Details on the regulation of both SwissAtMid and SLS this are set out in the
Directive 5: «Trading without pre-trade transparency»[pdf].
The regulation of SLS as an Over the Exchange service is based on clause 10.2 of the
Authorisation of Trading
Rules for SwissAtMid are consistent with Lit orderbook trading, no additional authorizations are required.
The rules governing the commencement of trading international equity securities in SLS
that are not listed on SIX Swiss Exchange are set out in
«Regulations to commence trading international equity securities on SIX Swiss Exchange».
All trades on the Exchange, as described in Clause 10.1 para. 2 and 10.1 para. 3 in the
Rule Book[pdf], are deemed to have been reported in the sense of FMIA.
Duty to Trade on the Exchange
SIX Swiss Exchange participants are subject to a relative duty to trade on the Exchange. This means that they must
transact certain orders via the Trading System of SIX Swiss Exchange's trading system, while other orders may be
executed on an on-Exchange basis but off order book.
Details regarding the relative duty to trade on the Exchange are set out in the
Rule Book[pdf] and
Directive 3: Trading[pdf].