SIX Swiss Exchange

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SIX Swiss Exchange
Six logo.gif
Founded 1993
Headquarters Zurich, Switzerland
Key People Christoph Landis, Interim Chief Executive.
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 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

  • Christian Katz, former chief executive,[5] [6] left the company in April 2015, and Chris Landis was named interim CEO.
  • Chris Landis was elected to the SIX Swiss Exchange management committee in 2003 and is head of operations and deputy division CEO. On April 20th, 2015 he was named Interim CEO. [7]
  • Christoph Bigger was elected a member of the management of the SIX Swiss Exchange in December 2006 and has been ad interim CEO of the SIX Swiss Exchange since Aug. 1, 2008 as well as head of the cash markets division of SIX Group.
  • Werner Burki has been a member of the management committee of the SIX Swiss Exchange since July 2002 and since October 2001 has held the position of CEO of SIX Exfeed Ltd., a company he established as a European provider of raw financial data.
  • Lee Hodgkinson was appointed CEO of SWX Europe (former virt-x) in December 2006. He also heads the client and product group of the SIX Swiss Exchange and SWX Europe.
  • Rodolfo Straub has been a member of the management committee of the SIX Swiss Exchange and head of the admission division since October 2007.

News

In 2008, SIX Swiss Exchange, SWX Europe and Scoach Switzerland Ltd. recorded annual turnover of CHF 1,934 billion representing a 23.5 percent decline compared to the extremely heavy trading witnessed in 2007. In contrast the total of transactions rose to an all-time-high of 45,212,001 – a 27.9 percent increase versus the previous year. Bond turnover increased by 24.4 percent on an annual basis, with ETFs registering a full 36.8 percent gain.

SIX Swiss Exchange said in November of 2008 that it planned to cut 40 jobs as it relocated its London operations to Zurich in mid-2009, which would result in a savings of 15 million Swiss francs ($12.74 million) a year.[8]

In December of 2012 it became known that Six Group had agreed to a deal to acquire 100 percent of of Oslo Clearing from Oslo Børs for NOK 180 million (approximately $32 million). The deal, which would go through in the second quarter of 2014, was subject to regulatory approval.[9][10]

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 Swiss Eyes High Frequency Traders. The Financial Times.
  6. MOVES-SIX trading unit head to leave over strategy differences. Reuters.
  7. MOVES-SIX trading unit head to leave over strategy differences. Reuters.
  8. Swiss Exchange shuts London business, cuts 40 jobs. Yahoo! Finance.
  9. Six Agrees to Acquire Oslo Clearing from Norway Børs. Waters Technology.
  10. Press Release. Bobs Guide.