Global market for bond trading

Q: Are bond trades subject to Swiss stamp tax?

The brokerage, purchase and sale of foreign bonds are exempt from stamp tax if the purchaser or seller is a foreign counterparty.

Q: Who decides on the admission of bonds?

The Swiss Stock Exchange selects bonds in accordance with the needs of market participants. However, the decision on whether or not to admit a given bond to trading lies with the Swiss Stock Exchange alone.

Q: Are trades in Bonds - Non CHF subject to the Exchange turnover fee?

For information on Bonds - Non CHF fees, please see our corresponding Directive.

Q: Is there a duty to trade Bonds - Non CHF exclusively on-order book?

No. Participants are not obliged (as they are in the case of cash market securities) to trade Bonds - Non CHF on the Exchange during trading hours.

Q: How long does the admission procedure take?

Indications of interest in admission of a Bond - Non CHF to trading received by the Swiss Stock Exchange no later than 2 p.m. can be processed the same day, and trading in the bond in question can start the next day.

Q: What are the trading hours for Bonds - Non CHF?

Trading starts at 9.30 a.m. and ends at 5 p.m.

International Fixed-Income Trading

The bond market on SIX Swiss Exchange is truly international, with over 650 issuers from all over the world. Around a third of the approximately 2,400 listed bonds were issued by foreign issuers from over 40 countries on five continents. The issuers include sovereigns, supranational organizations, corporates and financial institutions. In addition to the listed bonds, more than 400 other bonds are admitted to trading.

Our bond segment comprises a wide range of instruments, including straight bonds, floating-rate bonds, convertible bonds, exchangeable debt securities, asset-backed securities, green bonds and participation notes. The securities can be listed and traded in the most important currencies. The cumulative nominal volume of bonds listed on SIX Swiss Exchange amounts to over CHF 770 billion (as of 2 Aug 2024).

Bond Market

You can trade a wealth of Bonds – Swiss and non-Swiss Franc – on SIX Swiss Exchange.

Check the Market Activity

Your Benefits on SIX Swiss Exchange

An Expanding Universe

A tradable universe covering a wide range of instruments.

Multicurrency Offering

Bonds in 16 currencies are traded on SIX Swiss Exchange.

International Issuers

Trade bonds from almost every continent on the planet.

A Large and International Universe of Fixed-Income Trading

The Bond Market on the Swiss Stock Exchange represents a large and international universe of fixed-income trading. Bonds - CHF are listed in Swiss Francs on the Swiss Stock Exchange, regardless of the type of issuer (domestic or foreign). Bonds - Non CHF are always issued in a foreign currency (i.e. not Swiss francs) and are either listed on a foreign exchange recognized by the Swiss Stock Exchange or listed on the exchange itself.

Green and Sustainability Bonds

SIX Swiss Exchange has been a trading venue for green bonds since 2014 when the European Investment Bank (EIB) listed the first green bond with us, and in 2018 we started a partnership with the Climate Bonds Initiative (CBI).

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About This Service

Here you can find the latest information on the market via the Primary Debt Capital Market Report, as well as information regarding trading rules, products, fees and charges.

Fixed Income Market Report Primary Debt Capital Market Report Trading Guides Product Guide Bond Market Fees & Charges

The monthly Fixed Income Market Report provides detailed statistics about the development of the Bond segment on SIX Swiss Exchange, with insights into trading activity, trends and changes. The report is primarily aimed at investors, traders, market participants and the interested public. Sign up here.

08 Nov 2024
Fixed Income Market Report

October 2024

Primary Debt Capital Market Report

Our report provides quarterly statistics and charts concerning bonds listed on the Swiss Stock Exchange. The report contains information such as the number and volume of new bond listings, upcoming maturities, distribution of issuers (sectors and countries), average maturity and related interest rate and spread development.

Read the Report

Trading Guides

Trading Guides provide you with valuable information on the rules governing trading. The term Trading Guide encompasses product guides and other relevant informative material.

Go to Trading Guides

Product Guide – Bond Market

Product Guides for individual trading segments contain the full range of trading provisions governing trading times, tick size, trading interruptions, reporting, and more.

Download Product Guide

Fees & Charges

The list of Trading Charges fully describes all fees applicable to on-order-book trades as well as on-Exchange trades executed away from the order book. The List of Charges under Trading Rules applies to all participants, as well as persons who have submitted themselves to the rules and regulations of the Exchange

Download List of Charges

Partners & FAQ

As a proactive partner, we bring Swiss and foreign companies together with well-capitalized, international investors in the Swiss financial center. We attach special importance to putting our extensive network of contacts to work for you. In keeping with this approach, we actively bring companies and investors together and encourage ongoing dialog.

Partner Organizations FAQ

Climate Bonds Initiative (CBI)

40 Bermondsey Street
London, SE1 3UD, UK
T +44 7435 280 312
www.climatebonds.net

International Capital Market Association (ICMA)

Zurich Head Office
Dreikönigstrasse 8
CH-8002 Zurich
T +41 44 363 4222
www.icmagroup.org

Swiss Financial Analysts Association (SFAA)

Feldstrasse 80
CH-8180 Bülach
T +41 44 872 35 40
E-mail: info@sfaa.ch
www.sfaa.ch

Are bond trades subject to Swiss stamp tax? Are trades in Bonds - Non CHF subject to the Exchange turnover fee? Is there a duty to trade Bonds - Non CHF exclusively on-order book? Are there specified round lots for Bonds - Non CHF?

No. On the Swiss Stock Exchange, the minimum denomination of a given Bond - Non CHF is equal to the issue's smallest tradable unit on the Swiss Stock Exchange. For example, if the basic denomination of a Bond is USD 1,000, this is the smallest order size that can be executed on the Swiss Stock Exchange. An exception in this regard are bonds with differing initial and minimum denominations. In such securities, the round lot equals the initial denomination of the security.

What are the trading hours for Bonds - Non CHF? Which bonds are admitted to trading on SIX Swiss Exchange, and what criteria do they have to meet?

On the Swiss Stock Exchange, Bonds - Non CHF can be traded in several currencies. The criteria for admission to trading are defined in the Additional Rules for the Listing of Bonds. In order for a given Bond - Non CHF to be admitted to trading on the Swiss Stock Exchange, it must be listed on a recognized primary exchange, clearing and settlement must be effected via a recognized clearing organization , and it must be reasonably expected that there will be a proper market.

How long does the admission procedure take? Who decides on the admission of bonds? Is additional hardware or software necessary for trading in Bonds - Non CHF?

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