Trading in Swiss Listed Shares
Exchange and Trading Hours
Exchange days, exchange and trading hours determine when trading may take place in CLOB and SwissAtMid.
Details of all regulations concerning times are set out in the
Directive 3 and
On which days are trading and clearing possible?
CLOB and SwissAtMid are open from Monday to Friday, except on Swiss public holidays. Exchange days are
also clearing days. This means that trading takes place and that trades are forwarded to the central counterparty
(CCP) or central securities depository (CSD) for clearing and settlement. In exceptional cases, All market holidays
are listed in the trading calendar.
Trading and Settlement Calendar
At what times are trading and clearing possible?
Exchange hours are from 6 a.m. to 10 p.m. CET
Clearing hours are from 8 a.m. to 18.15 p.m CET
The trading days and hours of SwissAtMid comply with the trading hours of the
Central Limit Order Book of the respective Trading Segment or security.
Trading State Constellations for SwissAtMid
Orders in SwissAtMid can only be executed when the CLOB of the respective security is in the
trading status "Continuous Trading".
The opening and continuous trading periods together make up the trading day.
Details on the regulation of SwissAtMid are set out in the
Authorisation of Trading
Rules for SwissAtMid are consistent with Lit orderbook trading, no additional authorizations are required.
All trades on the Exchange, as described in Clause 10.1 para. 2 and 10.1 para. 3 in the
Rule Book[pdf], are deemed to have been reported in the sense of FMIA.
Clearing & Settlement
Transactions in CLOB and SwissAtMid are automatically cleared by the existing CCP's and will be settled in the domestic
CSD of the underlying products traded. It is not possible to execute a trade in any of the books which is not cleared.
Products (including non Swiss products) currently traded on SIX will continue to settle in SIX as they do today.
Participants may choose either of the CCP's (SIX x-clear AG, LCH Ltd and EuroCCP) to conduct this business following the
standard guidelines applicable on SIX.