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SwissAtMid: the non-displayed pool for Swiss equities
In order to support clients looking to minimize execution price slippage through reduced information leakage,
SIX offers a non-display pool of liquidity: SwissAtMid.
SIX realizes that there are many different factors that influence our trading participants when they are executing
orders. Two key factors are information leakage, as well as price slippage, and for certain orders it can be critical
to minimize these factors to get the best possible price of execution.
SwissAtMid is a service that offers the opportunity for mid-point execution on Swiss equity instruments directly
within the largest source of liquidity. SwissAtMid offers the opportunity for a guaranteed primary mid-point
execution price for clients who use the service.
SwissAtMid combines a non-displayed order book and order types which will allow execution of Swiss equities
at the midpoint of the lit order book of SIX. All Blue Chip and Mid and Small Cap securities are available
for trading in SwissAtMid.
SwissAtMid: Discover our reports and publications
The SwissAtMid Monthly Execution Report provides the latest figures on traded volumes, the number and size
of transactions as well as price improvements for participants.
To access the non-displayed order book of SIX there are three options:
Direct order - supports limit and market orders with day, IOC or Good Till Date validity with
an optional Minimum Quantity
Sweep order - a new order type that will check for an execution in the non-displayed order book
and then the lit order book of SIX. Non-IOC Sweep orders that do not execute in
full will be entered into the lit order book.
Plus orders - Limit Plus and Iceberg Plus orders allow for placement of resting orders into the main
book that are simultaneously dual represented in SwissAtMid. They allow participants to interact with
non-displayed liquidity at the mid-point whilst not missing trading opportunities in the main book.
Your advantages at a glance:
Open to all Swiss Blue Chips and Small/Mid-Cap Securities
Execution price is the mid-point of the lit order book of SIX
Matching carried out based on size-time priority (larger orders have priority)
Full support for Minimum Quantity on order entry for orders sent directly to SwissAtMid
All executions are done On Exchange
Trading in Blue Chip instruments contributes to commitment levels
Standard clearing and settlement with full CCP interoperability
Published trades are clearly flagged to identify executions via SwissAtMid
The non-displayed order book is implemented directly in the same matching logic as the lit order book,
so there are no drawbacks of using the Sweep order to check for additional midpoint liquidity on your orders.