SIX Swiss Exchange

The SIX Swiss Exchange, based in Zurich, is Switzerland's principal stock exchange. SIX Swiss also trades other securities, such as Swiss government bonds, and derivatives, such as stock options.

The main stock market index for the SIX Swiss Exchange is the SMI, the Swiss Market Index. The index consists of the 20 most significant equity securities based on free-float market capitalization.

Orders on SIX Swiss are submitted to the Central Limit Order Book (CLOB) and matched in price-time priority. For more information, see the Trading Guides page.

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Currency: Swiss Franc (CHF)

• Trading Hours
• Trading and Currency Holiday Calendar

• Limit Buy/Sell→ShortSell
• Limit-On-Close (LOC) Buy/Sell→ShortSell
• Market Buy/Sell→ShortSell
• Market-On-Close (MOC) Buy/Sell→ShortSell

• Lot Size: 100 shares.
• Tick Size: varies, as follows:

• Short Sale Rules: short selling is allowed. Naked short selling is prohibited.
• Circuit Breakers: continuous trading suspended for 5 minutes if the potential subsequent price differs by more than:
  • 1.5% from the current reference price
  • 1.5% from a reference price valid within 10 seconds (Avalanche stop)
    • In certain cases, the exchange may adjust these parameters on short notice
• Note: as part of pre-trade transparency requirements under the new MiFID II rule, Europe hidden or hidden portion of iceberg (e.g., CHIX-X Bats and Turquoise reserve/dark orders) order must be sent above the Large In Scale (LIS) thresholds as defined by the European Securities and Markets Authority (ESMA). For more information about the MiFID II rules, visit the ESMA official website at https://www.esma.europa.eu/.

For more information, see the Rule Book.

Opening is randomized to occur within 2 minutes of 9:00. The Open Auction can be delayed by 5–15 minutes if the theoretical opening price deviates sharply from the reference price, or if at the opening there are no quotes on the order book even though executable orders exist on both sides of the market. The same is done for the close.

The closing price is defined by the following auction mechanism:

• a) Using the principle of highest volume transacted, exchange prices must be determined such that the highest possible volume of shares will exchange hands
• b) After orders/quotes have been entered into the order book and matched, the exchange system determines the price that will maximize share turnover
• c) Before matching, orders and quotes on each side of the book are ordered in price-time priority.
  • Price Priority:
    • Buy: Market orders, followed by Limit orders and/or quotes (highest limit to lowest limit)
    • Sell: Market orders, followed by Limit orders and/or quotes (lowest limit to highest limit)
  • Then, time priority: oldest to newest

Auction Periods

1. Continuous Trading (09:00 - 17:20)

• No closing orders will be matched, all others will matched to the open market
• Orders may be entered, amended, and cancelled

2. Closing Auction (17:20 - 17:29:45)

• Closing orders may be entered, amended, and cancelled
• No orders will be matched

3. Close (17:30)

• Closing orders will be matched

Order Types: Limit, Market, and Market-on-Closes orders will be eligible to participate in the close.

For more information, see the Rule Book and On-order-book trading pages.

• The Local: Business Section
• Swiss Info: Business Section

• SIX Swiss Exchange Market Data

• Market Guides