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Swiss Listed Shares

SIX is the reference market for over 250 Swiss shares, consistently offering the best prices and the narrowest spreads in combination with the largest volumes.

Swiss Listed Shares are traded across 2 order books on the Swiss stock exchange: the Central Limit Order Book (CLOB) and SwissAtMid. With a single order, participants can access both liquidity pools.

Maximizing Liquidity

The simultaneous execution across the three distinct order books maximizes the liquidity an order can interact with and ensures participants are always obtaining the best available price on SIX for their limit order.

The Central Limit Order Book (CLOB)

The CLOB is the main source of liquidity. It operates in continuous trading and runs both the opening and closing auctions for all the Swiss listed instruments. Find out more.

Following the closing auction, there is a short Trading-At-Last period for Swiss listed equities, when participants can buy and sell orders only at the closing auction price.

SwissAtMid (MPOB)

SwissAtMid is a services that is complimentary to the Central Limit Order book. It offers participants of SIX the opportunity to interact with and seek liquidity in the way they want it while matching in Zurich.

SwissAtMid is a non-displayed mid-point order book (MPOB) deriving the mid-point price from the CLOB. For Swiss securities, the CLOB and MPOB are the largest, deepest lit and non-displayed liquidity pools. Find out more.

Publications

Factsheets

The Trading-At-Last – Factsheet[pdf] informs you about this new trading session.

The SwissAtMid – Factsheet[pdf] informs you about the advantages of the service.

Product Guide

The Product Guide – Trading without pre-trade transparency[pdf] provides you with information on the rules in force governing trading with SwissAtMid.

SwissAtMid Direct Access

The SwissAtMid Direct Access[pdf] document provides the sell-side and the buy-side with an overview who is connected to the non-display liquidity pool and how they can access SwissAtMid.

SwissAtMid Monthly Execution Report

The SwissAtMid Monthly Execution Report shows trading and performance statistics. If you would also like to recieve this report please .

Trading InfoSnacks

The Trading InfoSnack articles are a series of data driven, mini-research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities. They are designed to be brief but insightful summaries of relevant trading topics, underpinned by in depth analysis compiled by the Swiss Stock Exchange’s Equities team.

Description Download
Trading InfoSnack #03: Closing Auctions – What’s Hanging in the Balance?
Trading InfoSnack #02: Back to the Future(s)
Trading InfoSnack #01: What’s in a Liquidity Smile?

 

Intraday Activity SwissAtMid: check out the most actively traded stocks!

On every trading day on the Swiss stock exchange, the SwissAtMid Dashboard compares shares by the ratio of SwissAtMid volume against the On Market volume.

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Intraday Activity: check out the most actively traded market segments!

Get an instant picture of the progress of trading activity in the entire spectrum of around 40'000 securities listed on SIX.

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