SIX Swiss Exchange Introduces Mid-Point Pricing Service

The new service allows execution of Swiss equities in a non-displayed pool at the mid-point of its lit order book.

SIX Swiss Exchange has launched SIX Swiss Exchange At Midpoint (SwissAtMid) as part of SWXess Maintenance Release (SMR6), a new service which allows execution of Swiss equities in a non-displayed pool at the mid-point of its lit order book.

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SwissAtMid provides trading participants with significant price improvements in all Blue Chips as well as Mid and Small Caps primary-listed on SIX Swiss Exchange.

A new Sweep order type is introduced together with SwissAtMid, enabling participants to choose how they wish to interact with the outstanding liquidity on SIX Swiss Exchange.

Sweep orders look for an execution in SwissAtMid first prior to routing to the lit order book. Since this happens in one cycle, Sweep orders have no negative impact on latency and contain no risk of opportunity loss.

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Christian Reuss, Head Sales & Product Management at SIX Swiss Exchange, commented: “Innovation is one of our strategic cornerstones. We aim to offer new services that allow our clients to tap into additional growth opportunities. By combining the performance of our book and the interaction between the lit and non-display order book, SwissAtMid offers new way to trade Swiss equities.”

Best Execution and Price Improvements

With the launch of SwissAtMid, SIX Swiss Exchange caters to the increasing demand for non-displayed trading and answers to clients’ needs for best execution and price improvements.

SwissAtMid is operated in conjunction with SLS, the long-standing partnership between SIX Swiss Exchange and Liquidnet which offers block liquidity in a pan-European securities universe with unrivalled average execution size and minimal market impact.

Finance Magnates last reported on this partnership in July after SIX Swiss Exchange connected Swiss private bank, Pictet to its SLS Liquidnet Service.

Rob Cranston, Head Equity Product Management, added: “Concentrating more liquidity on our exchange is beneficial for all of our various types of trading participants. By combining a non-displayed mid-point order book with a primary market lit book, SwissAtMid offers them the best of both worlds. The new Sweep orders offer the potential for price improvement with no drawbacks”.

 

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