SwissAtMid: Where Best Execution Gets Better

SwissAtMid: Where Best Execution Gets Better

The Leading Non-displayed Pool for Swiss Equities

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).

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 SwissAtMid

The 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.

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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

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.  

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. 

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.