SIX Swiss Exchange Swiss Blue Chip Segment. Trader Readiness
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1 SIX Swiss Exchange Trader Readiness
2 1. Participation 1.1 Traders Individuals It is the responsibility of a member to ensure the suitability of the personnel which it registers with SIX Swiss Exchange. Traders must have a good reputation and sufficient professional knowledge. In particular, a member shall consider the following when assessing suitability: Experience Professional Qualifications Registration with relevant regulatory authority, and Competence with regard to the member s chosen trading software, or through which SIX Swiss Exchange transactions will be executed A trader ID is personal and shall be used only by the trader to whom the trader ID was assigned Automated Applications Following automated applications are defined by SIX Swiss Exchange: Electronic Eyes These are computer programs that check and analyse the market prices transmitted by SIX Swiss Exchange and generate a SIX Swiss Exchange order when the paid prices are in a range defined by the member. Routing Systems These are electronic systems used by members for the sole purpose of transmitting orders directly into the SIX Swiss Exchange SWXess trading platform (i.e order entry, change and deletion of order). Technical Trader ID This is an ID provided by SIX Swiss Exchange to a member on request and specifically for the purposes of using a Member automated application. A member wishing to use a Member automated application must: apply to SIX Swiss Exchange for a Technical Trader ID for each such system and describe the controls in place in relation to each such system and provide SIX Swiss Exchange with a list of contacts for orders entered via such system(s).
3 2. Exchange Overview Please find an overview over the Exchange, Clearing and Trading hours below: Overview Time CET Description Trading Period 06:00 Start of Business Day 06:30 Start of Market Day Swiss Block Pre Opening 08:00 Start of Clearing Day 09:00 Opening 2nd Line Equities 09:15 Opening Rights Business Day Clearing Day Trading Day Opening Continuous Trading 17:20 Start Closing Auction 17:30 Run Auction and Close 2nd Line Equities 2nd Line Equities 17:30 End of Trading Rights End of Trading 18:15 End of Clearing Day 22:00 End of Market Day Swiss Block Post Trading
4 3. On-Order Book Orders in the order book are executed in price and time priority following the SIX Swiss Exchange matching rules on the exchange system. An overview of the order book matching rules is contained in Order Book Trading Guide. 3.1 Product Guide Swiss Equities 2nd Line Equities Segment Market Model Central Limit Order Book (CLOB) Central Limit Order Book (CLOB) Order Book Depth Trading Hours 09:00-17:30 CET 09:00-17:30 CET Trading Hours Round Lot Price Increments Price Steps Continuous Trading 09:00-17:20 CET 09:00-17:15 CET Closing Auction 17:20-17:30 CET 17:15-17:30 CET Randomised Opening Randomised Closing 2 Minutes 09:00-09:02 CET 2 Minutes 17:30-17:32 CET A standard round lot is equivalent to the smallest tradeable denomination through through through through through through ' through 4' ' and more Minutes 09:00-09:02 CET 2 Minutes 17:30-17:32 CET A standard round lot is equivalent to the smallest tradeable denomination independent of market price Stop Trading in Opening Stop Trading Stop Trading Trading Interruptions Stop Trading during Continuous Trading Avalanche during Continuous Trading Interruption of 5 mins., if potential follow up price deviates by 1.50% or more from the reference price. Interruption if potential follow up price deviates by more than the Stop Trading Range from the reference price within a 10 second period. Benchmark for Avalanche equal to Stop Trading Continuous Trading. Stop Trading Stop Trading n Opening Yes Yes Underlying Condition Interruption if underlying intrument is in stop trading. Reporting Limit for duty to trade on order book ne Reporting duty ne ne Reporting Time 3 minutes 3 minutes ne Trade Type Codes Trade Type Code Overview Trade Type Code Overview Central Counterparty Yes Counterparty Disclosure Appendix
5 3.2 Trading Periods Overview Pre-Opening Opening Continuous End of Trading Trading With Closing Auction Without Closing Auction Post Trading Order Entry Duration 06:00 CET until Opening Opening until End of Trading 10 Minutes Random Time 2 Minutes ne STI Orders 2 Minutes at Run Auction and Close Yes Yes Yes End of Trading until 22:00 CET Yes Duration: Good Till Date must be greater than current trading day Accept Yes Fill or Kill Yes Yes Yes Yes CTI Volatile Orders Accept Yes Fill or Kill Yes Order Deletion & Expiry STI Orders CTI Volatile Orders Yes Order Deletion t possible Order Expiry Orders with Duration = At the opening Yes Yes Yes Accept Automatic deletion if not filled. Fill or Kill Automatic deletion if not filled. Yes Order Deletion t possible Order Expiry Orders with Duration = Session Yes Yes Automatic Deletion of all open Volatile Orders at Enter Post- Trading Accept Fill or Kill Executions Executions according to largest best execution principle Yes Continuous execution of orders and quotes During Closing Auction At Run Auction and Close Executions according to largest best execution principle. Price Calculation Theoretical Opening Price Opening Price Reference Price Closing Price Closing Price ne Exceptional Order Book Situations ne n Opening Stop Trading n Opening ne n Opening ne Off Order Book Reporting Yes Yes Yes Yes Yes Yes
6 3.3 Exceptional Situations Explanation Chip Segment 2nd Line Equities Chip Segment Stop Trading during Opening (Delay Opening) Delayed opening if the potential opening price deviates from the reference price. Stop Trading during Continuous Trading Interruption if the potential follow up price deviates from the reference price. 1.50% deviation for 5 Minutes Avalanche during continuous Trading Interruption if the potential follow up price deviates from the reference price within a 10 second period. 1.50% deviation for 5 Minutes Stop Trading " Quote" Interruption in a matching situation in which there is no quote in the order book and the next trade would result from the execution of orders. n Opening Interruption if one or several market order cannot be matched (market order overhang). Yes Yes Underlying Condition Interruption if the dependent security is in Stop Trading Interruption if underlying intrument is in stop trading. Suspension Interruption of trading ordered by the listing authority. Yes Interruption if underlying intrument is suspended. Trading Halt Interruption of trading where market integrity is in doubt. Yes Interruption if underlying intrument is halted.
7 3.4 On Order Book Functionalities Standard Trading Interface (STI) Capacity Trading Interface (CTI) Type Order Volatile Order User Type Price Taker User PT Proprietary User PRP Mass Functions Order Limitation Single enter and delete Number of orders within order book is unlimited List of orders Mass withdraw Number of orders withing order book is not limited to one. Order Persistency Yes Behaviour on Disconnection order deletion in case of disconnection. Attribute available to choose automatic deletion in case of disconnection Side Buy or Sell Buy or Sell Order Size This represents the number of shares for equities. The quantity of an order must comply with the following values that are defined per instrument: - Round Lot Trading Guides This represents the number of shares for equities. The quantity of an order must comply with the following values that are defined per instrument: - Round Lot Trading Guides Security All securities Equity securities Price Type Market or Limit Market or Limit Price Order Types Expiry Duration Order Entry Periods Trading Capacity Equities: Price per unit of quantity Price is required if Price Type is Limit. Price must be on a valid Price Step for the respective security. Trading Guides Accept Fill Or Kill Day Order expires at enter of Post-Trading Only applicable for Order Type "" At the opening The order expires at Pre-Opening to Trading Only applicable for Order Type "" Immediate or Cancel Expire immediately after first exposure to book Only applicable for Order Type "Accept" Fill or Kill Expire immediately after first exposure to book Only applicable for Order Type "Fill or Kill" Good Till Date Order expires at enter Post-Trading of the Expiry Date. Only applicable for Order Type "" Maximum validity of an order is one year. Order Order entry possible during all trading periods. If order entry during Post-Trading, the Good Till Date must be greater than today. Accept Order and Fill or Kill Order Order entry only possible during Trading Attribute of order P R Riskless or A Equities: Price per unit of quantity Price is required if Price Type is Limit. Price must be on a valid Price Step for the respective security. Trading Guides Accept Fill or Kill Day Order expires at enter of post-trading Only applicable for Order Type "" Session The order expires at Pre-opening to Trading Only applicable for Order Type "" Immediate Expire immediately after first exposure to book Only applicable for Order Types "Accept" and "Fill or Kill" Order Order entry possible during all trading periods except Post-Trading Accept Order and Fill or Kill Order Order entry only possible during Trading Attribute of user P R Riskless or A Settlement T + 3 T + 3 Manual Clearing not possible not possible Trade Type Codes Optional See Trade Type Code Overview for details. Optional See Trade Type Code Overview for details.
8 3.5 Mistrades Under certain circumstances SIX Swiss Exchange may investigate trades in securities executed via the On-book Matcher (OBM) and, if necessary, declare them as null and void (Mistrade). Mistrade decisions are declared by the SIX Swiss Exchange if: the price of the transaction deviates significantly from the market price fair and orderly trading is not guaranteed An investigation to declare a trade as null and void is either initiated by SIX Swiss Exchange itself or on request of an involved participant because: the parties involved in the trade disagree on its validity at least one of the involved parties requests a decision by SIX Swiss Exchange Irrespective of how the mistrade investigation has been initiated, SIX Swiss Exchange will define the fair market price and subsequently define whether the transaction is a mistrade or not. It is at the discrection of the SIX Swiss Exchange to determine whether the price of a transaction deviates significantly from the market price. The deviation benchmarks will not be by SIX Swiss Exchange. A second opinion may also be consulted about a potential mistrade. The person(s) to be consulted shall be determined by SIX Swiss Exchange and in cases of doubt the decision of SIX Swiss Exchange will prevail. In case of a transaction resulting from an erroneous entry of an order or quote, SIX Swiss Exchange will not declare the trade as null and void if the price represents the fair value. In principle, significant deviations from the market price after a stop trading shall not be regarded as mistrades. However, if the SIX Swiss Exchange has reason to believe that fair and orderly trading is not guaranteed, it can declare a trade as null and void despite a prior stop trading. Declaration times for mistrades: Product Capacity Deadline Customer and Principle Declaration must occur within 30 minutes of the completion of matching. Failure to meet the above mentioned deadlines generally means that any subsequent declaration of nullity will be rejected. In exceptional cases where there is sufficient reasoning, SIX Swiss Exchange may extend this deadline. Exceptional situations where mistrades cannot be handled by SIX Swiss Exchange on the same day, particularly during crisis situations (stock market crashes, high number of mistrades), SIX Swiss Exchange extends the deadline for enforcement by one exchange day, subject to prior announcement via news message. tices regarding mistrade decisions or extensions of deadlines are with news messages which are made available to participants. Additionally all news messages is on our website under following Link: Newsboard If SIX Swiss Exchange declares a trade as null and void, the involved parties are obligated to cancel the corresponding transaction on the same day by means of a trade reversal. Objections in regard to mistrade decisions can be sent to the Surveillance and Enforcement department of SIX Swiss Exchange in writing. The costs for mistrade proceedings must be borne by the participant who caused the trade to be declared as null and void or who caused the initiation of the investigation. The costs will amount to CHF
9 3.6 Emergency Deletions Any system within the electronic environment of the exchange can subject to failure and thereby cause trading to be impaired or brought to a standstill. For example, the trading GUI, the on-book matcher, or the related network connections could become either partially or totally inoperable. In the event of such a failure, participants are obliged to compile, as soon as possible after the malfunction has been resolved, a list of off order book trades that were executed during the time the system was down. If this is impossible to accomplish prior to the start of trading on the following trading day, the exchange must be notified. The trades triggered during the system outage are to reported the SIX Swiss Exchange with the trade confirmation functionality. The deletion of open orders on the book during emergency situations can be requested from SIX Swiss Exchange. The participant must then immediately confirm the deletions to the exchange in writing (by fax or ). According to Directive 9 Emergency Situations the participants may request the cancellation of orders and quotes at SIX Swiss Exchange in case of failure of the participants s access systems. Cancellation of orders may be given over the telephone to Exchange Operations (+41 (0) ); written confirmation in the form of a mail (helpdesk.exc@six-group.com) must be received by SIX Swiss Exchange as soon as possible, but not later than the end of the current trading day. Please note that in exceptional situations SIX Swiss Exchange can reject requests to perform Emergency Deletions. Type of Emergency Deletion Member ID User ID 4 Name of product Order ID Group ID Buy / Sell / All Participant Level Trader / User Level Security Level All orders for all securities All orders in a single security All orders for all securities All orders in a single security Single order 1 Single order group 1 Force Logoff 2 All volatile orders for a Proprietary User Information to be provided on the confirmation message This type of emergency deletion will only be performed in exceptional situations Force Logoff is to Price Taker User Works only if the parameter "ActionLogoff" is set to logoffwithdraw. If nothing is specified the default is logoffne which would not lead to a deletion of the volatile orders in case of Logoff. Please note that the User Id for Price Take User (STI) and Proprietary User (CTI Volatile Orders) consists of the Member ID and Trader ID
10 4. Off-Order Book 4.1 Off Order Book Functionality Standard Trading Interface (STI) Type Trade Confirmation (TC) including two-sided Trade Trade Report (RT) including one-sided Trade Trade Correction (one-sided) Purpose Reporting the details of a trade agreed off order book with another party who is a participant of the Exchange. Reporting the details of a bilateral trade reversal originating from matching orders or Trade Confirmations. The details of a trade agreed off order book with another party who is not be a participant of the Exchange. The details of a trade advice. Reporting the details of a reversal of either a Trade Report or a Trade Advice. Reporting the details of a one-sided trade correction (so called nostro correction) which can correct the following parameters: Trade Capacity Code Client Reference Client Domicile Account Type Behaviour Enter and Accept: A TC is entered by one party and is confirmed by the counterparty. (TC which contain the Trade Type Code DR only possible with Enter and Accept) Fire and Forget: A TC is entered by each party, if the relevant trade input attributes are One-Sided Trade Reports do not need to be confirmed by the counterparty and immediately lead to a trade. Number of quotes within orderbook is limited to one quote per user. Side Buy or Sell Buy or Sell Buy or Sell Size This represents the number of shares. This represents the number of shares. This represents the number of shares. Security Price Type Limit Limit Limit Price Equities: Price per unit of quantity Price Steps do not apply to off order book transactions. Equities: Price per unit of quantity Price Steps do not apply to off order book transactions. Equities: Price per unit of quantity Price Steps do not apply to off order book transactions. Trade Agreed Date Trade Agreed Time The date and time at which a trade is agreed by the two parties. The date and time at which a trade is agreed by the two parties. Trading Capacity Attribute of transaction P R Riskless or A Attribute of transaction P R Riskless or A Attribute of transaction P R Riskless or A Expiry Unconfirmed Trade Confirmations and twosided trade reversals expire at End of Business Day. Reporting Hours Trade Confirmations can be reported during business hours. Two-sided Trade s can be performed during business hours on the day the trade occurred or a business day later. Trade Confirmations can be reported during business hours. One-sided Trade s can be performed during business hours on the day the trade occurred or a business day later. Trade Corrections can be performed during business hours of the day the trade occurred or a business day later. Trade Type Codes Optional See Trade Type Code Overview for details. Optional See Trade Type Code Overview for details. Optional See Trade Type Code Overview for details. Account Type Customer Side of Books. n-customer Side of books Account Type can be corrected. Value Date The date when the trade is settled. If value date is not indicated, the settlement will be done T+3 The date when the trade is settled. If value date is not indicated, the settlement will be done T+3 Clearing Value date is default, automatic settlement is possible otherwise manual clearing is required. Commission Type Only supported for TC with TTC DR: Percentage Absolute Commission Currency Only supported for TC with TTC DR: CHF or any currency supported for Change Fix. Commission Only supported for TC with TTC DR: The commission that is included in the settlement amount.
11 4.2 Reporting Requirement Currently, SIX Swiss Exchange obliges members to report all on order book and off-order book transactions executed by them in Swiss and foreign securities that are admitted to trading on a Swiss stock exchange. For Swiss domiciled members there will be no change from the current duty to report all transactions to the exchange. n Swiss domiciled members have no obligation to trade report off order book transactions to SIX Swiss Exchange as long as long as the trade report is made to a Trade Data Monitor as defined by the Financial Services Authority ( FSA ) or a similar trade data reporting mechanism recognised by appropriate regulatory authorities of European Union member states. Members who trade report to SIX Swiss Exchange benefit from the protection of the rules set out by SIX Swiss Exchange, including default, buying-in and settlement. 4.3 Duty to trade on the Exchange (Concentration Rule) There is no duty to trade on the exchange (concentration rule) for trading in the Blue Chip Segment. 4.4 Deferred Deferred publication is not permitted unless a member is dealing on own account with a client. Members must add the Trade Type Code "IP" if a transaction is not eligible. The table below shows the thresholds and permitted delays in terms of average dailyturnover (ADT) of a security. Exchange rate used will correspond with the Daily Change Fix. Class of Shares in terms of average daily turnover (ADT) ADT < 100' '000 ADT< 1m 1m ADT< 50m ADT 50m Minimum qualifying size of transaction for permitted delay 60 minutes 10'000 > 5% of ADT 25'000 < 10% of ADT 3.5m < 10% of ADT 7.5m Permitted delay for publication 180 minutes 25'000 Until end of trading day (or rollover to noon of next trading day if trade undertaken in final 2 hours of trading day) Until end of trading day next day after trade Until end of second trading day next after trade 45'000 60'000 > 15% of ADT 75'000 > 25% of ADT 100'000 > 50% of ADT 100'000 < 15% of ADT 5m < 25% of ADT 10m > 50% of ADT 1m < 20% of ADT 15m < 30% of ADT 30m 100% of ADT 80' % of ADT 100% of ADT 250% of ADT Until end of third trading day next after trade 250% of ADT 250% of ADT
12 4.5 Trade Type Codes At SIX Swiss Exchange «trade type codes» are used to transmit information between participants and SIX Swiss Exchange as well as from SIX Swiss Exchange to participants. TTC Full Description Public Value Applicable Securities Transaction Type Side Trading Capacity Trade Rules & Directives Additional Comments A Amendment A TC RT Buy or Sell Trade Transitional Rulebook Rule 3.3 Amendment to a previous off order book transaction D Special Price D TC RT Buy or Sell Transitional Rulebook Rule 3.3 Transaction with a price determined by factors other than the current market valuation. User Input TTCs Trade Reporting and DR PT IP VW XX Delivery Report Portfolio Trade Immediately Publish VWAP Trade Report stro Cross Off Order Book DR D N D TC Buy or Sell TC RT TC RT RT Buy or Sell Buy or Sell Buy or Sell TC Buy AND Sell Suppressed Suppressed publication suppressed Trade publication suppressed Directive 4, para 5.1 Rule 3.15 and 3.16 Directive 4, para 5.2 Directive 4, para 5.2 Transitional Rulebook Appendix 2 to Section 3 Member transfers stock for a client where the member executing the transaction is not the member which holds the client's stock. Manual clearing only. Optionally enter PT or D Client wishes to trade 10 or more securities at the same time Business will be negotiated as a package against a specific reference point, rather than as individual components price separately. Trade Report which is eligible for deferred publication but the member does not want deferred publication. Optionally enter VW or D Execution of a VWAP order as a binding transaction. Report as VWAP incl. price latest 30 minutes after the close. AG Aggressor On Order Book Buy or Sell Directive 9 C Cancellation C Buy AND Sell Published Transitional Rulebook Practice te 3.3 MiFID Marker for Trade System Generated TTCs DM N NX Delayed Negotiated Trades stro Cross On Order Book DP N TC RT TC RT Buy AND Sell Buy AND Sell On Order Book Deferred (dependant on size of security) if trade Transitional Rulebook Rule 3.24 Appendix 2 to Section 3 Transitional Rulebook Rule 3.3 Transaction abvoe a specified minimum size in terms of ADT (average daily turnover) may qualify for deferred publication. Deferred thresholds and delays MiFID Marker for a negotiated trade Swiss Block XM XP Swiss Block Trade Swiss Block Pass-Through XM TC On Order Book Buy AND Sell Buy or Sell Directive 21 Directive 21
13 4.5.1 Delivery Report The Delivery Report Service ( DRS ) is available for a member to transfer stock for a client where the member executing the transaction is not the member which holds the client s stock. A member must register with SIX Swiss Exchange to use the DRS using the relevant application form and, in applying to use the DRS, a member must undertake not to use the DRS to transfer a client s stock unless the member is fully satisfied that the client wants the transfer to take place and has given its authorisation for a specific Delivery Report or for Delivery Reports generally. A Delivery Report is not a transaction. Customer 1. Order Execution of Delivery Instructions Executing SIX Swiss member Exchange Account-holding member 2. Execution 3. Execution confirmation On- or off-order-book Transactions designated with Trading Capacity Code CU TC designated with Trading Capacity Code CU Trade Type Code DR Reference to the underlying order or the executions in the Client Reference field Optional: commission in the Included Settlement Amount field Accept TC designated with Trading Capacity Code CU 4. Reporting duty fulfilled through acceptance of TC 5. Client invoice VWAP A VWAP trade must be reported at latest 30 minutes after the close of trading. Customer Participant SIX Swiss Exchange 1. VWAP order Execution of a VWAP order as a binding transaction deal done 2. Order execution Executed volume = VWAP order size Trade Report designated with: Trade Advice Flag (= Trade Advice) Trading Capacity Code PR Trade Type Code VW Indication of 0 as price 3. Executed volume invoiced to customer at VWAP price Trade Report designated with: Trading Capacity Code PR Trade Type Code VW Indication of VWAP price
14 5. Swiss Block 5.1 Overview Swiss Block is SIX Swiss Exchange s non-displayed block trading service in securities admitted to trading in the Blue. The service offers continuous real-time matching of orders on a price priority basis at or within the prevailing best bid and offer price on the Blue 's order book. Description Conditional Orders A Conditional order is a minimum value order in Swiss Block. Such an order participates in all matching cycles until it is fully executed or withdrawn. Pass-through orders A Pass-trough order is an order entered to Swiss Block with no minimum order size requirement (with exception of Iceberg orders) which will participate in a single matching cycle, with any unexecuted portion being automatically routed to the public limit order book. Order Limitation Number of orders within orderbook is unlimited Number of orders within orderbook is unlimited Order Persistency Yes Yes Buy/Sell Buy or Sell Buy or Sell Order Size The round lot size for Swiss Block is one share. The round lot size for Swiss Block is one share. Security Price Type Market or Limit Market or Limit Price Order Types Price per unit of quantity. Price steps are set to four decimal places (e.g ) Limit Market Order Pegged Order Order dynamically priced with regard to the revailing best bid or offer price on the public limit order book. Orders can be pegged to the best bid (plus an offset), best offer (minus an offset) or best bid and offer mid price. Price per unit of quantity. Price steps are set to four decimal places (e.g ) Limit Market Order Expiry Duration All unexecuted Conditional and Pass-through orders in Swiss Block are automatically terminated at the end of the market day. Order Entry Periods Good for Day (GFD) Attempt to fill. Balance remains active in Swiss Block until end of the market day, unless fully executed or deleted. Good Till Date (GTD) Attempt to fill. Balance remains active in Swiss Block until the specified time on the order, which must be less than or equal to the end of the market day, unless fully executed or deleted. Fill or Kill Attempt to execute the full order volume. If cannot fully fill in one matching cycle, order is returned to member. Immediate or Cancel (Accept) Attempt to execute the order volume fully or partially. If cannot fully fill in one matching cycle, remaining balance is returned to member. 06:30 CET to 22:00 CET If entered outside of continous trading hours, order will remain in Swis Block and will be queued for matching untel the re-commencement of continuous trading. Action within Swiss Block Good for Day (GFD) Attempt to fill as much as possible. Balance forwarded to the public limit order book. Good Till Date (GTD) Attempt to fill as much as possible. Balance forwarded to the public limit order book. Fill or Kill Attempt to execute the full order volume. If a full match is not possible, the entire order is forwarded to the public limit order book. Immediate or Cancel (Accept) Attempt to execute full or partial order volume. If no match is achieved, the full order volume is forwarded to the public limit order book. If the order is partially filled, the remainder is returned to member. Action within Public limit order book Order remains in the order book until filled, expired or cancelled. Order remains in the order book until filled, expired or cancelled. Attempt to execute as a Fill or Kill Order. Cancelled if not filled. Attempt to fully or partially xecute as a Accept Order. Remaining balance is cancelled. 06:30 CET to 22:00 CET If entered outside continuous trading hours, order will automatically be forwarded to the public limit order book without an attempt to match within Swiss Block. Trading Capacity P or R Riskless P or R Riskless Settlement T+3 T+3 Manual Clearing not possible not possible Trade Type Codes XM - Swiss Block Trade XM - Swiss Block Trade XP - Swiss Block Pass-Through
15 6. Clearing & Settlement The clearing day starts at 08:00 CET and lasts until 18:15 CET. It is the time during which the clearing service is available. Only market days are clearing days. An opening and closing time (which are subject to amendment) define the period of the clearing day. Off-order book transactions executed outside of the clearing day are not eligible for clearing. The rules for clearing & settlement in the Blue substantially correspond to the SWX Europe clearing & settlement rules. Any cleared trade is due for settlement on T+3. Off-order book transactions which are not cleared trades are due for settlement on T+3. Our electronic order book allows members to enter orders anonymously; therefore the anonymity is retained throughout the transaction lifecycle. There is no change to the clearing arrangements for the Blue. Dual CCP's will be maintained allowing members to continue to clear trades through their chosen provider. SWX Europe members who are grandfathered into SIX Swiss Exchange will not need to provide a collateral deposit. However, this may change in the future when the harmonized rules of SIX Swiss Exchange enter into force.
16 7. Rules and Regulations 7.1 Market Integrity A member shall not: act in a way that gives or is likely to give a false or misleading impression of the value or price of a security or its order flow or volume traded; cause or enter into any artificial transaction; cause a fictitious transaction or a false price to be input into the exchange system; effect a transaction or enter an order at a price which differs to an unreasonable extent from the prevailing market price if this is likely to give a false or misleading impression to other market users. This does not preclude a member from entering a client limit order; cause or contribute to a breach of the rules by another member; or engage in any course of conduct the sole or main intention of which is to move the price of a security or the level of any index of which that security is a component. 7.2 Sanction Regime Trading in the Blue is subject to SIX Swiss Exchange's Rules of Procedure and consequently SIX Swiss Exchange's sanction regime.
17 8. Contacts for further questions Who Type of query Helpdesk Exchange Operations Member Services Local Support Center Education Account Management Admission Any queries in relation to on order book trading, mistrades and emergency deletions on SIX Swiss Exchange Any queries in relation to member and trader administration and other general queries. Any technical inquiries. Any queries in relation to general trading information and trader education. Any queries in relation to products and commercials. Any queries in relation to listing, reporting, ad hoc publicity, financial reporting, disclosure of shareholdings, coporate governance and management transactions. T +41(0) F +41(0) market.control@six-group.com T +41(0) F +41(0) member.services@six-group.com T +41(0) F +41(0) lsz@six-group.com T +41(0) F +41(0) education@six-group.com T +41(0) F +41(0) Sales&MemberRelations@six-group.com T +41(0) F +41(0) regulation@six-group.com Compliance & Surveillance Any queries in relation to rules and directives. Media Spokesman Exclusive contact for the media. T +41(0) F +41(0) sve-msi@six-group.com T +41(0) F +41(0) pressoffice@six-swiss-exchange.com
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