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SIX Swiss Exchange At Midpoint (SwissAtMid)

SIX Swiss Exchange At Midpoint is a service that offers the opportunity for mid-point execution on Swiss equity instruments directly within the largest source of liquidity. SwissAtMid offers the opportunity for a guaranteed primary mid-point execution price for clients who use the service.

SwissAtMid combines a non-displayed order book and order types which will allow execution of Swiss equities at the midpoint of the lit order book of SIX Swiss Exchange. All Blue Chip and Mid and Small Cap securities are available for trading in SwissAtMid.

 

SIX Swiss Exchange At Midpoint: A year of growth

SwissAtMid has offered participants improved best execution possibilities on Swiss equities with the chance of significant price improvement.

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How does it work?

To access the non-displayed order book of SIX Swiss Exchange there are three options:

  • Direct order - supports limit and market orders with day, IOC or Good Till Date validity with an optional Minimum Quantity
  • Sweep order - a new order type that will check for an execution in the non-displayed order book and then the lit order book of SIX Swiss Exchange. Non-IOC Sweep orders that do not execute in full will be entered into the lit order book.
  • Plus orders - Limit Plus and Iceberg Plus orders allow for placement of resting orders into the main book that are simultaneously dual represented in SwissAtMid. They allow participants to interact with non-displayed liquidity at the mid-point whilst not missing trading opportunities in the main book.

Your advantages at a glance:

  • Open to all Swiss Blue Chips and Small/Mid-Cap Securities
  • Execution price is the mid-point of the lit order book of SIX Swiss Exchange
  • Matching carried out based on size-time priority (larger orders have priority)
  • Full support for Minimum Quantity on order entry for orders sent directly to SwissAtMid
  • All executions are done On Exchange
  • Trading in Blue Chip instruments contributes to commitment levels
  • Standard clearing and settlement with full CCP interoperability
  • Published trades are clearly flagged to identify executions via SwissAtMid

Downloads

SIX Swiss Exchange at Midpoint (SwissAtMid) Factsheet[pdf]
Plus Orders Factsheet[pdf]

The new non-displayed order book is implemented directly in the same matching logic as the lit order book, so there are no drawbacks of using the Sweep order to check for additional midpoint liquidity on your orders.

For more information please contact