Blue Chip Segment Directive 9 Fees. Date of entry into force: 1 July 2009

Transcription

1 Blue Chip Segment Directive 9 Fees Date of entry into force: 1 July 2009

2 SIX Swiss Exchange Page 1 TABLE OF CONTENTS 1. PURPOSE, SCOPE AND LIST OF FEES DEFINITIONS MEMBERSHIP FEES ACCESS FEE ON-ORDER BOOK TRADING FEES OFF-ORDER BOOK TRADING FEES MARKET SHARE SERVICE FEE CAPACITY FEE PAYMENT DATES / REIMBURSEMENT OF FEES SWISS BLOCK FEES... 7 APPENDIX 1: APPLICABLE RATES... 8 APPENDIX 2: ON-ORDER BOOK FEE EXAMPLES APPENDIX 3: OFF-ORDER BOOK FEE EXAMPLES APPENDIX 4: SUBSCRIPTION RIGHTS... 12

3 SIX Swiss Exchange Page 2 1. PURPOSE, SCOPE AND LIST OF FEES 1.1 Purpose SIX Swiss Exchange charges fees for trading, clearing and reporting trades in the Blue Chip Segment. SIX Swiss Exchange may waive all or parts of fees, providing it continues to treat all members equally. 1.2 Scope This Directive applies to all members trading in the Blue Chip Segment. 1.3 List of fees This Directive governs the following fees: Membership fees (Blue Chip Trading Members) - Annual Membership fee Access fee (Blue Chip Trading Members) On-Order Book trading - Transaction fee - Ad valorem fee Off-Order Book trading - Transaction fee - Ad valorem fee SIX Swiss Exchange market share service fee Capacity fee - OPS capacity fee

4 SIX Swiss Exchange Page 3 2. DEFINITIONS Definitions Access fee Ad valorem fee Aggressor Annual membership fee Auction execution A recurring fee for the use of the exchange system. This differs depending on the type of connectivity chosen and is payable irrespective of trading activity. The ad valorem fee depends on transaction volume An order which is executed immediately against order(s) on the order book SIX Swiss Exchange charges each Blue Chip Trading Member an annual membership fee. An auction execution results when an order is executed during an auction Blue Chip Trading As defined in the Transitional Rule Book Member bp Basis points (1/10,000) CHF Commitment levels Members Minimum Activity Charge (MAC) OPS capacity fee Order Poster SIX Swiss Exchange Trade Transaction Transaction fee SIX Swiss Exchange Market Share Service Fee Swiss francs Discount bands relating to the ad valorem fee; dependent on the member reaching a certain minimum monthly fee SIX Swiss Exchange participants trading or clearing in the Blue Chip Segment as well as Blue Chip Trading Members. The MAC represents a shortfall between the Commitment Level and the total fee calculation Each member can be assigned a guaranteed trading capacity, in the form of CTI orders per second (OPS). An order to buy or sell a security. Orders can be entered via two different interfaces, namely via the Standard Trading Interface (STI) or via the Capacity Trading Interface (CTI). An order which is entered onto the order book which does not execute immediately SIX Swiss Exchange AG The partial or whole execution of an order When an order is executed in several tranches (partial executions), all tranches of the order on the same trading day are treated as a transaction SIX Swiss Exchange charges a fee for all transactions. This fee is payable per transaction and per member. Where an order is executed in several tranches on the same day the fee is pro-rated over these tranches. SIX Swiss Exchange charges a fee for its market share service, a web-based information service to which members can subscribe

5 SIX Swiss Exchange Page 4 3. MEMBERSHIP FEES 3.1 Scope This section 3 only applies to Blue Chip Trading Members. SIX Swiss Exchange participants pay participation fees according to SIX Swiss Exchange Directive Membership categories SIX Swiss Exchange distinguishes the following membership categories for Blue Chip Trading Members: Full: This enables a member to use services of SIX Swiss Exchange required for trading in the Blue Chip Segment based on the infrastructure interconnection of the SWXess trading platform. Clearing: This allows the member to clear trades on behalf of other members trading in the Blue Chip Segment. Trade Reporting: This allows the member to report trades in the Blue Chip Segment. Access is restricted to off-order book only. 3.3 Annual membership fee SIX Swiss Exchange charges Blue Chip Trading Members an annual membership fee as detailed in the table below: Membership category Annual Membership fee a) Full CHF 20,000 b) Clearing CHF 5,000 c) Trade Reporting CHF 2, ACCESS FEE 4.1 Access fee This fee is set by SIX Swiss Exchange and officially stated in SIX Swiss Exchange Directive 16.

6 SIX Swiss Exchange Page 5 5. ON-ORDER BOOK TRADING FEES 5.1 Principle SIX Swiss Exchange charges a fee for all on-order book transactions. This fee is payable per transaction and per member. The applicable fee rates are laid down in Appendix 1 to this Directive. The fee comprises a transaction fee and an ad valorem fee. 5.2 Transaction fee The transaction fee is a fixed charge. 5.3 Ad valorem fee The ad valorem fee depends on transaction volume. It is determined in terms of basis points and has both a floor and a cap. The ad valorem fee is determined by the type of execution. It may differ (a) for orders which are executed from the order books (posters), (b) for orders executed against orders in the order book (aggressors) and (c) for orders executed during an auction (auction execution). SIX Swiss Exchange may offer members a choice of alternative rates (e.g. a balanced rate for both posters and aggressors). SIX Swiss Exchange may institute rate bands for the ad valorem fees. Where several rate bands are defined, the member selects the rate band. Members are subject to the following rules: If a member chooses a rate band other than the standard band in order to benefit from lower rates, it undertakes to comply with certain criteria (commitment levels). The criteria are essentially minimum fee volumes which are defined monthly. If the member does not achieve the monthly minimum fee volume for the chosen rate, it must pay a minimum activity charge (MAC). Eligible for inclusion within the minimum fee volume are all fees under sections 5 and 6 of this Directive. The MAC is charged on a monthly basis. Members may change the rate band which will become effective at the beginning of any given month. Changes must be notified to SIX Swiss Exchange in writing using the corresponding notification form at least seven calendar days before the beginning of the effective month.

7 SIX Swiss Exchange Page 6 6. OFF-ORDER BOOK TRADING FEES 6.1 Principle SIX Swiss Exchange charges a fee for all off-order book trades that are reported to it. This fee is payable per trade and member. The applicable rates are laid down in Appendix 1 to this Directive. The fee is the same for all members. It comprises a transaction fee and an ad valorem fee. 6.2 Transaction fee The transaction fee is a fixed charge. 6.3 Ad valorem fee The ad valorem fee depends on transaction volume. It is determined in terms of basis points and has both a floor and a cap. 7. MARKET SHARE SERVICE FEE 7.1 General The SIX Swiss Exchange Market Share Service is a web based information service which members can subscribe to in order to access data in Swiss securities in relation to: Member League tables Overall Turnover Ranking and Market Share On and Off-order book Rankings and Market Share Agency Trade Rankings 7.2 Fee The following fee is payable for the service: Description Fee All members annual fee CHF 2, CAPACITY FEE 8.1 Capacity fee SIX Swiss Exchange provides dedicated trading capacity (orders per second, OPS). SIX Swiss Exchange can allocate a specific amount of OPS to members in return for a fee. The applicable rates are laid down in Appendix A7-3.1 to SIX Swiss Exchange Directive 16.

8 SIX Swiss Exchange Page 7 9. PAYMENT DATES / REIMBURSEMENT OF FEES 10.1 Payment dates Unless otherwise agreed, SIX Swiss Exchange invoices must be paid within 30 days of invoice date Reimbursement of fees Any claim for the reimbursement of fees must be lodged within six months of the invoice date Invoice currency Invoices will be in Swiss francs (CHF). 10. SWISS BLOCK FEES 11.1 Principle SIX Swiss Exchange charges both purchaser and seller a fee for execution in Swiss Block Fees The standard rate for a Swiss Block trade is 1.5 basis points per side. There is a cap of CHF 5,000 on each side/leg (or equivalent billing currency). There is no application fee nor is there a membership fee. Billing is carried out on a monthly basis.

9 SIX Swiss Exchange Page 8 APPENDIX 1: APPLICABLE RATES A1-1 Fees On-Order Book trading A1-1.1 Transaction Fee A1-1.2: Ad valorem Fee The transaction fee is CHF Where an order is executed on the same day in several tranches the fee is pro-rated over these tranches. A Standard Tariff A Asymmetrical: Floor Scale Caps a) Poster CHF bp CHF 0 b) Aggressor CHF bp CHF 65 c) Auction Execution Commitment CHF bp CHF 75 No commitment required Alternative fee structure: A Balanced: Floor Scale Cap a) Poster & Aggressor CHF bp CHF 32 b) Auction Execution CHF bp CHF 75 Commitment No commitment required A Commitment Level 1-Tariff A Asymmetrical: Floor Scale Caps a) Poster CHF bp CHF 0 b) Aggressor CHF bp CHF 55 c) Auction Execution CHF bp CHF 65 Commitment Monthly minimum fee of CHF 100,000 Alternative fee structure: A Balanced: Floor Scale Cap a) Poster & Aggressor CHF bp CHF 29 b) Auction Execution CHF bp CHF 65 Commitment Monthly minimum fee of CHF 100,000

10 SIX Swiss Exchange Page 9 A Commitment Level 2-Tariff A Asymmetrical: Floor Scale Caps a) Poster CHF bp CHF 0 b) Aggressor c) Auction Execution CHF bp CHF 45 CHF bp CHF 55 Commitment Monthly minimum fee of CHF 300,000 Alternative fee structure: A Balanced: Floor Scale Cap a) Poster & Aggressor CHF bp CHF 25 b) Auction Execution CHF bp CHF 55 Commitment Monthly minimum fee of CHF 300,000 A1-2 Fees Off- Order Book Trading A1-2.1 Transaction Fee The transaction fee is CHF 1.00 A1-2.2 Ad valorem Fee A Uniform Tariff: Floor Scale Cap Report CHF bp CHF 25

11 SIX Swiss Exchange Page 10 APPENDIX 2: ON-ORDER BOOK FEE EXAMPLES On-Order Book Example 1 - Commitment level 2 (one tranche & one transaction) Appendix Execution Trade Transaction Transaction Scale Scale Total Reference Type Turnover Turnover Fee Fee Fee Fee (CHF) (CHF) (CHF) (bp) (CHF) (CHF) A AG 15' ' Example 2 - Commitment level 2 (3 tranches & one transaction) Appendix Execution Trade Transaction Transaction Scale Scale Total Reference Type Turnover Turnover Fee Fee Fee Fee (CHF) (CHF) (CHF) (bp) (CHF) (CHF) A PO 11' ' A AG 10' ' A AG 9' ' Example 3 - Commitment level 2 (1 tranche & one transaction) Appendix Execution Trade Transaction Transaction Scale Scale Total Reference Type Turnover Turnover Fee Fee Fee Fee (CHF) (CHF) (CHF) (bp) (CHF) (CHF) A PO 8' ' Note: the cap adjustment is shown for illustration purposes. In reality the fee will be charged as one amount

12 SIX Swiss Exchange Page 11 APPENDIX 3: OFF-ORDER BOOK FEE EXAMPLES Off-Order Book Example 1 - Commitment level 2 Appendix Execution Trade Transaction Transaction Scale Scale Total Reference Type Turnover Turnover Fee Fee Fee Fee (CHF) (CHF) (CHF) (bp) (CHF) (CHF) A Off 250' ' Example 2 - Commitment level 2 (below floor) Appendix Execution Trade Transaction Transaction Scale Scale Total Reference Type Turnover Turnover Fee Fee Fee Fee (CHF) (CHF) (CHF) (bp) (CHF) (CHF) A Off 11' ' Note: the floor adjustment is shown for illustration purposes. In reality the fee will be charged as one amount Example 3 - Commitment level 2 (above cap) Appendix Execution Trade Transaction Transaction Scale Scale Total Reference Type Turnover Turnover Fee Fee Fee Fee (CHF) (CHF) (CHF) (bp) (CHF) (CHF) A Off 1'150' '150' Note: the cap adjustment is shown for illustration purposes. In reality the fee will be charged as one amount

13 SIX Swiss Exchange Page 12 APPENDIX 4: SUBSCRIPTION RIGHTS Subscription rights, such as subscription rights within the framework of capital increases, subscription rights in connection with the distribution of a stock dividend, put warrants for the purpose of share repurchases, as well as shareholder and employee options. A4-1. On order book trading fees A4-1.1 Transaction fee A4-1-2 Ad valorem fee The transaction fee amounts to CHF A Uniform tariff: Floor Scale Cap a) Poster bp -- b) Aggressor bp -- c) Auction execution bp -- Commitment No commitment required A4-2. Off order book trading fees A4-2.1 Transaction fee A4-2.2 Ad valorem fee The transaction fee amounts to CHF A Uniform tariff: Floor Scale Cap Reporting bp --