Details on the regulation of SwissAtMid are set out in the
Directive 5: «Trading without pre-trade transparency»[pdf].
Authorisation of Trading
Rules for SwissAtMid are consistent with Lit orderbook trading, no additional authorizations are required.
All trades on the Exchange, as described in Clause 10.1 para. 2 and 10.1 para. 3 in the
Rule Book[pdf], are deemed to have been reported in the sense of FMIA.
Duty to Trade on the Exchange
SIX 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, 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].