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Sponsored Foreign Shares

In November 2014 SIX reintroduced the trading segment «Sponsored Foreign Shares», in which shares from recognized foreign exchanges are admitted to trading.

The Sponsored Foreign Shares trading segment enables all participants to trade shares of foreign issuers in the order book via the SWXess platform of SIX and report off order book trades in foreign shares to SIX. Our website provides an overview of all Sponsored Foreign Shares admitted to trading.

Sponsors

Sponsors are trading participants of SIX. They undertake to comply with the reporting and maintenance requirements set out in the Rules and to guarantee market making activities. If you wish to become a Sponsor or learn more about the segment please contact us.

Market Making

Members of SIX can submit a request for admission to trading of equity securities of foreign issuers with a primary listing on an exchange recognized by the Regulatory Board to SIX Exchange Regulation . For each security admitted to trading in the Sponsored Foreign Shares segment a Sponsor undertakes the commitment to do market making in order to guarantee liquidity in the market.

The market maker undertakes to comply with the following requirements:

  • To provide bid/ask prices for minimum amounts
  • To avoid prices which exceed the maximum spread

These requirements apply on a monthly basis during 90% of the official trading hours of SIX Swiss Exchange. To ensure high quality, SIX monitors every trade for adherence to these requirements.

Admission to trading

Sponsors can apply to SIX Exchange Regulation for the admission to trading of equity securities of foreign issuers with a primary listing on an exchange recognized by the Regulatory Board. The Rules for the Admission of Equity Securities to Trading in the Sponsored Segment can be found online.

Trading

The securities in the «Sponsored Foreign Shares» trading segment are traded on the On Book Matcher (OBM) Partition 2 - «Non-Equities». The trading hours are continuous from 9.00 am to 5.30 pm CET (with a closing auction from 5.20 pm to 5.30 pm CET). Trading currency in the Sponsored Segment is Swiss franc (CHF). All details are available in the Trading Guides.

Clearing and settlement

Trades in Sponsored Foreign Shares on SIX are settled automatically and are not cleared via a central counterparty (CCP). The clearing cycle for Sponsored Foreign Shares is two working days (T+2).

Regulation

In connection with the introduction of «Sponsored Foreign Shares», two directives have been amended:
Directive 3: Trading[pdf] (Annex E - Sponsored Foreign Shares) and Guideline: List of Trading Charges
(Annex D - Sponsored Foreign Shares).

Market Making Sponsored Foreign Shares

Les participants de SIX Swiss Exchange peuvent demander auprès de SIX Exchange Regulation l'admission au négoce de titres de participation d'émetteurs étrangers disposant d'une cotation primaire à une Bourse reconnue par le Regulatory Board. Pour chaque titre admis au négoce dans le segment Sponsored Foreign Shares, le sponsor s'engage à assumer sa fonction de market maker afin d'assurer la liquidité sur le marché.

Le market maker s'engage à respecter les prescriptions suivantes:

  • Offrir des cours acheteur/vendeur pour un montant minimum
  • Veiller à ce que les cours ne dépassent pas le spread de négoce maximal

Ces prescriptions s'appliquent sur base mensuelle pendant 90% des horaires de négoce officiels de SIX Swiss Exchange. Pour assurer une qualité élevée, SIX Swiss Exchange vérifie ces prescriptions lors de chaque transaction.