“We Are Stitching Back Together Fragmented Liquidity.”

In a new interview, Simon McQuoid-Mason, Head Equity Product & Quant Research at Exchanges, shares insights on the start of the year, key challenges facing the industry and how SIX is tackling liquidity fragmentation to support trading participants.

Published at
Medium
News

In 2024, the exchanges operated by SIX, SIX Swiss Exchange and BME Exchange, recorded a combined turnover of CHF 1,582,659 million, an increase of 5.6% over the previous year, and welcomed the two biggest IPOs in Europe, with Galderma and Puig. In the first two months of 2025, the combined turnover has progressed by 18.9%.

Focus on Pragmatic Innovation

In a new interview, Simon McQuoid-Mason, Head Equity Product & Quant Research at Exchanges, shares his impression of the positive start to the year in terms of trading volumes and listings, since both SIX Swiss Exchange and BME Exchange already celebrated two successful IPOs on their main markets, with BioVersys and HBX Group respectively.

In the interview, Simon also outlines what he sees as the key challenges for the industry this year. While this includes liquidity fragmentation, he emphasizes that SIX has always been in favour of competition and choice for market participants, focusing on pragmatic innovation and developing products and services.

Watch the full clip to discover in more detail how SIX addresses liquidity fragmentation for the benefit of trading participants.

The interview was filmed by The Trade during the EMEA Trading Conference 2025, where SIX Swiss Exchange and BME Exchange were present with a booth.

Trading InfoSnack: Cluster-struck

In the fourteenth Trading InfoSnack: Cluster-struck the Equity experts of SIX Swiss Exchange look at the contributions of different types of trade clusters to market share, liquidity & execution performance dynamics, and their usefulness for passive order allocation strategies. The new Trading InfoSnack utilises a density-based clustering algorithm to identify how different types of short-duration trade clusters (single-trade-clusters, single-venue-clusters & multi-venue-clusters) contribute to each venue’s market share. Discover in our new InfoSnack why analysing trade cluster dynamics is highly relevant for identifying where orders need to be placed / routed to interact with different types of trading activity, and what the expected execution benefit or cost may be for doing so. If you never want to miss an issue, subscribe here for free.

SpainAtMid: Discover the New Spanish Non-displayed Order Book

Inspired by the success of SwissAtMid in Switzerland, BME has created SpainAtMid. The non-displayed order book allows executing trades at the mid-point of the spread in Spanish stocks listed on BME. This functionality is available exclusively for stocks in continuous market, where BME is the main market in terms of liquidity, and allows transactions to be executed confidentially and efficiently during the open market phase.

Discover SpainAtMid

Further News