SIX Stretches Trading Day to Nearly 14 Hours for Derivatives

SIX Swiss Exchange started trading structured products from 8:00 a.m. to 9:45 p.m. Central European Time today (Monday), adding almost six hours to the previous 9:15 a.m. to 5:15 p.m. window.

The expansion lets retail investors trade more than 70,000 listed structured products during a window that now covers most of the US trading session, which runs until 10:00 p.m. CET. Investors can place orders through their regular brokers without applying for new access or paying additional fees.

SIX created a separate trading segment for the longer hours rather than extending the existing one. Product issuers can pick which segment to use, and investors can trade in either depending on where products are listed. The exchange said both segments work identically, apart from the trading schedule.

Product Mix Leans Toward Leverage

Leverage products make up 78% of the structured products available on SIX, with yield enhancement instruments at 18%, participation products at 2.4%, and capital protection products under 1%. The extended hours give investors more time to adjust positions based on moves in US stocks and indices that often drive pricing for these derivatives.

Gregor Braun, Co-Head of Cash Markets at SIX, said the change came directly from client requests. “In doing so, we're directly addressing client demand by extending trading hours for structured products and broadening access to new opportunities to invest,” he explained.

• SIX Introduces Multicurrency Swaps to Address EU IRS Clearing Needs
• SIX Promotes Exchange Head Sibbern to CEO as Dijsselhof Exits
• SIX to Buy London’s Aquis Exchange in a £207 Million Cash Deal

The SIX move puts it alongside exchanges and brokers competing to offer trading outside traditional hours.

Exchanges Race to Capture Overnight Volume

The 24X National Exchange beat larger competitors to market in September with a 23-hour weekday trading platform for US stocks. Nasdaq plans to launch 24-hour trading in the second half of 2026, while the London Stock Exchange is exploring round-the-clock operations.

eToro expanded 24/5 trading to all S&P 500 and Nasdaq 100 stocks earlier this year, joining Schwab and Fidelity in offering extended access to retail clients. The brokerage platforms route overnight orders through alternative trading systems that operate outside regular exchange hours.

The World Federation of Exchanges, however, cautioned in September that extended trading brings operational challenges and isn't suitable for every market. The industry group warned that lower overnight participation typically leads to wider spreads and higher volatility, though it stopped short of opposing the trend.

Issuers Gain Visibility Window

Sébastien Neukom, Head of Structured Products Sales at SIX, said longer trading hours help both sides of the market: “For issuers, longer trading hours increase product visibility and potential demand, making the market more attractive while effectively enlarging it.”

The exchange emphasized that retail investors won't need to change how they access the market. Orders go through the same retail brokers and house banks that handle trades during regular hours.

SIX didn't specify whether it expects most of the volume to shift to the extended segment or remain split between the two trading windows. The exchange said investors can now respond to US market developments as they happen rather than waiting until the next morning.