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Régulation du marché et erreurs de transaction

Trading in SwissAtMid is actively monitored in real-time to promote transparency, efficiency and liquidity with the aim of treating investor and participants equally within their peer groups, an of protecting investors.

Market Control shall

  • ensure fair and orderly trading
  • detect and investigate conduct which may amount to market abuse
  • maintain and ensure confidence in the integrity of both order books for participants

SIX may investigate trades executed in SwissAtMid. If it identifies mistrades, it will declare these null and void. SIX may investigate specific trades on request or at its own discretion.

When does SIX declare a trade null and void?

  • If the price of the trade deviates significantly from the market price.
  • If fair and orderly trading is not guaranteed

How long does SIX take to make decisions on mistakes?

A mistrade investigation must be requested at SIX within 30 minutes of the execution. In principle, SIX takes decisions about mistrades on the same trading day within 30 minutes of the close of trading of SwissAtMid.

In exceptional cases, this deadline may vary, in which case SIX will tell the relevant parties when they can expect a decision. If SIX is unable to make a decision within the relevant deadline, SIX may extend the deadlines.

How are mistrades or deadline extensions communicated?

If SIX decides that a mistrade has occurred or extends the deadline, it notifies the relevant participants via a number of channels of communication:

  • On the newsboard
  • For participants: in the form of news alerts via the Standard Trading Interface (STI)

The Surveillance & Enforcement department of SIX Exchange Regulation is responsible for handling objections to requested or executed mistrades.