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.

Your Benefits on the Swiss Stock Exchange

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 has changed from a pure mid-point execution pool into a go-to venue for participants looking for block liquidity in Swiss shares.

Adam Matuszewksi, Head Equities at the Swiss Stock Exchange

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.

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.

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.

Resources

The SwissAtMid Direct Access document provides the sell-side and the buy-side with an overview who is connected to the non-display liquidity pool and how they can access SwissAtMid.

The Product Guide – Trading without pre-trade transparency provides you with information on the rules in force governing trading with SwissAtMid.

This Directive contains implementing provisions for On-exchange trading without pre-trade transparency in SwissAtMid.  

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. 

Details on the regulation of SwissAtMid are set out in the Directive 5.