Markets Equities SwissAtMid Swiss EBBO Bonds ETFs ETPs Mutual Funds Structured Products Sponsored Foreign Shares Exceptional Liquidity in Swiss Shares The Best Prices and Narrowest Spreads in Combination with the Biggest Volumes Market Data & Statistics Volume and Turnover Intraday Activity Monthly Reports SIX Products & Services SIX Swiss Exchange Trading Markets Equities Trade Europe’s Greatest Equities SIX Swiss Exchange is the reference market for Swiss securities and home to over 250 Swiss stocks, including some of Europe’s most important blue chips such as Novartis, Roche and Nestlé. These are not just 3 of the 5 biggest shares in Europe, but include even the biggest. We have the best order book quality in the world for Swiss securities, even for large volumes. The average size of trades in SMI securities is more than twice that of alternative platforms. Our excellent liquidity is underscored by the high average execution size and European Best Bid and Offer (EBBO) ratios. Put simply, the Swiss stock exchange offers you the best prices, the narrowest spreads and the biggest volumes when it comes to trading in Swiss equities. It’s consistent quality you can count on. Bid & Ask Trade in over 250 Swiss stocks at the best prices and narrowest spreads Check the Market Activity Your Benefits on the Swiss Stock Exchange Outstanding Liquidity The best order book quality for Swiss securities, even for large volumes. Vast Share Universe The home market for some of Europe’s most important blue chips. Exceptional Trading Conditions We provide one of the world's most advanced and stable trading platforms. Win It, without Being in It? Auction Volume Discovery (AVD) Capture Auction Liquidity, without impact, with the innovative Auction Volume Discovery (AVD) order type of SIX Swiss Exchange. About the AVD Order Type DARK, enhancing liquidity in opening and closing auctions PRICE REFERENCING i.e. not contributing to uncross price or volume during the auction call phase CONSIDERED FOR MATCHING AT UNCROSS, first interacting with auction imbalance, then with contra AVD orders A “WOULD/COULD” OPTION for efficiently sourcing supplemental block liquidity LIVE and utilized by dozens of banks and brokers in a variety of algos Discover more in our AVD Insight: Unlocking Liquidity: AVD Orders Tap into Uncross Imbalance & Contra AVD Orders Opening Auction: Trade Ahead of Dark Midpoint Orderbooks, leveraging AVD Closing Auction: Using Participation Caps? Seize AVD for sourcing additional liquidity! AVD Algo Implementations Download the AVD Insight Presentation Pragmatic Innovation to Find Additional LiquidityEuropean equity markets have seen a swell in value traded in primary auctions and SIX Swiss Exchange registered increased appetite from the industry to execute primarily at the close – but there is an understandable caution about price impact. The expression of this caution is often the use of a “participation cap/rate”. The use of participation caps/rates leaves contra-liquidity on the sidelines of the auction. Our new Auction Volume Discovery (AVD) order type has been designed to stitch this capped liquidity together, without information leakage or price impact. SIX Swiss Exchange introduced AVD with SMR11 on 15 May 2023. Download the AVD Factsheet Aggregating Capped Liquidity without Leakage of Information or Price Impact Discover More in Our Videos Auction Volume Discovery (AVD) in the Media SIX Swiss Exchange launches new order-type to unlock liquidity at the close (Best Execution, May 17, 2023) SIX Swiss Exchange Launches Auction Volume Discovery (Markets Media, April 19, 2023) SIX expands closing auction offering to protect buy-side when executing large orders (The Trade, April 18, 2023) Get in Touch Discover more advantages of Auction Volume Discovery (AVD). Contact us Today A Vast Universe Of Equities The Swiss equities segment covers Swiss blue chips (SLI® securities), Swiss mid and small caps, and rights. Participants on the Swiss Stock Exchange trade in equities with either a primary or secondary listing. If needed, companies listed on the Swiss Stock Exchange can even open an additional order book with its own security number to establish a separate trading line. When a separate trading line is opened, the securities are traded under two security numbers. Trading InfoSnacks The Trading InfoSnack articles are data driven research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities. They are underpinned by in depth analysis compiled by the Swiss Stock Exchange’s Equities team. Discover More About Our Order Books Swiss Listed Shares are traded across two order books on the Swiss Stock Exchange: the Central Limit Order Book (CLOB) and SwissAtMid (MPOB). The CLOB is the main source of liquidity. Participants can use various orders to interact with liquidity in CLOB. There are some orders that allow to access CLOB and the supplementary liquidity book – SwissAtMid – at once. Continuous trading takes place in the CLOB, as do the opening and closing auctions for all instruments listed on the Swiss Stock Exchange. For Swiss securities, CLOB and MPOB are the largest and most comprehensive liquidity pools with and without pre-trade transparency. Trading commences with an opening auction, followed by continuous trading, then a closing auction that determines the closing price of instruments and finishes with a short trading session Trading-At-Last. The CLOB adopts minimum price steps dictated by MiFID II tick size regime. There are trading interruptions in case price deviates from the reference price. Trading Guides The Trading Guides help participants to interpret all the rules that apply to trading. They provide information on the individual segments, market models, trading hours and calendars, order validities, tick sizes, functionalities and further aspects. Go to Trading Guides Product Guide – Equity MarketProduct Guide for the Equity Market contains the full range of trading provisions governing trading times, tick size, trading interruptions, reporting, and more. Download Fees & ChargesThe 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 SwissAtMid: Where Best Execution Gets BetterBenefit from mid-point execution on Swiss equities directly within the largest source of non-displayed liquidity. Discover SwissAtMid Trading-At-Last Trading-At-Last (TAL) is a new trading session for Swiss listed equities that commences after the closing auction and allows participants to buy and sell shares at the official closing price on the Swiss Stock Exchange. Read Our Factsheet Downloads Scroll Left Factsheets Trading InfoSnacks Scroll Right Trading-At-Last for Swiss Equities Trading-At-Last (TAL) is a new trading session for Swiss listed equities that commences after the closing auction and allows participants to buy and sell shares at the official closing price on the Swiss Stock Exchange. Open document "SwissAtMid - Your Source of Liquidity in Swiss Instruments" SwissAtMid is a service that offers all our participants best execution possibilities on all Swiss equities with price improvement over visible pricing on the exchange. Integrate this strong source of non-displayed liquidity in Swiss instruments to ensure the best possible outcome for your clients. Open document Broker Access List Open document Show More The Trading InfoSnack articles are a series of data driven, mini-research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities. They are designed to be brief but insightful summaries of relevant trading topics, underpinned by in depth analysis compiled by the Swiss Stock Exchange’s Equities team. 07 Nov 2024 Trading InfoSnack 14: Cluster-struck Article #14 of the data driven research features of SIX Swiss Exchange looks at the contributions of different trade clusters to market share and their usefulness for passive order allocation strategies. Open document 20 Dec 2023 Trading InfoSnack 13: Struck in the Middle (With You) Article #13 of the data driven research features of SIX Swiss Exchange looks at the sourcing of mid-point liquidity as a key facet of equity market trading in Europe. Open document 06 Mar 2023 Trading InfoSnack: Order Cancellation Patterns Article #12 of the data driven research features of SIX Swiss Exchange looks at order cancellations as a key driver of the order book shape, analysing not just the Swiss market but across the most liquid European equities. Open document 13 Sep 2022 Trading InfoSnack: Crumble In The Jungle Order books are in a constant state of evolution, one that determines likelihood of execution and execution performance. In-depth analysis by the Equity experts of SIX Swiss Exchange highlight the trade-off between fill probability and adverse selection utilising Order Book Imbalance (OBI) state and a Crumbling Quote Signal (CQS). Open document 03 May 2022 Trading InfoSnack: The Rule of Three Any trading participant executing client orders is obliged to do so in a way that achieves the best possible outcome for the client. Read about the core factors that they take into consideration when routing orders in the latest Trading InfoSnack. Open document 23 Sep 2021 Trading InfoSnack: Stale Prices and the Price of Being Stale Dark trading mechanisms have become an integral part of the European liquidity landscape. In this context, the PBBO midpoint is a core benchmark. In the latest Trading InfoSnack, the equity experts at SIX Swiss Exchange are evaluating what proportion of trading activity actually occurs at this price and the impact of trading at a ‘stale price’. Open document 27 May 2021 Trading InfoSnack: This Time Is Different Article #8 of the data driven research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities. Open document 11 Mar 2021 Trading InfoSnack: Cryptophoria Article #7 of the data driven research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities. Open document 16 Dec 2020 Trading InfoSnack: Last Orders Article #6 of the data driven research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities. Open document 29 Oct 2020 Trading InfoSnack: Size Matters Article #5 of the data driven research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities. Open document 27 Sep 2020 Trading InfoSnack: Liquidity under the Volatility Microscope Article #4 of the data driven research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities. Open document 15 Jul 2020 Trading InfoSnack: Closing Auctions – What’s Hanging in the Balance? Article #3 of the data driven research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities. Open document 17 Jun 2020 Trading InfoSnack: Back to the Future(s) Article #2 of the data driven research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities. Open document 14 May 2020 Trading InfoSnack: What’s in a Liquidity Smile? Article #1 of the data driven research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities. Open document Show More Equity Product Management +41 58 399 2929 Get in Touch Member Acquisition +41 58 399 2473 Get in Touch