Instruments

The OTC Spot Market contains two market segments.

The OTC Spot Market consists of the primary market segment and the OTC trading market segment.

Primary Market

The primary market segment is where auctions are held by the Swiss National Bank (SNB) for the issue of new securities or an issue increase of existing securities. 

Secondary Market

In the secondary market or OTC trading market, securities are traded bilaterally outside of auctions.

Further information about the market segments, the auction conditions and the taxation are available in the Product Specifications for the OTC Spot Market.