02.19 - 30.12.19
Sonova Holding AGRachatRSCH043374645710.10.18 - 08.10.21
Swiss Life Holding AGRachatRSCH044539526903.12.18 - 30.12.19
Swiss Re AGRachatRSCH028649180506.05.19 - 18.02.20
UBS Group AGRachatRSCH040222755426.03.18 - 25.03.21

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