Markets Equities SwissAtMid Sponsored Foreign Shares Bonds ETFs ETPs Mutual Funds Structured Products Products & Services The Swiss Stock Exchange Trading Markets SwissAtMid SwissAtMid: Where Best Execution Gets Better The Leading Non-displayed Pool for Swiss Equities Market Data & Statistics Intraday Activity SwissAtMid Volume and Turnover Monthly Execution Report 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 the Swiss Stock 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. 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 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. 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 SwissAtMid Monthly Execution Report SwissAtMid Direct Access Product Guide Directive 5: Alternative Trading Exchange and Trading Hours Regulation 2020 2019 2018 2017 30 nov. 2020 SwissAtMid, Anglais Monthly Execution Report, November 2020 Ouvrir le document 30 oct. 2020 SwissAtMid, Anglais Monthly Execution Report, October 2020 Ouvrir le document 30 sept. 2020 SwissAtMid, Anglais Monthly Execution Report, September 2020 Ouvrir le document 31 août 2020 SwissAtMid, Anglais Monthly Execution Report, August 2020 Ouvrir le document 31 juil. 2020 SwissAtMid, Anglais Monthly Execution Report, July 2020 Ouvrir le document 30 juin 2020 SwissAtMid, Anglais Monthly Execution Report, June 2020 Ouvrir le document 31 mai 2020 SwissAtMid, Anglais Monthly Execution Report, May 2020 Ouvrir le document 30 avr. 2020 SwissAtMid, Anglais Monthly Execution Report, April 2020 Ouvrir le document 31 mars 2020 SwissAtMid, Anglais Monthly Execution Report, March 2020 Ouvrir le document 29 févr. 2020 SwissAtMid, Anglais Monthly Execution Report, February 2020 Ouvrir le document 31 janv. 2020 SwissAtMid, Anglais Monthly Execution Report, January 2020 Ouvrir le document 31 déc. 2019 SwissAtMid, Anglais Monthly Execution Report, December 2019 Ouvrir le document 30 nov. 2019 SwissAtMid, Anglais Monthly Execution Report, November 2019 Ouvrir le document 31 oct. 2019 SwissAtMid, Anglais Monthly Execution Report, October 2019 Ouvrir le document 30 sept. 2019 SwissAtMid, Anglais Monthly Execution Report, September 2019 Ouvrir le document 31 août 2019 SwissAtMid, Anglais Monthly Execution Report, August 2019 Ouvrir le document 31 juil. 2019 SwissAtMid, Anglais Monthly Execution Report, July 2019 Ouvrir le document 30 juin 2019 SwissAtMid, Anglais Monthly Execution Report, June 2019 Ouvrir le document 31 mai 2019 SwissAtMid, Anglais Monthly Execution Report, May 2019 Ouvrir le document 30 avr. 2019 SwissAtMid, Anglais Monthly Execution Report, April 2019 Ouvrir le document 31 mars 2019 SwissAtMid, Anglais Monthly Execution Report, March 2019 Ouvrir le document 28 févr. 2019 SwissAtMid, Anglais Monthly Execution Report, February 2019 Ouvrir le document 31 janv. 2019 SwissAtMid, Anglais Monthly Execution Report, January 2019 Ouvrir le document 31 déc. 2018 SwissAtMid, Anglais Monthly Execution Report, December 2018 Ouvrir le document 30 nov. 2018 SwissAtMid, Anglais Monthly Execution Report, November 2018 Ouvrir le document 31 oct. 2018 SwissAtMid, Anglais Monthly Execution Report, October 2018 Ouvrir le document 30 sept. 2018 SwissAtMid, Anglais Monthly Execution Report, September 2018 Ouvrir le document 31 août 2018 SwissAtMid, Anglais Monthly Execution Report, August 2018 Ouvrir le document 31 juil. 2018 SwissAtMid, Anglais Monthly Execution Report, July 2018 Ouvrir le document 30 juin 2018 SwissAtMid, Anglais Monthly Execution Report, June 2018 Ouvrir le document 31 mai 2018 SwissAtMid, Anglais Monthly Execution Report, May 2018 Ouvrir le document 30 avr. 2018 SwissAtMid, Anglais Monthly Execution Report, April 2018 Ouvrir le document 31 mars 2018 SwissAtMid, Anglais Monthly Execution Report, March 2018 Ouvrir le document 28 févr. 2018 SwissAtMid, Anglais Monthly Execution Report, February 2018 Ouvrir le document 31 janv. 2018 SwissAtMid, Anglais Monthly Execution Report, January 2018 Ouvrir le document 31 déc. 2017 SwissAtMid, Anglais Monthly Execution Report, December 2017 Ouvrir le document 30 nov. 2017 SwissAtMid, Anglais Monthly Execution Report, November 2017 Ouvrir le document 31 oct. 2017 SwissAtMid, Anglais Monthly Execution Report, October 2017 Ouvrir le document 30 sept. 2017 SwissAtMid, Anglais Monthly Execution Report, September 2017 Ouvrir le document 31 août 2017 SwissAtMid, Anglais Monthly Execution Report, August 2017 Ouvrir le document 31 juil. 2017 SwissAtMid, Anglais Monthly Execution Report, July 2017 Ouvrir le document 30 juin 2017 SwissAtMid, Anglais Monthly Execution Report, June 2017 Ouvrir le document 31 mai 2017 SwissAtMid, Anglais Monthly Execution Report, May 2017 Ouvrir le document 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. SwissAtMid Direct Access, Anglais SwissAtMid offers mid-point non-display execution on Swiss equity instruments at a guaranteed mid-point execution price of the primary market, the Swiss stock exchange operated by SIX. Ouvrir le document The Product Guide – Trading without pre-trade transparency provides you with information on the rules in force governing trading with SwissAtMid. Entrée en vigueur: 22 juin 2020 Product Guide - Trading without pre-trade transparency (Swiss Shares), Anglais Ouvrir le document 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.