Blue Chip Segment Directive 10 Use of Market Information disseminated via the SWXess trading platform

Transcription

1 Blue Chip Segment Directive 10 Use of Market Information disseminated via the SWXess trading platform Version: 11 March 2009 Date of entry into force: 4 May 2009

2 SIX Swiss Exchange Page ii Table of Contents 1. Subject matter Market information Institutional in-house use and dissemination External onward transmission Fees Reporting and billing Audits Cession... 3

3 SIX Swiss Exchange Page 1 1. Subject matter This Directive sets out the conditions for the use and onward transmission of market information that has been disseminated to members via the SIX Swiss Exchange SWXess trading platform and Market Data Interface (MDI). The use of market information acquired through third parties (in particular data vendors) is not covered by this Directive. 2. Market information For the purposes of this Directive, market information shall be understood as: a) all prices paid in the Blue Chip Segment with volume and time indication; b) best bid and asked prices with accumulated quantities, i.e. with the quantity offered for each best bid or asked price; c) accumulated volume of on-exchange trades for the day; d) all transactions reported by members with the corresponding price, volume, time and their accumulated volume for the day; e) the Exchange period (order book status) as well as any trading interventions such as non-opening, interruption, suspension of trading, etc. Included in market information within the context of this Directive are also all bid and asked prices visible in the order books with the corresponding quantities limited to the best cumulative bid and asked prices (hereinafter, market depth ) as well as the aggregate orders and the number of shares at each price level, as set out in the SIX Swiss Exchange Blue Chip Segment Product Specification document. Data generated during pre-opening (in particular the theoretical opening price) are also not deemed to be market information for the purposes of this Directive. 3. Institutional in-house use and dissemination The market information is made available to all interested departments and persons within the legal entity of the member for internal usage and in-house dissemination. The in-house dissemination of market information may only take place via the technical interface of SWXess trading platform and Market Data Interface (MDI). If data are also available via the PEX-MF, such dissemination may also take place via the technical interface with the PEX-MF. 4. External onward transmission The onward transmission of market information to other natural or legal persons (third parties) is only permissible within the framework of the currently valid version of the SIX Exfeed Ltd Data Distribution Agreement. The member must contractually oblige the third party not to transmit onward any of the data which the third party has received from the member in connection with this Directive. The onward transmission of market information may only take place via the Market Data Interface ( MDI ). If data are also available via the PEX-MF, such dissemination may also take place via the technical interface with the PEX- MF.

4 SIX Swiss Exchange Page 2 The automatic recording and forwarding of orders via order routing systems installed with third parties require the prior approval of SIX Swiss Exchange. A request for approval must be made in writing to SIX Swiss Exchange. Members are obliged to provide SIX Swiss Exchange with detailed information on the technical specifications of the order routing systems used and any adaptations that have been made thereto. If there is reason to believe that the use of order routing systems may lead to disruption in the SWXess trading platform, SIX Swiss Exchange may require appropriate technical modifications at any time. Any member that makes an order routing system available to third parties shall stand as counterparty vis-à-vis the other members for all trades stemming from such system. The member must provide information to SIX Swiss Exchange. In particular, the member must indicate to SIX Swiss Exchange the Trader IDs and further IDs, e.g. technical trader IDs for proprietary automated applications, new original works applications etc. via which routed orders will be entered to SIX Swiss Exchange. Routed orders may only be entered via these reported IDs. Any personnel changes affecting such Trader IDs or further IDs must be reported immediately to SIX Swiss Exchange. The person or office responsible at the member organisation for fulfilling this duty to report must be made known to SIX Swiss Exchange. Furthermore, the member must take all measures that are necessary in this regard. 5. Fees Insofar as members pass on market information within their organisation for use by persons other than registered traders, or pass on market information to third parties, SIX Swiss Exchange shall charge a technical access and data delivery fee according to the corresponding directives. The fee covering usage and onward transmission of market information is calculated on the basis of the actual number of users who have access to the market information (user-based fee). Users are deemed to be natural persons who, as in-house or external end-users, are able to view such information. The SIX Swiss Exchange-registered traders of the member do not count as users. In this connection, different fee rates shall apply on one hand for the usage and onward transmission of market depth within the context of Section 2 1, 2 nd sentence, herein, and on the other for the usage and onward transmission of all other market information within the sense of Section 2 1, 1 st sentence herein. The amount of the fee for use and dissemination of real-time market information can be ascertained in the currently valid SIX Exfeed price list. Irrespective of the data source or the technical platform, SIX Exfeed will be the invoicing party. The fees are based on the member s declarations to SIX Exfeed pursuant to the following provisions, and are invoiced directly to the member. 6. Reporting and billing Members must report to SIX Exfeed without prior request the exact number of users that are subject to the fee. This number must be reported monthly within 30 days of the end of the calendar month to which it relates. SIX Exfeed will use the information provided solely in connection with the levying of the fee and will treat all information supplied by the members as confidential.

5 SIX Swiss Exchange Page 3 Invoices issued by SIX Exfeed are, unless otherwise agreed upon, payable within thirty days of issue. Interest of 10% p.a. may be charged on late payments. 7. Audits SIX Swiss Exchange is entitled to verify at any time the correctness of information supplied by members concerning the number of users subject to said fee. Checks may be conducted by employees of SIX Swiss Exchange or by auditors commissioned by SIX Swiss Exchange. SIX Swiss Exchange may also instruct members to commission their internal or external auditors to conduct such checks. If SIX Swiss Exchange deems it necessary, it may also conduct such checks, or have them conducted, on the premises of the member in question. It must inform the member in advance of the date on which the audit is to take place and of the identity of those commissioned to conduct such audit. SIX Swiss Exchange may charge the costs of the audit to the member if the audit reveals a difference of more than 10 % between the number of chargeable users reported by the member and the actual number determined during the course of the audit. 8. Cession SIX Swiss Exchange cedes to SIX Exfeed Ltd. Switzerland, all rights and obligations in connection with this Directive.