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
Largest pool of non-displayed liquidity in Swiss equities.
Execution price is the mid-point of the lit order book of the Swiss Stock Exchange.
Implemented directly using the same matching logic as the lit order book.
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.
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.
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.
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.