Difference between revisions of "SIX Swiss Exchange"

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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]].  
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The SIX Swiss Exchange is Switzerland's principal stock exchange. It 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]].<ref>{{cite web|url=http://www.stoxx.com/corporate/company/partners/six_swiss_exchange.html|name=SIX Swiss Exchange|org=STOXX.com|date=January 1, 2009}}</ref>
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[[SIX Group]] was formed at the beginning of 2008 through the [[merger]] of SWX Group, SIS Group and Telekurs Group.<ref>{{cite web|url=http://www.stoxx.com/corporate/company/partners/six_swiss_exchange.html|name=SIX Swiss Exchange|org=STOXX.com|date=January 1, 2009}}</ref>
  
The SIX Swiss Exchange has also engaged in joint ventures with European index provider, [[STOXX]], as well as [[Swiss Fund Data]].<ref>{{cite web|url=http://www.six-swiss-exchange.com/about_us/organisation_en.html|name=Organisation  by Business Fields|org=SIX Swiss Exchange|date=December 31, 2008}}</ref>
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The SIX Swiss Exchange has also engaged in joint ventures with the European index provider [[STOXX]], as well as [[Swiss Fund Data]].<ref>{{cite web|url=http://www.six-swiss-exchange.com/about_us/organisation_en.html|name=Organisation  by Business Fields|org=SIX Swiss Exchange|date=December 31, 2008}}</ref>
 
    
 
    
 
== History ==
 
== 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]] [[exchange]]s in Geneva (founded in 1850), Zurich (1873) and Basle (1876) completed in 1995. Electronic [[trading]] was introduced the following year, and [[floor]] trading ended.
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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]] [[exchange]]s 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, [[merge]]d 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.
 
[[SOFFEX]], the Swiss [[derivatives]] market, [[merge]]d 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.
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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.  <ref> {{cite web|url = http://www.automatedtrader.net/news/exchange-news/71018/six-swiss-exchange-enhances-transparency-tool|name = SIX Swiss Exchange enhances transparency tool|org = Automated Trader|date = March 8, 2011}}</ref>
 
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.  <ref> {{cite web|url = http://www.automatedtrader.net/news/exchange-news/71018/six-swiss-exchange-enhances-transparency-tool|name = SIX Swiss Exchange enhances transparency tool|org = Automated Trader|date = March 8, 2011}}</ref>
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On November 10, 2017, SIX announced the decision of its board of directors to reorganize the company and to appoint Jos Dijsselhof as the new CEO. Dijsselhof took up his position on 1 January 2018 and on January 15, 2018, SIX announced the composition of the new group executive board, which took over the operational management of SIX on April 1, 2018.
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=== Switzerland & EU Dispute ===
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Although it is not a member of the European Union, Switzerland more than 100 bilateral agreements with the bloc and makes a financial contribution to the EU. Switzerland and the EU had for years been attempting to negotiate a deal to replace the more than 100 bilateral agreements that defined their relationship. When Switzerland dragged its feet on ratifying a new agreement in June 2019, Europe said it would no longer recognize Swiss stock markets as having the same status as those of EU members. In return, Switzerland ordered EU exchanges to stop trading Swiss stocks. Violating the order could carry criminal liability.<ref>{{cite web|url=https://www.cnn.com/2019/07/01/investing/swiss-stocks-europe/index.html|name=Swiss stock ban shows the 'no deal' Brexit havoc facing Britain|org=CNN|date=July 1, 2019}}</ref>
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The stock market equivalence granted to Switzerland by the European Commission expired in July 2019. As a result, foreign venues are required to have authorization to trade Swiss shares. More than 300 Swiss shares were removed from trading on EU venues starting July 1. <ref>{{cite web|url=https://regulation.fidessa.com/2019/07/03/time-runs-out-on-swiss-equivalence/|name=Time runs out on Swiss equivalence|org=Fidessa|date=July 3, 2019}}</ref>
  
 
== Products and Services ==
 
== Products and Services ==
 
Product categories include [[equities]], [[bonds]], exchange-traded funds ([[ETF]]s), 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]].
 
Product categories include [[equities]], [[bonds]], exchange-traded funds ([[ETF]]s), 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]].
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On July 22, 2019 SIX announced it was launching a service covering more than 30,000 securities in connection with Marijuana Related Businesses (MRB) after the success of its SIX Sanctioned Securities Monitoring Service. MRB-related securities can span several sectors, including pharmaceutical,recreational, transport and retail, making it complex for firms to control their exposure, the announcement said. The MRB Securities service, built on the same model as the Sanctioned Securities Monitoring Service, identifies and lists securities that are either directly or indirectly issued by listed MRB entities.<ref>{{cite web|url=https://www.marketsmedia.com/six-launches-marijuana-related-data-service/|name=SIX launches first ever Marijuana Related Data Service|org=MarketsMedia|date=July 22, 2019}}</ref>
  
 
== Key People ==
 
== Key People ==
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*[[Jos Dijsselhof]], Chief Executive Officer
 
*[[Jos Dijsselhof]], Chief Executive Officer
  
*[[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.
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*[[Christoph Landis]], Head of IT
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*[[Daniel Schmucki]], CFO
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*[[Jochen Dürr]], Chief Risk Officer
  
*[[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. 
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*[[Thomas Zeeb]], Head of Securities & Exchanges
  
*[[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.
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== Acquisitions and Initiatives ==
  
*[[Rodolfo Straub]] has been a member of the management committee of the SIX Swiss Exchange and head of the admission division since October 2007.
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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).<ref>{{cite web|url=http://www.waterstechnology.com/sell-side-technology/news/2232410/six-agrees-to-acquire-oslo-clearing-from-norway-b-rs|name=Six Agrees to Acquire Oslo Clearing from Norway Børs|org=Waters Technology|date=December 17, 2012}}</ref><ref>{{cite web|url=http://www.bobsguide.com/guide/news/2012/Dec/17/six-purchases-oslo-clearing-asa.html|name=Press Release|org=Bobs Guide|date=December 17, 2012}}</ref>
  
== News ==
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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.<ref>{{cite web|url=http://www.businessinsider.com/swiss-stock-exchange-operator-six-launching-cryptocurrency-exchange-2018-7|name='A new era for capital markets': The Swiss stock exchange is launching its own cryptocurrency exchange|org=Business Insider|date=July 6, 2018}}</ref>
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 [[ETF]]s registering a full 36.8 percent gain.
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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.<ref>{{cite web|url=http://uk.biz.yahoo.com/11112008/323/swiss-exchange-shuts-london-business-cuts-40-jobs.html|name=Swiss Exchange shuts London business, cuts 40 jobs|org=Yahoo! Finance|date=January 1, 2009}}</ref>
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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.<ref>{{cite web|url=https://www.nasdaq.com/press-release/update--nasdaq-to-provide-clearing-technology-to-six-for-clearing-services-20180712-00147|name=Nasdaq to Provide Clearing Technology to SIX for Clearing Services|org=Nasdaq|date=July 12, 2018}}</ref>
  
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.<ref>{{cite web|url=http://www.waterstechnology.com/sell-side-technology/news/2232410/six-agrees-to-acquire-oslo-clearing-from-norway-b-rs|name=Six Agrees to Acquire Oslo Clearing from Norway Børs|org=Waters Technology|date=December 17, 2012}}</ref><ref>{{cite web|url=http://www.bobsguide.com/guide/news/2012/Dec/17/six-purchases-oslo-clearing-asa.html|name=Press Release|org=Bobs Guide|date=December 17, 2012}}</ref>
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SIX and Shanghai Stock Exchange entered into a Memorandum of Understanding (MoU) in 2015, which they renewed in 2019 with the intention of deepening their collaboration, which was enabled by the signing of a free trade agreement between Switzerland and China in 2013 and the currency agreement between the Swiss National Bank and the People’s Bank of China in 2014.<ref>{{cite web|url=https://www.six-group.com/en/home/media/releases/2019/20190423-mou-six-sse.html|name=SIX and Shanghai Stock Exchange sign an updated Memorandum of Understanding|org=SIX Swiss Exchange|date=June 18, 2019}}</ref>
  
 
== Resources ==
 
== Resources ==

Latest revision as of 12:50, 22 July 2019

RCG Division of Marex Spectron-337x80.jpg
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 Switzerland's principal stock exchange. It 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]

On November 10, 2017, SIX announced the decision of its board of directors to reorganize the company and to appoint Jos Dijsselhof as the new CEO. Dijsselhof took up his position on 1 January 2018 and on January 15, 2018, SIX announced the composition of the new group executive board, which took over the operational management of SIX on April 1, 2018.

Switzerland & EU Dispute

Although it is not a member of the European Union, Switzerland more than 100 bilateral agreements with the bloc and makes a financial contribution to the EU. Switzerland and the EU had for years been attempting to negotiate a deal to replace the more than 100 bilateral agreements that defined their relationship. When Switzerland dragged its feet on ratifying a new agreement in June 2019, Europe said it would no longer recognize Swiss stock markets as having the same status as those of EU members. In return, Switzerland ordered EU exchanges to stop trading Swiss stocks. Violating the order could carry criminal liability.[5]

The stock market equivalence granted to Switzerland by the European Commission expired in July 2019. As a result, foreign venues are required to have authorization to trade Swiss shares. More than 300 Swiss shares were removed from trading on EU venues starting July 1. [6]

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.

On July 22, 2019 SIX announced it was launching a service covering more than 30,000 securities in connection with Marijuana Related Businesses (MRB) after the success of its SIX Sanctioned Securities Monitoring Service. MRB-related securities can span several sectors, including pharmaceutical,recreational, transport and retail, making it complex for firms to control their exposure, the announcement said. The MRB Securities service, built on the same model as the Sanctioned Securities Monitoring Service, identifies and lists securities that are either directly or indirectly issued by listed MRB entities.[7]

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).[8][9]

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.[10]

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.[11]

SIX and Shanghai Stock Exchange entered into a Memorandum of Understanding (MoU) in 2015, which they renewed in 2019 with the intention of deepening their collaboration, which was enabled by the signing of a free trade agreement between Switzerland and China in 2013 and the currency agreement between the Swiss National Bank and the People’s Bank of China in 2014.[12]

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. Swiss stock ban shows the 'no deal' Brexit havoc facing Britain. CNN.
  6. Time runs out on Swiss equivalence. Fidessa.
  7. SIX launches first ever Marijuana Related Data Service. MarketsMedia.
  8. Six Agrees to Acquire Oslo Clearing from Norway Børs. Waters Technology.
  9. Press Release. Bobs Guide.
  10. 'A new era for capital markets': The Swiss stock exchange is launching its own cryptocurrency exchange. Business Insider.
  11. Nasdaq to Provide Clearing Technology to SIX for Clearing Services. Nasdaq.
  12. SIX and Shanghai Stock Exchange sign an updated Memorandum of Understanding. SIX Swiss Exchange.