Recognition for Continuous Innovation: New Industry Award for SIX Swiss Exchange

The prestigious Leaders in Trading Awards ceremony took place on 8 November 2023 in London. Organized by renown industry publication The Trade, Editors’ Choice Awards were distributed in 13 categories. Further awards acknowledged the biggest achievers in The TRADE’s Algorithmic Trading and Execution Management Surveys and honoured the top buy-side traders, rising stars and other market players.

SIX Swiss Exchange was among the winners, being distinguished as best exchange with an Editors’ choice award for having continuously driven innovation in the European financial market landscape through initiatives designed to make navigating fragmented markets and liquidity more efficient.

Christian Reuss, Head SIX Swiss Exchange, comments: “The European exchange landscape is highly competitive, so we are very proud to have been selected among very strong contenders for our efforts to ensure our innovations and improvements are geared towards market needs. I’d like to thank all our clients and stakeholders for their vote of confidence, and all employees for their contribution.”

The recognition at the Leaders in Trading 2023 extends the winning streak  industry awards for SIX Swiss Exchange as best exchange: in 2022 and 2021, it was named ‘Exchange of the Year’ twice in a row at the Financial News Trading & Technology awards. 

2023 marked the introduction of various enhancements to improve trading at SIX Swiss Exchange for different types of market participants – in particular the launch of Auction Volume Discovery (AVD), a first for global equity markets. To consolidate sidelined liquidity during auction phases at SIX Swiss Exchange, this pioneering new hidden order type helps trading members to safely find liquidity over and above participation caps, without revealing their hand to the market.

Previous examples of new services that were introduced to make trading at SIX Swiss Exchange more efficient and ensure its lit and non-displayed books remain the most attractive options to trade Swiss securities are Swiss EBBO and Trading-At-Last (TAL) for Equities, Quote on Demand (QOD) for ETFs and ETPs and the Price Validation Market Model (PVM) for structured products.

Furthermore, SIX Swiss Exchange’s block trading capabilities in its non-displayed pool SwissAtMid were enhanced with the introduction of conditional block orders. They allow participants to manage fragmentation and execute large blocks more efficiently and fully benefit from interacting with the unique liquidity available in SwissAtMid.

In the listing space, the global leader in generics and biosimilars Sandoz successfully completed its spin-off from Novartis at SIX Swiss Exchange, with an initial market capitalization of around CHF 10.3 billion. Furthermore, six Chinese companies listed their GDRs at SIX Swiss Exchange in (2023 YTD), raising approximately USD 1.8 bn.

While fixed income listings have been on the rise this year (374 new issuances correspond to a 6.3% increase year-on-year per 31 October), five new product issuers – two of ETFs, two of real estate funds and one of ETPs – also joined SIX Swiss Exchange and broadened the choice for investors. This highlights the attractiveness of SIX Swiss Exchange as a gateway to global financial markets, even in a challenging economic environment.

• Discover all the winners
• “We Address the Liquidity Shortage with Pragmatic Innovation.”
• Trading at SIX Swiss Exchange Enhanced with New Order Types
• “The Search for Block Liquidity Continues.”
• SIX Swiss Exchange: Refreshed Recognition