Markets Equities SwissAtMid Swiss EBBO Sponsored Foreign Shares Bonds ETFs ETPs Mutual Funds Structured Products Products & Services SIX Swiss Exchange Trading Markets SwissAtMid SwissAtMid: Now with New Block Orders The Leading Non-displayed Pool for Swiss Equities Market Data & Statistics Intraday Activity SwissAtMid Volume and Turnover Trade in the Largest Non-Displayed Liquidity Pool In today’s market environment, accessing and interacting with liquidity remains a central concern for traders and investors alike. When it comes to liquidity in Swiss equities, the Swiss Stock Exchange not only provides the most attractive lit-book, but also the largest non-displayed pool: SwissAtMid. SwissAtMid offers mid-point execution on Swiss equities directly within the biggest source of liquidity, enabling you as a trader to minimize price slippage as a result of information leakage. This unique and innovative service combines a non-displayed order book and order types to allow for execution of Swiss equity trades at the midpoint of the Swiss Stock Exchange’s lit order book. You can trade all Blue Chip and Mid- and Small-Cap securities in SwissAtMid. Improve Your Execution Benefit from guaranteed mid-point execution on Swiss equities within the largest source of non-displayed liquidity.SwissAtMid Factsheet Your Benefits on SIX Swiss Exchange Bigger Liquidity Largest pool of non-displayed liquidity in Swiss equities. Better Pricing Execution price is the mid-point of the lit order book of the Swiss Stock Exchange. Unique Setup Implemented directly using the same matching logic as the lit order book. New Orders on the Block With the introduction of Block orders in December 2021, SIX Swiss Exchange enhances its block trading capabilities in SwissAtMid with the added benefit of offering interaction with existing unique liquidity: a meaningful segment of this liquidity is not available for interaction with on any other dark conditional venue. This combined with latency efficiencies embedded within the solution design of the Swiss stock exchange, means market participants benefit to secure block liquidity that they won’t find on other venues. The new Block order type available in SwissAtMid comes in two variants: indicative (conditional) and binding (firm), with order entry and executions required to be at or above a Minimum Block Order Value Threshold (Large In Scale) that is pre-defined per security. Conditional orders enable counterparties, either on one or both sides of a match, to ‘firm up’ prior to trade execution, which mitigates their risk of overfill when working a large block order. The following clips introduce the SwissAtMid Block order and the corresponding Trading User Interface. Further details are available in the SMR10 Release Guide. Use “Plus”. Get More. With a single order, you can access both pools in multiple ways. Limit Plus is a completely unique order that lets you place your resting orders in both books simultaneously. This makes them fully visible in the lit book, but also fully available for execution in SwissAtMid. The enhanced version of our iceberg order, the Iceberg Plus, allows you to take advantage of the deep pool of liquidity available in SwissAtMid. You’ll be able to interact with passive Iceberg Plus orders on the opposite end of the order book, crossing at mid-point. SwissAtMid Orders The Swiss Stock Exchange maintains two order books in the same On Book Matcher (OBM) for SwissAtMid eligible securities: the Central Limit Order Book (CLOB) with pre-trade transparency and price-time priority and the Mid-Point Order Book (MPOB) without pre-trade transparency and size-time priority. The MPOB and CLOB order books are collocated in the same low latency On Book Matcher. This simplifies synchronisation between the two order books and ensures that no simultaneous processing can happen in CLOB and MPOB with minimal impact on complexity and latency. The orders entered in the SwissAtMid order books are binding. SwissAtMid supports Normal Orders and offers the feature to sweep orders from the MPOB to the CLOB of the respective security as well as Minimum Execution Quantity (MEQ). Sweep Order Allows users to look for midpoint liquidity while routing to the lit order book Sweep orders will never rest in the non-displayed order book Sweep orders trade in one single match cycle within the matching platform. The way they interact is as follows: Look for liquidity in the non-displayed order book. If the Sweep order is eligible to match based on limit price, attempt to match with any available liquidity If any of the Sweep order is not executed, attempt to match the order in the lit order book If any of the Sweep order is not executed, rest the remaining order in the lit order book Due to this implementation, there is no added latency for members using the Sweep order for all orders entered into the market Single Transaction Fee for both midpoint and lit execution Direct Order to SwissAtMid Full support for all order time validity - OTI supports day, IOC and FOK orders, STI also supports multi-day Good till Date (GTD) orders Minimum Quantity is available to allow members to ensure minimum sizes for fills All executions are guaranteed to be the true mid-point of the lit order book of SIX Plus Orders - Limit Plus and Iceberg Plus Allow users to place an order in the CLOB and dual represent the full quantity of that order in SwissAtMid, the Mid-Point Order Book (MPOB) Orders in the MPOB can be placed at the mid-point or better (depending on order limit price) whilst orders in the CLOB are pegged to the passive side of the book Limit Plus arrives in the CLOB as a normal order that is pegged to the passive side of the book and dynamically follows the best price as long as the overall order limit allows for it. At the same time, the full quantity of the Limit Plus order is sitting in the MPOB and can be executed in the non-displayed environment. Iceberg Plus is a variation of Limit Plus, where an Iceberg order is pegged to the passive side in the CLOB and the full quantity of that Iceberg is available in the MPOB. For both orders we guarantee no risk of an overfill by continuously managing the order quantities in the CLOB and the MPOB. A partial execution in the MPOB results in order quantity update in the CLOB and vice versa An optional Minimum Quantity is available in the MPOB Block Order The new SwissAtMid Block Order type allows participants to enter either Indicative Block orders or Binding Block orders. Indicative Block orders are indications of interest and need to be firmed-up before they can execute. They allow for block discovery and enhanced order management as larger Block orders can be worked simultaneously across multiple venues where liquidity is fragmented, without the risk of double fill or overfill. When a potential match is found a Firm-up Request will be sent to the participant which automatically cancels the Indicative Order and triggers a Firm-up Phase in which the participant may submit a firmed-up Block order to execute. Binding Block orders are firm upon submission and can therefore execute at any time. SwissAtMid has changed from a pure mid-point execution pool into a go-to venue for participants looking for block liquidity in Swiss shares. Adam Matuszewski, Head Equity Products and Analytics Monthly Execution Report The SwissAtMid Monthly Execution Report provides the latest figures on traded volumes, the number and size of transactions as well as price improvements. Get the Report About This Service With MiFID II driving liquidity shifts, the Swiss Stock Exchange has a solution for both the buy-side and sell-side looking for non-displayed liquidity – SwissAtMid. Thanks to Switzerland’s extensive banking network, along with innovative new orders such as Limit Plus and Iceberg Plus, SwissAtMid is able to offer unique liquidity, making it the leading non-displayed pool for Swiss equities even for larger executions. Flexible Liquidity The Swiss Stock Exchange understands that different clients have different needs and have different liquidity profiles. If you’re looking for block executions, SwissAtMid lets you set a "minimum execution quantity". This helps you select the threshold that is just right for you. SwissAtMid Factsheet Driving Block Liquidity In this interview, Adam Matuszewski, Head Equities at the Swiss Stock Exchange, explains the transformation of SwissAtMid from a pure mid-point execution pool with trade sizes comparable to those on the lit market, into a go-to venue for participants looking for block liquidity in Swiss shares. Intraday Activity SwissAtMidThe SwissAtMid Dashboard compares shares by the ratio of SwissAtMid volume against the On Market volume. Get a daily snapshot of the most actively traded stocks. Learn More Building Blocks With a Plus The Swiss Stock Exchange understands the value of concentrating liquidity, and SwissAtMid perfectly demonstrates how we accommodate this market need. Read on for more reasons why SwissAtMid is so successful. Read the Article Driven by Demand: Transforming Markets Understand the transformation of SwissAtMid from a pure mid-point execution pool into a go-to venue for participants looking for block liquidity in Swiss shares. Read the Article Resources Broker Access Product Guide Directive 5: Alternative Trading Exchange and Trading Hours Regulation See which direct trading participants of SIX Swiss Exchange are supporting access to SwissAtMid. SIX Swiss Exchange Broker Access List, Anglais Discover the list of direct trading participants of SIX Swiss Exchange that are supporting access to SwissAtMid and Trading-At-Last (TAL). Ouvrir le document Afficher plus The Product Guide – Trading without pre-trade transparency provides you with information on the rules in force governing trading with SwissAtMid. Entrée en vigueur: 06 déc. 2021 Product Guide – Trading without pre-trade transparency in SwissAtMid, Anglais Ouvrir le document Afficher plus This Directive contains implementing provisions for On-exchange trading without pre-trade transparency in SwissAtMid. Directive 5: Alternative Trading Exchange days, exchange and trading hours determine when trading may take place in CLOB and SwissAtMid. Details of all regulations concerning times are set out in the Directive 3 and Directive 5. On which days are trading and clearing possible? CLOB and SwissAtMid are open from Monday to Friday, except on Swiss public holidays. Exchange days are also clearing days. This means that trading takes place and that trades are forwarded to the central counterparty (CCP) or central securities depository (CSD) for clearing and settlement. In exceptional cases, All market holidays are listed in the trading calendar. Trading and Currency Holiday Calendar At what times are trading and clearing possible? Exchange hours are from 6 a.m. to 10 p.m. CET Clearing hours are from 8 a.m. to 6.15 p.m. CET The trading days and hours of SwissAtMid comply with the trading hours of the Central Limit Order Book of the respective Trading Segment or security. Trading State Constellations for SwissAtMid Orders in SwissAtMid can only be executed when the CLOB of the respective security is in the trading status "Continuous Trading". The opening and continuous trading periods together make up the trading day. Details on the regulation of SwissAtMid are set out in the Directive 5. Authorisation of Trading Rules for SwissAtMid are consistent with Lit order book trading, no additional authorizations are required. Reporting Obligation All trades on the Exchange, as described in Clause 10.1 para. 2 and 10.1 para. 3 in the Rule Book, are deemed to have been reported in the sense of FMIA. Clearing & Settlement Transactions in CLOB and SwissAtMid are automatically cleared by the existing CCP's and will be settled in the domestic CSD of the underlying products traded. It is not possible to execute a trade in any of the books which is not cleared. Products (including non Swiss products) currently traded on SIX will continue to settle on SIX as they do today. Participants may choose either of the CCP's (SIX x-clear AG, LCH Ltd and EuroCCP) to conduct this business following the standard guidelines applicable on SIX. SwissAtMid Monthly Execution Reports SwissAtMid Monthly Execution Report SwissAtMid in Investment Funds Monthly Report Want to receive the SwissAtMid Monthly Execution Report on a regular basis? 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