SIX Swiss Exchange

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SIX Swiss Exchange
Six logo.gif
Founded 1993
Headquarters Zurich, Switzerland
Key People Jos Dijsselhof, Chief Executive Officer
Products Cash product exchange
Website www.six-swiss-exchange.com

The SIX Swiss Exchange is part of the cash market division of SIX Group. That division also encompasses the London-based international securities exchange SWX Europe (formerly virt-x) as well as the financial market data vendor SIX Exfeed.

SIX Group was formed at the beginning of 2008 through the merger of SWX Group, SIS Group and Telekurs Group.[1]

The SIX Swiss Exchange has also engaged in joint ventures with the European index provider STOXX, as well as Swiss Fund Data.[2]

History

The SIX Swiss Exchange was founded as the "Schweizer Börse/Bourse Suisse/Borsa Svizzera/Swiss Exchange" in 1993, with the merger of Switzerland’s three stock exchanges in Geneva (founded in 1850), Zurich (1873) and Basle (1876) completed in 1995. Electronic trading was introduced the following year, and floor trading ended.

SOFFEX, the Swiss derivatives market, merged with Germany's DTB to form Eurex. Eurex is jointly operated by Deutsche Boerse AG and SIX Swiss Exchange, which holds 50 percent of the voting rights and 15 percent of the share capital. The agreement was extended for a further 10 years in 2003.

The SIX New Market segment for growth companies was launched in 1999, with the Virt-X platform for pan-European blue-chip stocks launched in 2001. The SIX Swiss Exchange changed its legal status from an association to a joint-stock company in 2002.[3]

The Exchange announced in early March 2011 that they expanded their transparency tool, Equity Liquidity Matrix, to include all SPI Securities. With service to the Mid & Small Cap Securities, the SIX Swiss Exchange aims to further increase market transparency and educate the public on the negative effects of market fragmentation. [4]

Products and Services

Product categories include equities, bonds, exchange-traded funds (ETFs), structured products and warrants. As of 2012, SIX Swiss Exchange is the third largest exchange in Europe by market capitalization, behind LSE Group and NYSE Euronext.

Key People

Acquisitions and Initiatives

On December 17, 2012 Six Group agreed to a deal to acquire 100 percent of Oslo Clearing from Oslo Børs for NOK 180 million (approximately $32 million).[5][6]

On July 6, 2018 SIX announced plans to launch a fully regulated cryptocurrency exchange to be overseen by the Swiss national bank and Swiss regulator FINMA. Switzerland has been one of the most crypto-friendly jurisdictions in Europe, and its regulators have given clear guidance on how they expect crypto companies to operate.[7]

On July 12, 2018, Nasdaq announced it would provide clearing and real-time risk management technology to SIX via the Nasdaq Financial Framework. The technology will support SIX's clearing of pan-European equities and Nordic derivatives.[8]

Resources

References

  1. SIX Swiss Exchange. STOXX.com.
  2. Organisation by Business Fields. SIX Swiss Exchange.
  3. History. SWX.
  4. SIX Swiss Exchange enhances transparency tool. Automated Trader.
  5. Six Agrees to Acquire Oslo Clearing from Norway Børs. Waters Technology.
  6. Press Release. Bobs Guide.
  7. 'A new era for capital markets': The Swiss stock exchange is launching its own cryptocurrency exchange. Business Insider.
  8. Nasdaq to Provide Clearing Technology to SIX for Clearing Services. Nasdaq.