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Trading & Market Data

Which securities can be traded over the Sponsored Access arrangement?

Sponsored Access is provided for equity products of the following trading segments traded on the "X-stream INET" On Book Matcher - Partition 1:

Trading Segment Annex in Directive 3: Trading Central Counterparty eligible
Blue Chip SharesAnnex A[pdf]Yes
Mid-/Small-Cap SharesAnnex B[pdf]Yes
Secondary Listing Shares Annex D[pdf]No
Investment FundsAnnex F[pdf]No

For further details about the trading model of the Sponsored Access eligible securities, please consult the Product Guide - Equity Market[pdf].

Sponsored Users can access the list of eligible securities for Sponsored Access either via Reference Data Interface (RDI) or via ITCH Market Data Interface (IMI).

Over which SIX Swiss Exchange interface can Sponsored Users submit orders?

Sponsored Users connect directly to the SIX Swiss Exchange "On Book Matcher" (OBM) - Equities using the high performance and low-latency OUCH Trading Interface (OTI).

The On Order Book Functionality Guide[pdf] provides detailed information about the OUCH Trading Interface.

Which order types are supported for trading under the Sponsored Access arrangement?

Only orders with Price Type "Limit" are allowed via Sponsored Access. All orders entered into the order book by Sponsored Users with Price Type "Market" (without a price limit) are rejected.

The following order types entered via OUCH Trading Interface (OTI) are supported for entry by Sponsored Users:

  • Normal Orders
  • Iceberg Orders
    The following order validities are supported for these orders:
    • Good-for-Day (Day)
      Order shall be valid until end of trading of the current trading day.
    • At-the-opening (Session)
      Order may be entered only during pre-opening and remains valid up to and including the official opening. Non-executed parts of the order shall be deleted after the opening.
  • At-the-Close (Session Close)
    Order may be entered during pre-opening and continuous trading, and remains valid up to and including the closing auction. Non-executed parts of the order shall be deleted after the closing auction; Orders with validity "At-the-close" are not visible in the order book until the start of the closing auction.
  • Immediate-or-Cancel Orders (IOC or Accept)
    Order shall be executed immediately, either in full or by as much as is possible given the available liquidity. Any unexecuted part of the order shall be deleted without entry into the order book. (Only supported for Normal Orders.)
  • Fill-or-Kill Orders (FoK)
    Order shall be executed immediately in full or not at all. If an immediate full execution of the order is not possible, the order shall be deleted without entry in the order book. (Only supported for Normal Orders.)

Since Good-till-Date orders are not supported over OUCH Trading Interface (OTI), no order maintenance is possible during post-trading hours.

Directive 3: Trading[pdf] and the Trading Guide[pdf] contain more information on the order types and validities.

How can Sponsored Users get Market- and Reference Data under the Sponsored Access arrangement?

The market information for trading purposes is technically available to Sponsored Users directly from SIX Swiss Exchange over the following interfaces:

Market Data Reference Data
  • ITCH Market Data Interface (IMI)
  • ITCH Market Data Interface (IMI)
  • Reference Data Interface (RDI)

The Sponsored User may choose to get market information data from the Sponsoring Participant or a independent data vendor. Sponsoring Participant or third parties must provide SIX Exfeed Ltd with Sponsored User information necessary to comply with Directive 6: Market Information[pdf].