Six Blue Chip Segment Factsheet
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FACT SHEET
SIX Swiss Exchange Blue Chip Segment (former SWX Europe UK Exchange Regulated Market Segment and SWX Europe EU Regulated Market Segment) This fact sheet provides an overview of the main aspects regarding the new regulation of the SIX Swiss Exchange Blue Chip Segment (“Blue Chip Segment”). The Blue Chip Segment will be newly established in connection with the reunification of Swiss share trading on SIX Swiss Exchange in Zurich as of 4 May 2009. . Regulation The new Blue Chip Segment on SIX Swiss Exchange consists of the securities currently admitted to trading in the SWX Europe’s UK Exchange Regulated Market Segment and EU Regulated Market Segment.
Composition
The rules governing the Blue Chip Segment substantially reflect the Rules of former SWX Europe and are set out in the new "Transitional Rule Book for Blue Chip Trading". These rules will be subject to Swiss law as of 4. May 2009.
Transitional Rule Book for Blue Chip Trading
Further harmonised and updated rules for SIX Swiss Exchange fully integrating the transitional rules for the Blue Chip Segment are expected in early 2010. And will cover all segments resulting in all members adopting the same rule book.
The rules governing the Blue Chip Segment on SIX Swiss Exchange consist of the Transitional Rule Book for Blue Chip Trading and the following former SWX Europe Directives (“Blue Chip Segment Directives”) which are an integral part.
Directive 2:
Registration of Individuals
Directive 3:
Market Days, Phases and Hours and Clearing Days
Directive 4:
Orders, Off-order Book Trades and their Attributes
Directive 5:
Price Steps and Round Lots
Directive 6:
Extraordinary Situations
Directive 7:
Emergency Situations (System Failure)
Directive 8:
Handling of Mistrades
Directive 9:
Fees
Directive 10:
Use of Market Information Disseminated via the Trading System
Directive 11:
Default Procedures
Directive 15:
Order Routing and other Automated Systems
Directive 19:
Separate Line Trading
Directive 21:
SWX Swiss Block
Blue Chip Segment Directives
The following SWX Europe Directives will be entirely abolished:
Directive 1:
Admission & Membership
Directive 12:
Discipline and Appeal Procedures (members will be subject to the sanctions regime of SIX Swiss Exchange)
Directive 13:
Settlement Discipline
Directive 16:
UK Panel on Takeovers and Mergers
Directive 17:
Exchange Traded Funds
Directive 20:
Clearing (incorporated into Directive 3)
Entitlement to Trade in the Blue Chip Segment All trading participants of SIX Swiss Exchange are entitled to trade in the Blue Chip Segment.
Who is Entitled to Trade
Members of SWX Europe as at 31 March 2009 who are not already participants of SIX Swiss Exchange ("Former SWX Europe Members") will benefit from a grandfathering of their membership provided they are authorised securities dealers in Switzerland. FINMA Authorisation
How to Apply
Unless already authorised, Former SWX Europe Members are required to apply to FINMA for a Swiss securities dealers licence and will benefit from a fast-track authorisation procedure. SIX Swiss Exchange Membership Former SWX Europe Members may either apply to become full SIX Swiss Exchange members (trading participants) or may benefit from a grandfathering of their existing SWX Europe membership which will entitle them to trade in the Blue Chip Segment only ("Blue Chip Trading Membership").
Fees for administration, use of infrastructure and trading correspond to the fees of SWX Europe as set out in SWX Europe Directive 9.
No Change of Fees
Sanction Regime Trading in the Blue Chip Segment is subject to SIX Swiss Exchange's Rules of Procedure and consequently SIX Swiss Exchange's sanction regime.
Trading Rules The rules for trading in the Blue Chip Segment correspond to the SWX Europe trading rules. Changes to the trading rules are negligible, with no changes made to, inter alia, trading hours, order matching rules, uncrossing auction mechanisms and post-trade anonymity.
In General
There will be no duty to trade on the exchange (otherwise known as the concentration rule) for trading in the Blue Chip Segment.
No Concentration Rule
Currently, SIX Swiss Exchange obliges members to report all onorder book and off-order book transactions executed by them in Swiss and foreign securities that are admitted to trading on a Swiss stock exchange.
Trade Reporting
For Swiss domiciled members there will be no change from the current duty to report all transactions to the exchange. Non Swiss domiciled members have no obligation to trade report offorder book transactions to SIX Swiss Exchange as long as long as the trade report is made to a Trade Data Monitor as defined by the Financial Services Authority (”FSA”) or a similar trade data reporting mechanism recognised by appropriate regulatory authorities of European Union member states. Members who trade report to SIX Swiss Exchange benefit from the protection of the rules set out by SIX Swiss Exchange, including default, buying-in and settlement. Clearing & Settlement The rules for clearing & settlement in the Blue Chip Segment substantially correspond to the SWX Europe clearing & settlement rules.
In General
There is no change to the clearing arrangements for the Blue Chip Segment. Dual CCP's will be maintained allowing members to continue to clear trades through their chosen provider.
Dual CCP
SWX Europe members who are grandfathered into SIX Swiss Exchange will not need to provide a collateral deposit. However, this may change in the future when the harmonized rules of SIX Swiss Exchange enter into force.
No Collateral Deposit
Default Procedures The default procedures as outlined in the Transitional Rule Book for Blue Chip Trading and in Blue Chip Segment Directive 11 remain unchanged. Technology and Data The current trading platform and connectivity mechanisms remain unchanged.
No Change
No structural amendments to MIC code, product identifiers and other static data items will be made during 2009 (i.e. “VTX” codes remain unchanged). Collection of Stamp Duty There is no change to the current stamp duty framework for domestic (i.e. Swiss domiciled) participants of SIX Swiss Exchange. For foreign members of a Swiss Exchange (“Remote Members”)
Changes for Remote Members Only
certain transactions matched in the order-book (which previously were not taxable in the UK on SWX Europe) will become subject to stamp duty in Switzerland. Specifically these are transactions that are executed on behalf of non exempted clients according to Swiss Stamp Duty Law (e.g. private clients) Remote Member’s liability to Swiss Stamp Duty will commence on the reunification of Swiss blue chip trading in Zurich on 4 May 2009. Further correspondence on this matter will be issued to Remote Members in mid-March.
Swiss Block Swiss Block, SWX Europe's non-displayed block trading service, will be transferred to SIX Swiss Exchange and continue to provide a secure and high performance dark pool.
Contact For further information please contact key account manager or member services
SIX Swiss Exchange Blue Chip Segment (former SWX Europe UK Exchange Regulated Market Segment and SWX Europe EU Regulated Market Segment) This fact sheet provides an overview of the main aspects regarding the new regulation of the SIX Swiss Exchange Blue Chip Segment (“Blue Chip Segment”). The Blue Chip Segment will be newly established in connection with the reunification of Swiss share trading on SIX Swiss Exchange in Zurich as of 4 May 2009. . Regulation The new Blue Chip Segment on SIX Swiss Exchange consists of the securities currently admitted to trading in the SWX Europe’s UK Exchange Regulated Market Segment and EU Regulated Market Segment.
Composition
The rules governing the Blue Chip Segment substantially reflect the Rules of former SWX Europe and are set out in the new "Transitional Rule Book for Blue Chip Trading". These rules will be subject to Swiss law as of 4. May 2009.
Transitional Rule Book for Blue Chip Trading
Further harmonised and updated rules for SIX Swiss Exchange fully integrating the transitional rules for the Blue Chip Segment are expected in early 2010. And will cover all segments resulting in all members adopting the same rule book.
The rules governing the Blue Chip Segment on SIX Swiss Exchange consist of the Transitional Rule Book for Blue Chip Trading and the following former SWX Europe Directives (“Blue Chip Segment Directives”) which are an integral part.
Directive 2:
Registration of Individuals
Directive 3:
Market Days, Phases and Hours and Clearing Days
Directive 4:
Orders, Off-order Book Trades and their Attributes
Directive 5:
Price Steps and Round Lots
Directive 6:
Extraordinary Situations
Directive 7:
Emergency Situations (System Failure)
Directive 8:
Handling of Mistrades
Directive 9:
Fees
Directive 10:
Use of Market Information Disseminated via the Trading System
Directive 11:
Default Procedures
Directive 15:
Order Routing and other Automated Systems
Directive 19:
Separate Line Trading
Directive 21:
SWX Swiss Block
Blue Chip Segment Directives
The following SWX Europe Directives will be entirely abolished:
Directive 1:
Admission & Membership
Directive 12:
Discipline and Appeal Procedures (members will be subject to the sanctions regime of SIX Swiss Exchange)
Directive 13:
Settlement Discipline
Directive 16:
UK Panel on Takeovers and Mergers
Directive 17:
Exchange Traded Funds
Directive 20:
Clearing (incorporated into Directive 3)
Entitlement to Trade in the Blue Chip Segment All trading participants of SIX Swiss Exchange are entitled to trade in the Blue Chip Segment.
Who is Entitled to Trade
Members of SWX Europe as at 31 March 2009 who are not already participants of SIX Swiss Exchange ("Former SWX Europe Members") will benefit from a grandfathering of their membership provided they are authorised securities dealers in Switzerland. FINMA Authorisation
How to Apply
Unless already authorised, Former SWX Europe Members are required to apply to FINMA for a Swiss securities dealers licence and will benefit from a fast-track authorisation procedure. SIX Swiss Exchange Membership Former SWX Europe Members may either apply to become full SIX Swiss Exchange members (trading participants) or may benefit from a grandfathering of their existing SWX Europe membership which will entitle them to trade in the Blue Chip Segment only ("Blue Chip Trading Membership").
Fees for administration, use of infrastructure and trading correspond to the fees of SWX Europe as set out in SWX Europe Directive 9.
No Change of Fees
Sanction Regime Trading in the Blue Chip Segment is subject to SIX Swiss Exchange's Rules of Procedure and consequently SIX Swiss Exchange's sanction regime.
Trading Rules The rules for trading in the Blue Chip Segment correspond to the SWX Europe trading rules. Changes to the trading rules are negligible, with no changes made to, inter alia, trading hours, order matching rules, uncrossing auction mechanisms and post-trade anonymity.
In General
There will be no duty to trade on the exchange (otherwise known as the concentration rule) for trading in the Blue Chip Segment.
No Concentration Rule
Currently, SIX Swiss Exchange obliges members to report all onorder book and off-order book transactions executed by them in Swiss and foreign securities that are admitted to trading on a Swiss stock exchange.
Trade Reporting
For Swiss domiciled members there will be no change from the current duty to report all transactions to the exchange. Non Swiss domiciled members have no obligation to trade report offorder book transactions to SIX Swiss Exchange as long as long as the trade report is made to a Trade Data Monitor as defined by the Financial Services Authority (”FSA”) or a similar trade data reporting mechanism recognised by appropriate regulatory authorities of European Union member states. Members who trade report to SIX Swiss Exchange benefit from the protection of the rules set out by SIX Swiss Exchange, including default, buying-in and settlement. Clearing & Settlement The rules for clearing & settlement in the Blue Chip Segment substantially correspond to the SWX Europe clearing & settlement rules.
In General
There is no change to the clearing arrangements for the Blue Chip Segment. Dual CCP's will be maintained allowing members to continue to clear trades through their chosen provider.
Dual CCP
SWX Europe members who are grandfathered into SIX Swiss Exchange will not need to provide a collateral deposit. However, this may change in the future when the harmonized rules of SIX Swiss Exchange enter into force.
No Collateral Deposit
Default Procedures The default procedures as outlined in the Transitional Rule Book for Blue Chip Trading and in Blue Chip Segment Directive 11 remain unchanged. Technology and Data The current trading platform and connectivity mechanisms remain unchanged.
No Change
No structural amendments to MIC code, product identifiers and other static data items will be made during 2009 (i.e. “VTX” codes remain unchanged). Collection of Stamp Duty There is no change to the current stamp duty framework for domestic (i.e. Swiss domiciled) participants of SIX Swiss Exchange. For foreign members of a Swiss Exchange (“Remote Members”)
Changes for Remote Members Only
certain transactions matched in the order-book (which previously were not taxable in the UK on SWX Europe) will become subject to stamp duty in Switzerland. Specifically these are transactions that are executed on behalf of non exempted clients according to Swiss Stamp Duty Law (e.g. private clients) Remote Member’s liability to Swiss Stamp Duty will commence on the reunification of Swiss blue chip trading in Zurich on 4 May 2009. Further correspondence on this matter will be issued to Remote Members in mid-March.
Swiss Block Swiss Block, SWX Europe's non-displayed block trading service, will be transferred to SIX Swiss Exchange and continue to provide a secure and high performance dark pool.
Contact For further information please contact key account manager or member services
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