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Duty to Trade on the Exchange

SIX Swiss Exchange participants are subject to a relative duty to trade on the Exchange. This means that they must transact certain orders via the Trading System of SIX Swiss Exchange's trading system, while other orders may be executed on an on-Exchange basis but off order book. Details regarding the relative duty to trade on the Exchange are set out in the Rule Book[pdf] and Directive 3: Trading[pdf].

On-order-book trading (duty to trade on the Exchange)

During trading hours, participants fundamentally have the obligation to transact buy and sell orders via the automatic execution system (order book) of SIX Swiss Exchange's Trading System.

On-Exchange trading away from the order book

Participants may execute certain orders on an on-Exchange basis but away from the order book.

The principle of "best execution" applies to these on-Exchange orders that are executed away from the order book, i.e. the transaction must always be executed to the advantage of the customer(s) involved. However, if the value of such transactions lies below the obligatory Exchange limit, that constitutes a breach of the duty to trade on the Exchange.

Exemptions from the duty to trade on the Exchange:

  • Trades in the following segments are not subject to the duty to trade on the Exchange:
    • Blue Chip Shares
    • Rights
    • Sponsored Funds
    • Sponsored Foreign Shares
  • Outside of trading hours (pre-opening and post-trading), participants may execute on-Exchange transactions away from the order book that involve an amount less than the obligatory Exchange limit.
  • Transactions in rights are not subject to the duty to trade on the Exchange.
  • Individual or aggregated orders with a total value equal to or higher than the applicable obligatory Exchange limit.