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Trading Lines

Companies listed on SIX Swiss Exchange 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?