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Trading Participants

Participants of SIX Swiss Exchange have certain rights and duties relating to the SWXess trading platform. Membership provides many benefits.

What are the rights of a participant?

A participant of SIX Swiss Exchange can trade in securities directly on the SWXess trading platform. It also receives up-to-date market information in real time. Clearing and settlement take place automatically.

What is SWXess?

SWXess is a fully integrated trading and clearing system of SIX Swiss Exchange. The system is a platform for trading in equities, national and international bonds, warrants, structured products, investment funds and ETFs. The trading system provides participants with three ways of trading:

  • Trading via a central order book
  • Trading via a quote-driven central order book
  • Order entry via a non-displayed liquidity platform (SIX Swiss Exchange Liquidnet Service (SLS))

SWXess matches buy and sell orders according to clearly defined rules. Trades are matched according to origin and size and executed in priority of price, then time of receipt (price/time priority). Trading on SWXess is based on the following principles:

  • Central, order-driven marketplace
  • Market transparency
  • Market liquidity
  • Equal treatment of all participants

Who can become a participant of SIX Swiss Exchange?

In principle, any Swiss or foreign institution can become a participant of SIX Swiss Exchange, provided it fulfils various requirements.