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Market Making ETF

Under the rules of the Swiss Financial Market Supervisory Authority (FINMA), market makers are necessary for the approval of Swiss ETFs and ETSFs and the authorisation of the commercial marketing and sale of foreign ETFs on underlying stocks.

SIX Swiss Exchange employs at least one market maker for each ETF and ETSF, thus ensuring market liquidity.

The market makers in question are specialist companies which participate on the Swiss Exchange and provide binding buy and sell prices. They undertake to comply with the following requirements:

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

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

SMR 7.2: Automated ETF Market Making Process

In October 2018, with the go live of its maintenance release SMR 7.2, SIX further facilitates administrative processes for Market Makers in Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs).

On its Member Section it newly introduces a fully automated administration access enabling existing Market Makers to:

  • extend market making obligations to further ETFs listed on SIX
  • remove ETFs listed on SIX from existing market making obligations
  • move products among QP users of the same legal entity

In order to exploit the technical benefits of the automation, ETF and / or ETP Market Makers need to log on to the Member Section. Once logged in they will be requested to insert respective static product data in order to conduct amendments to existing market making obligations. Upon completion of the static data the Market Maker will receive a corresponding answer of acceptance or denial in regards to the requested amendments.

The timeline of effective change is on the initial opening of the corresponding market on the second business day after the submission of the request under the condition that the request was submitted prior 12:00 pm

To access the automated ETF Market Making Process, the Market Making Agreement of all asset classes has to be terminated and signed with an extension to manage Market Making solely via member section prospectively. The existing "Manual System" will remain valid next-by to the new "Automated Processing" component.

SWXess Maintenance Releases (SMR)

SIX Swiss Exchange carries out upgrades of its "SWXess" trading platform as part of its ongoing improvement efforts. Further information