SIX Swiss Exchange launches mid-point pricing service
18 October 2016 | 1914 views | 0
Source: SIX Swiss Exchange
As part of SWXess Maintenance Release (SMR6), SIX Swiss Exchange launches SIX Swiss Exchange At Midpoint (SwissAtMid).
This new service allows execution of Swiss equities in a non-displayed pool at the mid-point of its lit order book. 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, allowing participants to choose how they want to interact with the outstanding liquidity on SIX Swiss Exchange. Sweep orders look for an execution in SwissAtMid first before routing to the lit order book. As this happens in one cycle, Sweep orders have no negative impact on latency and contain no risk of opportunity loss.
Innovation as a strategic cornerstone
Christian Reuss, Head Sales & Product Management at SIX Swiss Exchange, comments: " 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. "
" 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 ", adds Rob Cranston, Head Equity Product Management.
Reaction to growing demand
By launching SwissAtMid, SIX Swiss Exchange reacts to the growing demand for non-displayed trading and answers to clients' needs for best execution and price improvements. SwissAtMid is operated in parallel to SLS, the long-standing partnership between SIX Swiss Exchange and Liquidnet that offers block liquidity in a pan-European securities universe with unrivalled average execution size and minimal market impact.