SIX Swiss Exchange has gone live with its new SWXess modular trading platform, starting a migration period that gives member banks until April 9 to move off the old SWX platform. Swiss Bank BEKB | BCBE has become the first bank to connect to the FIX-based standard interface module, using the GLOX7 trading connectivity solution from GlobalXTrade.
SWXess is modular, consisting of four basic business service components, each with a separate interface. Participants only subscribe to the business services they need for their activities. The business service components are the same for all three markets, SIX Swiss Exchange, SWX Europe and Scoach.
The standard trading interface for basic trading, reporting, and confirmations makes use of FIX 4.4. High volume users will additionally connect to the capacity trading interface for quoting on book and executing high-speed algorithmic trades.
Separate component interfaces handle reference data and markat data distribution, with the latter making use of FIX 5.0 encoded with the FIX Adapted for STreaming (FAST) Protocol.
SIX Swiss Exchange claims that SWXess offers higher capacity and lower latency, and facilitates all types of trading, with a key focus on high frequency algorithmic trading and direct market access. With the modular set of industry standard interfaces and connectivity options, they say that SWXess will also reduce costs for participants.