SwissAtMid: 5 Years and CHF 100 Million in Value for Clients. Where Liquidity Meets Efficiency.

Over the past five years, SwissAtMid has established itself as the main source of non-displayed and block liquidity in Swiss shares, delivering over CHF100 million in price improvement value to market participants . With the imminent introduction of conditional orders, SIX Swiss Exchange will make trading in Swiss shares even more efficient.

SwissAtMid: 5 Years and CHF 100 Million in Value for Clients. Where Liquidity Meets Efficiency.
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With its introduction 5 years ago, SwissAtMid fundamentally reshaped the trading landscape for Swiss Equities. The unique design of the non-displayed liquidity pool of SIX Swiss Exchange ensures that trading participants never trade at a stale mid-point price, whilst simultaneously allowing price improvement with high degree of execution certainty.

Christian Reuss, Head SIX Swiss Exchange, comments: “Right from the start, the innovative setup of SwissAtMid was developed to meet the growing demand of clients for non-displayed trading in Swiss shares and to improve our order book quality for the benefit of all market participants.“

Thibaut Vidart, Product Manager, Global Market Data, SIX

SwissAtMid was developed to meet the growing demand of clients for non-displayed trading.

Christian Reuss, Head SIX Swiss Exchange

Innovation Made in Switzerland

SIX Swiss Exchange was the first primary exchange in Europe to introduce a non-displayed pool on the same matching engine as its central limit order book. This has underpinned the introduction of innovative “Sweep” and “Plus” orders, which offer participants unprecedented flexibility and efficiency.

Growth in Numbers: Measurable Benefits

Due its unique benefits, SwissAtMid has seen a steady increase of the number and the diversity of clients trading in the pool. This has positively affected the amount and nature of liquidity available on SIX Swiss Exchange, which is crucial for the whole market. Today, 55 participants actively use SwissAtMid, who represent 90% of the overall trading volume in Swiss Equities.

Adam Matuszewski, Head Equity Products and Analytics at SIX Swiss Exchange, explains: “The price improvements these participants realized thanks to SwissAtMid have reached over CHF 100 million since launch. In those five years, total turnover traded in SwissAtMid amounts to almost CHF 300 billion, with 12 million trades.”

Thibaut Vidart, Product Manager, Global Market Data, SIX

The price improvements participants realized thanks to SwissAtMid have reached over CHF 100 million.

Adam Matuszewski, Head Equity Products and Analytics

Today, SwissAtMid retains the leading market share in non-displayed trading of Swiss equities – both blue chips and SME’s –, with 35.9%, three times more than its nearest competitor (as of 14.10.2021). Today, SwissAtMid is the largest single venue non-displayed pool in Europe in terms of daily market share. Regular updates about trading and performance statistics are provided in our SwissAtMid Monthly Execution Report – available for subscription online.

100 mn 100 mn
Price improvements in CHF
289 bn 289 bn
CHF traded
12 mn 12 mn
Trades executed

Sizing Up: SwissAtMid Block Orders

SIX Swiss Exchange embraces competition and understands the value of non-displayed trading to its clients – that’s why it keeps developing SwissAtMid. The next milestone will further enhance SwissAtMid as an execution venue for large block trades. The introduction of conditional order types is part of the next SWXess Maintenance Release (SMR10), scheduled for 6 December 2021. Additional information is available in our Release Guide.

Our website provides more information on SwissAtMid and explains the benefits of its unique order types. A testimonial video with three trading participants of SIX Swiss Exchange includes mentions why they appreciate SwissAtMid. If you would like further information on how to start using SwissAtMid, please contact us.

 

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