directive 16 – six swiss exchange · chf swiss francs commitment levels discount bands relating...
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S e i t e
DDM
DDM
DDM
D i rect ive 16 – SIX Swiss Exchange
Fees Ausgabe 3.01, 01.01.2000
Version:
19.02.2010
Date of entry into force:
01.03.2010
Directive 16 – SIX Swiss Exchange Page i
Fees 01.03.2010
T A B L E O F C O N T E N T S
1. Purpose, scope and list of fees ...........................................................................................1 1.1 Purpose....................................................................................................................1 1.2 Scope.......................................................................................................................1 1.3 List of fees................................................................................................................1
2. Definitions ..........................................................................................................................2
3. Participation fees ................................................................................................................4 3.1 Admission fee, trading participant .............................................................................4 3.2 Admission fee, GCM (General Clearing Member).......................................................4 3.3 Annual participation fee, trading participant ...............................................................4 3.4 Annual participation fee, GCM (General Clearing Member) ........................................4
4. Access fee..........................................................................................................................5
5. Extraordinary fees ..............................................................................................................5 5.1 Extraordinary supervision fee ....................................................................................5 5.2 Extraordinary investigation fee ..................................................................................5
6. Issuing fee..........................................................................................................................5
7. On order book trading fees..................................................................................................6 7.1 Principle ...................................................................................................................6 7.2 Transaction fee.........................................................................................................6 7.3 Ad valorem fee .........................................................................................................6
8. Off order book trading fees .................................................................................................7 8.1 Principle ...................................................................................................................7 8.2 Transaction fee.........................................................................................................7 8.3 Ad valorem fee .........................................................................................................7
9. Capacity fees......................................................................................................................7 9.1 QPS capacity fee ......................................................................................................7 9.2 OPS capacity fee ......................................................................................................7
10. Payment dates / reimbursement of fees...............................................................................8 10.1 Payment dates..........................................................................................................8 10.2 Reimbursement of fees .............................................................................................8
Appendix 1: Swiss equity securities (shares) .................................................................................9
Appendix 2: Foreign equity securities (shares).............................................................................11
Appendix 3: Sponsored segment .................................................................................................13
Appendix 4: ETF / ETSF and other investment funds ...................................................................15
Appendix 5: CHF bonds ..............................................................................................................17
Appendix 6: International bonds ..................................................................................................19
Appendix 7: Access fee...............................................................................................................21
Appendix 8: Subscription rights ...................................................................................................26
Directive 16 – SIX Swiss Exchange Page 1
Fees 01.03.2010
1. PURPOSE, SCOPE AND LIST OF FEES
In accordance with section 1.22 of the General Conditions, SIX
Swiss Exchange Ltd ("SIX Swiss Exchange") charges fees for the
services it provides.
SIX Swiss Exchange may waive all or parts of fees, providing it
continues to treat all participants equally.
This Directive applies to all SIX Swiss Exchange stock exchange
participants ("participants") and to other persons who have
subjected themselves to the rules and regulations of SIX Swiss
Exchange.
In addition, for all third parties (e.g. Independent Software
Vendors), the appendix 7 applies.
This Directive governs the following fees:
Participation fees
- Admission fee
- Annual participation fee
Access fee
Extraordinary fees
- Supervision fee
- Investigation fee
Issuing fee
On-order book trading fees
- Transaction fee
- Ad valorem fee
Off-order book trading fees
- Transaction fee
- Ad valorem fee
Capacity fees
- QPS capacity fee
- OPS capacity fee
1.1 Purpose
1.2 Scope
1.3 List of fees
Directive 16 – SIX Swiss Exchange Page 2
Fees 01.03.2010
2. DEFINITIONS
Definition
Admission fee SIX Swiss Exchange charges new trading participants a one-off
non-recurring admission fee.
Ad valorem fee The ad valorem fee depends on transaction volume.
Aggressor Orders that execute against orders that are already in the order
book (ongoing trading).
ASP Application Service Provider
Auction execution An auction execution results when an order is executed during an
auction.
bp Basis points (1/100th of a percentage point)
CHF Swiss francs
Commitment levels Discount bands relating to the ad valorem fee; dependent on the
participant reaching a certain minimum monthly fee volume.
Access fee SIX Swiss Exchange charges each user an annual access fee to
use the SWXess trading platform. This differs depending on the
type of connectivity chosen and is payable irrespective of trading
activity.
Extraordinary
supervision fee
SIX Swiss Exchange charges a fee to participants if extraordinary
supervision is warranted.
Extraordinary
investigation fee
SIX Swiss Exchange charges a fee to participants if an
extraordinary investigation is warranted.
GCM General Clearing Member; performs the function as GCM for other
SIX Swiss Exchange trading participants that are themselves not
clearing members of a central counterparty recognised by SIX Swiss
Exchange.
ISP Infrastructure Service Provider (telecommunications)
Issuing fee SIX Swiss Exchange charges a fee on certain issues of securities
admitted to trading on SIX Swiss Exchange.
Market Maker Participant submitting buy and sell orders by way of quotes and
according to segment-specific requirements.
Directive 16 – SIX Swiss Exchange Page 3
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Minimum Activity
Charge (MAC)
The MAC represents the minimum monthly fee that will be charged
if the actual fee volume reached is less than this minimum.
Optical link Connection using optical fibre cables
Order An order to buy or sell a security. Orders entered via the CTI are to
be designated as CTI orders; those entered via the STI are to be
designated as STI orders.
OPS capacity fee Each participant can buy guaranteed trading capacity for defined
product segments, in the form of CTI orders per second (OPS). SIX
Swiss Exchange charges a fee for this.
Participant SIX Swiss Exchange stock exchange participant
Participation fee SIX Swiss Exchange charges each participant an annual
participation fee.
Poster Order which is entered into the order book but which does not
immediately execute (ongoing trading).
Proximity Service
Provider
Infrastructure Service Provider located close to the SIX Swiss
Exchange Data Centre
QPS capacity fee Each market maker can buy guaranteed trading capacity for
individual product segments, in the form of quotes per second
(QPS). SIX Swiss Exchange charges a fee for this.
Quote A quote is a limited order to buy or sell (one-sided quote) or a pair
of limited orders to buy or sell (two-sided quote). Quotes are given
by market makers in product segments that operate according to
the corresponding market model.
SIX Swiss Exchange SIX Swiss Exchange Ltd
SWX Europe SWX Europe Ltd
Trade The execution of part or of the whole quantity of an order.
Transaction 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 collated into a single transaction.
Transaction fee SIX Swiss Exchange charges a fee for all on-order book and off-
order book transactions. This fee is payable per transaction and
participant. The level of this fee depends on the product segment
concerned.
Directive 16 – SIX Swiss Exchange Page 4
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3. PARTICIPATION FEES
SIX Swiss Exchange charges each participant a one-off non-
recurring admission fee of CHF 20,000.
SIX Swiss Exchange may reduce or waive the non-recurring
admission fee if the participant is already an SWX Europe
participant.
The non-recurring admission fee payable to SIX Swiss Exchange
is CHF 5,000 per GCM.
SIX Swiss Exchange may reduce or waive the non-recurring
admission fee where:
the participant is a General Clearing Member of SWX
Europe or is admitted simultaneously to membership of
SWX Europe; or
the GCM is already a SIX Swiss Exchange trading
participant.
Participants must remit the non-recurring admission fee before
starting to trade on SIX Swiss Exchange.
No full or partial reimbursements of the non-recurring admission
fee will be made.
SIX Swiss Exchange charges each participant a recurring annual
participation fee of CHF 20,000.
SIX Swiss Exchange may reduce or waive the annual
participation fee if the participant is simultaneously admitted to
trading on SWX Europe.
The annual fee amounts to CHF 5,000 per GCM.
SIX Swiss Exchange may reduce or waive the annual fee where:
the participant is a General Clearing Member of SWX
Europe or is admitted simultaneously to membership of
SWX Europe; or
the GCM is already a SIX Swiss Exchange trading
participant.
3.1 Admission fee,
trading participant
3.2 Admission fee, GCM
(General Clearing
Member)
3.3 Annual participation
fee, trading
participant
3.4 Annual participation
fee, GCM (General
Clearing Member)
Directive 16 – SIX Swiss Exchange Page 5
Fees 01.03.2010
4. ACCESS FEE
SIX Swiss Exchange charges each user a recurring access fee to
use the SWXess trading platform. This fee is charged for each
connection to SIX Swiss Exchange, irrespective of the number of
participants that access the platform via that connection.
The applicable rates are laid down in the Appendix to this
Directive.
5. EXTRAORDINARY FEES
SIX Swiss Exchange charges a fee to participants if extraordinary
supervision is deemed necessary. This fee is determined by the
complexity of the supervision task and the time involved. It is
subject to a minimum charge of CHF 1,000.
SIX Swiss Exchange charges a fee to participants if an
extraordinary investigation is deemed necessary. This fee is
determined by the complexity of the investigation and the time
involved. It is subject to a minimum charge of CHF 1,000.
6. ISSUING FEE
SIX Swiss Exchange charges a fee for certain issues of securities
admitted to trading on SIX Swiss Exchange. The following
domestic (Swiss) issues are subject to this fee:
a. Underwriting of Swiss bonds: the fee is payable by the
securities dealer that underwrites the security upon issue
(lead manager, syndicate head).
b. Placement of Swiss bonds which are not underwritten
(direct placement on a commission basis): the fee is
payable by the securities dealer that handles the
placement.
Issues outside Switzerland are exempt from this fee.
The fee is not levied on:
a. the assignment and underwriting of sub participations
b. allotments to subscribers
c. the issue of banks' medium-term notes
5.1 Extraordinary
supervision fee
5.2 Extraordinary
investigation fee
Directive 16 – SIX Swiss Exchange Page 6
Fees 01.03.2010
d. the issue of federal, cantonal or municipal medium-term
notes
e. the issue of Swiss Investment fund units
f. the issue of bonds from non-Swiss issuers.
The fee is levied on the nominal value of the issue and amounts
to 10 centimes per CHF 1,000 nominal value.
7. ON ORDER BOOK TRADING FEES
SIX Swiss Exchange charges a fee for all on-order book
transactions. This includes the reporting fee and is payable per
transaction and participant. The fee is defined individually for
each product segment. The applicable rates are laid down in the
Appendix to this Directive.
The fee comprises a transaction fee and an ad valorem fee.
The transaction fee is a fixed charge.
The ad valorem fee depends on transaction volume. It is
determined in terms of basis points and has both a set minimum
(floor) and a set maximum (cap).
The ad valorem fee is determined by the type of the (partial)
execution.
It may differ (a) for orders which are executed from the order
book (posters), (b) for orders executed instantly against orders in
the order book (aggressors) and (c) for orders executed during
an auction (auction execution).
SIX Swiss Exchange may offer participants a choice of
alternative rates for individual product segments (e.g. a standard
rate for both posters and aggressors).
SIX Swiss Exchange may institute rate bands for the ad valorem
fee in individual product segments. Where several rate bands are
defined, the participant selects the rate band. Participants are
subject to the following rules:
If a participant chooses a rate other than the standard band in
order to benefit from lower rates, it undertakes to comply with
certain criteria “commitment levels”.
The commitment levels in question are essentially minimum fee
volumes which are defined monthly.
If the participant does not achieve the monthly minimum fee
volume for the chosen commitment level, it must pay a minimum
activity charge (MAC).
7.1 Principle
7.2 Transaction fee
7.3 Ad valorem fee
Directive 16 – SIX Swiss Exchange Page 7
Fees 01.03.2010
The MAC represents the difference between the commitment
level and the eligible fee volume actually generated. Eligible for
inclusion within the minimum fee volume are all fees under
sections 7 and 8 of this Directive which accrue in the same
product segment. The MAC is charged on a monthly basis.
Participants may change the rate band with effect from 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.
8. OFF ORDER BOOK TRADING FEES
SIX Swiss Exchange charges a fee for all off-order book trades
that are reported to it. This includes the reporting fee and is
payable per trade and participant. The fee is defined individually
for each product segment. The applicable rates are laid down in
the Appendix to this Directive.
This fee is the same for all participants. It comprises a
transaction fee and an ad valorem fee.
The transaction fee is a fixed charge.
The ad valorem fee depends on transaction volume. It is
determined in terms of basis points and has both a set minimum
(floor) and a set maximum (cap).
9. CAPACITY FEES
All SIX Swiss Exchange capacity fees listed below and in the
appendices are exclusive of value-added tax.
SIX Swiss Exchange provides dedicated trading capacity in the
form of quotes (quotes per second, QPS) for individual product
segments.
SIX Swiss Exchange may allocate QPS to participants in return
for a fee. Allocation is on a monthly basis.
The QPS capacity fee is defined individually for each product
segment. The applicable allocation models and rates are laid
down in the Appendix to this Directive.
SIX Swiss Exchange provides dedicated trading capacity in the
form of orders (CTI orders per second, OPS) for individual
product segments.
8.1 Principle
8.2 Transaction fee
8.3 Ad valorem fee
9.1 QPS capacity fee
9.2 OPS capacity fee
Directive 16 – SIX Swiss Exchange Page 8
Fees 01.03.2010
SIX Swiss Exchange may allocate OPS to participants in return
for a fee. Allocation is on a monthly basis.
The applicable allocation models and rates are laid down in the
Appendix to this Directive.
10. PAYMENT DATES / REIMBURSEMENT OF FEES
Unless otherwise agreed, SIX Swiss Exchange invoices must be
paid within 30 days of issue.
Interest in arrears of 10% p.a. may be charged on payments
received late.
Any claim for the reimbursement of fees must be lodged within
six months of the invoice date. Entitlement to reimbursement will
lapse at the end of this period.
The claim for reimbursement must be supported by confirmation
from the participant's auditors.
***
Decision of the Management Committee of 19 February 2010. In
effect since 1 March 2010.
10.1 Payment dates
10.2 Reimbursement of
fees
Directive 16 – SIX Swiss Exchange Page 9
Fees 01.03.2010
APPENDIX 1: SWISS EQUITY SECURITIES (SHARES)
Equity securities issued by an issuer domiciled in Switzerland or
equity securities with a primary listing on SIX Swiss Exchange.
A1-1. On order book trading fees
The transaction fee is CHF 1.00.
A1-1.2 Standard tariff
A1-1.2.1
Asymmetrical: Floor Rate Cap
a) Poster CHF 0.00 0.00 bp CHF 0.--
b) Aggressor CHF 0.50 0.55 bp CHF 55.--
c) Auction Execution CHF 0.50 0.65 bp CHF 65.--
Commitment No commitment required
Alternative fee structure:
A1-1.2.2
Balanced: Floor Rate Cap
a) Poster&Aggressor CHF 0.50 0.29 bp CHF 29.--
b) Auction Execution CHF 0.50 0.65 bp CHF 65.--
Commitment No commitment required
A1-2. Off order book trading fees
The transaction fee is CHF 1.00.
A1-2.2.1
Uniform Tariff: Floor Rate Cap
Report CHF 0.50 0.25 bp CHF 25.--
A1-1.1 Transaction fee
A1-1.2 Ad valorem fee
A1-2.1 Transaction fee
A1-2.2 Ad valorem fee
Directive 16 – SIX Swiss Exchange Page 10
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A1-3. Capacity fees
Not applicable.
Capacity in CTI orders (OPS) is allocated jointly for all SIX
Swiss Exchange and SWX Europe equity, warrant and
investment fund segments of SIX Swiss Exchange.
Each SIX Swiss Exchange and SWX Europe participant
receives a certain number of OPS to use at their discretion.
This number depends on the nature of stock exchange
membership and the SWX Europe Tariff Commitment Level and
is described in Appendix A7-5.2.
A1-3.1 QPS capacity fee
A1-3.2 OPS capacity fee
Directive 16 – SIX Swiss Exchange Page 11
Fees 01.03.2010
APPENDIX 2: FOREIGN EQUITY SECURITIES (SHARES)
Equity securities issued by issuers domiciled abroad and without
a primary listing on SIX Swiss Exchange.
A2-1. On order book trading fees
The transaction fee is CHF 1.00.
A2-1.2.1 Standard tariff
A2-1.2.1.1
Asymmetrical: Floor Rate Cap
a) Poster CHF 0.00 0.00 bp CHF 0.--
b) Aggressor CHF 0.50 0.65 bp CHF 65.--
c) Auction Execution CHF 0.50 0.75 bp CHF 75.--
Commitment No commitment required
Alternative fee structure:
A2-1.2.1.2
Balanced: Floor Rate Cap
a) Poster&Aggressor CHF 0.50 0.54 bp CHF 54.--
b) Auction Execution CHF 0.50 0.75 bp CHF 75.--
Commitment No commitment required
A2-2. Off order book trading fees
The transaction fee is CHF 1.00.
A2-2.2.1
Uniform Tariff: Floor Rate Cap
Report CHF 0.50 0.25 bp CHF 25.--
A2-3. Capacity fees
Not applicable.
Capacity in CTI orders (OPS) is allocated jointly for all SIX
Swiss Exchange and SWX Europe equity, warrant and
investment fund segments.
Each SIX Swiss Exchange and SWX Europe participant shall
receive a certain amount of available OPS. This number
depends on the nature of stock exchange membership and the
A2-1.1 Transaction fee
A2-1.2 Ad valorem fee
A2-2.1 Transaction fee
A2-2.2 Ad valorem fee
A2-3.1 QPS capacity fee
A2-3.2 OPS capacity fee
Directive 16 – SIX Swiss Exchange Page 12
Fees 01.03.2010
SWX Europe Tariff Commitment Level and is described in
Appendix A7-5.2.
Directive 16 – SIX Swiss Exchange Page 13
Fees 01.03.2010
APPENDIX 3: SPONSORED SEGMENT
Equity securities of domestic and foreign issuers that have a
primary listing on a stock exchange officially recognised by SIX
Swiss Exchange. This does not include equity securities with a
primary or secondary listing on SIX Swiss Exchange that were
issued by a domestic or foreign issuer or investment-fund units or
similar equity securities of collective capital investments (e.g.
Exchange Traded Funds, ETFs).
A3-1. On order book trading fees
The transaction fee is CHF 1.00.
A3-1.2.1 Standard tariff
A3-1.2.1.1
Asymmetrical: Floor Rate Cap
a) Poster CHF 0.00 0.00 bp CHF 0.--
b) Aggressor CHF 0.50 0.65 bp CHF 65.--
c) Auction Execution CHF 0.50 0.75 bp CHF 75.--
Commitment No Commitment required
Alternative fee structure:
A3-1.2.1.2
Balanced: Floor Rate Cap
a) Poster&Aggressor CHF 0.50 0.54 bp CHF 54.--
b) Auction Execution CHF 0.50 0.75 bp CHF 75.--
Commitment No commitment required
A3-2. Off order book trading fees
The transaction fee is CHF 1.00.
A3-2.2.1
Uniform Tariff: Floor Rate Cap
Report CHF 0.50 0.25 bp CHF 25.--
A3-3. Capacity fees
Each sponsor is allotted a number of QPS free of charge for
those equity securities for which it has assumed market-making
obligations. It may increase its QPS capacity, up to a certain
maximum, for a fee of CHF 500 per QPS per month.
A3-1.1 Transaction fee
A3-1.2 Ad valorem fee
A3-2.1 Transaction fee
A3-2.2 Ad valorem fee
A3-3.1 QPS capacity fee
Directive 16 – SIX Swiss Exchange Page 14
Fees 01.03.2010
Number of
instruments
with market-
making
obligations
QPS free of
charge
Additional
QPS subject
to a fee Maximum
a) 1-100 1 QPS for
every 10
instruments
2 QPS 1 QPS for
every 10
instruments
+ 2 QPS
b) >100 1 QPS for
ever 10
instruments
4 QPS 1 QPS for
every 10
instruments
+ 4 QPS
Capacity in CTI orders (OPS) is allocated jointly for all SIX Swiss
Exchange and SWX Europe equity, warrant and investment fund
segments.
Each SIX Swiss Exchange and SWX Europe participant receives
a certain number of available OPS to use at their discretion. This
number depends on the nature of stock exchange membership
and the SWX Europe Tariff Commitment Level and is described
in Appendix A7-5.2.
A3-3.2 OPS capacity fee
Directive 16 – SIX Swiss Exchange Page 15
Fees 01.03.2010
APPENDIX 4: ETF / ETSF AND OTHER INVESTMENT FUNDS
Tradable units in collective capital investments, i.e. in investment
and individual funds, Exchange Traded Funds (ETFs), Exchange
Traded Structured Funds (ETSFs) and investment companies
with variable capital (Société d’investissement à capitale variable
(SICAV).
A4-1. On order book trading fees
A4-1.1 Standard tariff The standard tariff applies to all trades resulting from orders.
The transaction fee is CHF 1.50.
A4-1.1.2.1
Floor Rate Cap
a) Poster CHF 0.50 1.50 bp CHF 150.--
b) Aggressor CHF 0.50 1.50 bp CHF 150.--
c) Auction Execution CHF 0.50 1.50 bp CHF 150.--
Commitment No commitment required
A4-1.2 Market maker tariff The market maker tariff applies to all trades resulting from
quotes.
The transaction fee is CHF 1.50.
A4-1.2..1
Floor Rate Cap
a) Poster CHF 0.00 CHF 0.00 CHF 0.00
b) Aggressor CHF 0.00 CHF 0.00 CHF 0.00
c) Auction Execution CHF 0.00 CHF 0.00 CHF 0.00
Commitment No commitment required
A4-1.1.1 Transaction fee
A4-1.1.2 Ad valorem fee
A4-1.2.1 Transaction fee
A4-1.2.2 Ad valorem fee
Directive 16 – SIX Swiss Exchange Page 16
Fees 01.03.2010
A4-2. Off order book trading fees
The transaction fee is CHF 1.50.
A4-2.2.1
Uniform Tariff: Floor Rate Cap
Report CHF 0.50 0.25 bp CHF 25.--
A4-3. Capacity fees
Each market maker receives a number of QPS free of charge for
those ETF and ETSF for which it has assumed market-making
obligations. It may increase its QPS capacity for a fee of
CHF 500 per QPS per month. SIX Swiss Exchange reserves the
right to introduce an upper limit for QPS per market maker.
Number of ETF/ETSF with
market-making obligations
QPS free of charge per
product
a) 1-10 0.5 QPS
b) 11-30 0.8 QPS
c) 31-60 1.0 QPS
d) > 60 1.2 QPS
The QPS capacity that is allotted may be used for market making
in ETF/ETSF only.
Not applicable.
Market makers in ETFs can convert QPS capacity into OPS
capacity on a one-to-one basis. This capacity may only be used
for market making in ETFs/ETSFs.
Capacity in CTI Orders (OPS) shall be jointly allocated in all
equity segments and the investment fund segment.
Each participant will receive a certain number of freely available
OPS. The precise amount depends on the Tariff Commitment
Level and is described in Appendix A7-5.2.
A4-2.1 Transaction fee
A4-2.2 Ad valorem fee
A4-3.1 QPS capacity fee
A4-3.2 OPS capacity fee
A4-3.2.1 ETFs/ETSFs
A4-3.2.2 Other investment funds
Directive 16 – SIX Swiss Exchange Page 17
Fees 01.03.2010
APPENDIX 5: CHF BONDS
Listed Swiss-franc-denominated bonds regardless of the domicile
of the issuer.
A5-1. On order book trading fees
A5-1.1 Standard tariff
The standard tariff applies to all trades resulting from orders.
The transaction fee is CHF 1.50.
A5-1.1.2.1
Floor Rate Cap
a) Poster CHF 2.00 1.00 bp CHF 100.--
b) Aggressor CHF 2.00 1.00 bp CHF 100.--
c) Auction Execution CHF 2.00 1.00 bp CHF 100.--
Commitment No commitment required
A5-1.2 Market maker tariff The market maker tariff applies to all trades resulting from
quotes.
The transaction fee is CHF 1.50.
A5-1.2.2.1
Floor Rate Cap
a) Poster CHF 0.00 CHF 0.00 CHF 0.00
b) Aggressor CHF 0.00 CHF 0.00 CHF 0.00
c) Auction Execution CHF 0.00 CHF 0.00 CHF 0.00
Commitment No commitment required
A5-2. Off order book trading fees
The transaction fee is CHF 1.50.
A5-1.1.1 Transaction fee
A5-1.1.2 Ad valorem fee
A5-1.2.1 Transaction fee
A5-1.2.2 Ad valorem fee
A5-2.1 Transaction fee
Directive 16 – SIX Swiss Exchange Page 18
Fees 01.03.2010
A5-2.2.1
Uniform Tariff: Floor Rate Cap
Report CHF 2.00 0.50 bp CHF 150.--
A5-3. Capacity fees
Each market maker authorised to quote will receive five free
quotes per second (QPS) from SIX Swiss Exchange.
For a monthly fee of CHF 500 per QPS, each market maker may
increase its QPS capacity. SIX Swiss Exchange reserves the
right to introduce an upper limit for QPS per market maker.
The QPS capacity fee is charged on a monthly basis.
Not applicable.
A5-2.2 Ad valorem fee
A5-3.1 QPS capacity fee
A5-3.2 OPS capacity fee
Directive 16 – SIX Swiss Exchange Page 19
Fees 01.03.2010
APPENDIX 6: INTERNATIONAL BONDS
Bonds that have been issued by foreign issuers and are
denominated in a foreign currency and admitted to trading on SIX
Swiss Exchange. International Bonds are not bonds that are
denominated in Swiss francs or bonds that are issued by issuers
who are domiciled in Switzerland.
A6-1. On-order book trading fees
A6-1.1 Standard tariff The standard tariff applies to all trades resulting from orders.
The transaction fee is CHF 5.00.
No fee defined.
A6-1.2 Market maker tariff The market maker tariff applies to all trades resulting from
quotes.
The transaction fee is CHF 1.50.
No fee defined.
A6-2. Off-order book trading fees
The transaction fee is CHF 1.50.
No fee defined.
A6-1.1.1 Transaction fee
A6-1.1.2 Ad valorem fee
A6-1.2.1 Transaction fee
A6-1.2.2 Ad valorem fee
A6-2.1 Transaction fee
A6-2.2 Ad valorem fee
Directive 16 – SIX Swiss Exchange Page 20
Fees 01.03.2010
A6-3. Capacity fees
Each market maker authorised to quote will receive five free
quotes per second (QPS) from SIX Swiss Exchange.
For a monthly fee of CHF 500 per QPS, each market maker may
increase its QPS capacity. SIX Swiss Exchange reserves the
right to introduce an upper limit for QPS per market maker.
The QPS capacity fee is charged on a monthly basis.
Not applicable.
A6-3.1 QPS capacity fee
A6-3.2 OPS capacity fee
Directive 16 – SIX Swiss Exchange Page 21
Fees 01.03.2010
APPENDIX 7: ACCESS FEE
A7-1. Direct participant, ASP and ISV connection
The annual access fee for participants, Application Service
Providers (ASPs) and Independent Software Vendors (ISVs) with
a direct connection to the SIX Swiss Exchange stock exchange
network (SCAP) is determined by the connectivity option that is
chosen and applies to each data line. The fee does not include
the cost of the external data line from the participant to the SIX
Swiss Exchange SCAP network, which must be assumed by the
participant. The applicable fees are given in the following table:
Connectivity
Option
Bandwidth Access Fee p.a.
(CHF incl. VAT)
Internet 64 Kbps free of charge
Internet 128 Kbps 3,750
Internet 256 Kbps 7,500
Managed IP service up to 2 Mbps 8,000
Managed IP service up to 4 Mbps 12,000
Managed IP service up to 10 Mbps 18,000
Managed IP service up to 30 Mbps 36,000
Ethernet service up to 4 Mbps 12,000
Ethernet service up to 10 Mbps 18,000
Ethernet service up to 30 Mbps 36,000
Optical link up to 50 Mbps 45,000*
Optical link up to 100 Mbps 60,000*
* plus one-off SIX Swiss Exchange internal installation costs, e.g. for technical
connection, routing, configuration etc. – charged on a time-spent basis
The access fees listed above include connection to the interfaces
listed under Section A7-5. Additional connections to SIX Swiss
Exchange interfaces will be billed separately (see Section A7-5
below).
Participants may access SIX Swiss Exchange and Scoach
Switzerland Ltd via a single connection.
Directive 16 – SIX Swiss Exchange Page 22
Fees 01.03.2010
The notice period for cancelling an optical link connection is three
months to the end of a quarter. The notice period for cancelling
the other connection options is one month to the end of a
calendar month.
A7-2. Participant connection via an ASP
Participants with a connection via an ASP are not charged an
annual access fee.
A7-3. Connection of Proximity Service Providers
The annual access fee for Proximity Service Providers with a
direct connection to the SIX Swiss Exchange network (SCAP) is
determined by the chosen bandwidth and applies to each data
line. The fee does not include the cost of the external data line
from the Proximity Service Provider to the SIX Swiss Exchange
SCAP network. The applicable fees are given in the following
table:
Connectivity Option Bandwidth Access Fee p.a.
(CHF incl. VAT)
up to 50 Mbps 55’000 *
up to 100 Mbps 70’000*
up to 150 Mbps 85’000*
Proximity Service
up to 200 Mbps 100’000*
* plus one-off SIX Swiss Exchange internal installation costs, e.g. for technical
connection, routing, configuration etc. – charged on a time-spent basis
The access fees listed above include connection to the interfaces
listed under Section A7-5. Additional connections to SIX Swiss
Exchange interfaces will be billed separately (see Section A7-5
below).
Proximity Service Providers may access SIX Swiss Exchange
and Scoach Switzerland Ltd via a single connection.
The notice period for cancelling a connection is three months to
the end of a quarter.
A7-4. Connection of ISPs
The access fee for ISPs comprises both one-off and recurring fee
components.
The one-off access fee for ISPs is made up of a fixed charge of
CHF 9,500 plus a charge for time spent at CHF 200 per hour.
A7-4.1 One-off access fee
Directive 16 – SIX Swiss Exchange Page 23
Fees 01.03.2010
The recurring fees for ISPs depend on the number of participants
connected via the ISP in question:
The monthly access fee for ISPs connecting up to ten
participants is CHF 2,800, regardless of whether the ISP
connects to SIX Swiss Exchange using one or two data
lines.
There is no access fee for ISPs connecting eleven or more
participants.
The notice period for cancelling a connection is three months to
the end of a quarter.
A7-5. Trading and market data interfaces
Standard Trading Interface (STI)
The annual access fee includes standard connection to the
Standard Trading Interface, as well as a number of free FIX
connections and Party IDs.
The number of free FIX connections is governed by the Tariff
Commitment Level and by connection status with the Capacity
Trading Interface (CTI).
Membership Free FIX connections for participants with CTI connection
Free FIX connections for participants with no CTI connection
Participant on SIX Swiss Exchange, SWX Europe, or on both exchanges, without a tariff commitment level
3 free FIX connections
1 free FIX connection
Participant on SWX Europe with Tariff Commitment Level 1
6 free FIX connections
2 free FIX connections
Participant on SWX Europe with Tariff Commitment Level 2
12 free FIX connections
3 free FIX connections
An application must be submitted to SIX Swiss Exchange for
each additional FIX connection and Party ID.
SIX Swiss Exchange charges an additional fee of CHF 25,000 for
each approved FIX connection beyond the free allocation.
A7-4.2 Recurring access
fee
A7-5.1 STI
Directive 16 – SIX Swiss Exchange Page 24
Fees 01.03.2010
Depending on their tariff commitment level, each participant is
allocated the following number of free FIX transactions per
second by SIX Swiss Exchange.
Membership Cost-free FIX transactions
per second (FOPS)
Participant on SIX Swiss
Exchange, SWX Europe, or on
both exchanges, without a tariff
commitment level
10
Participant on SWX Europe
with Tariff Commitment Level 1
30
Participant on SWX Europe with
Tariff Commitment Level 2
50
For a monthly fee of CHF 1’000 per FOPS, each participant may
increase its FOPS capacity. SIX Swiss Exchange reserves the
right to introduce an upper limit for FOPS per participant.
Capacity Trading Interface (CTI)
Use of the CTI is included in the access fee for the Standard
Trading Interface.
Each participant is allocated free OPS by SIX Swiss Exchange.
Membership Cost-free OPS
Participant on SIX Swiss Exchange, SWX Europe, or on both exchanges
40
Participant on SWX Europe with Tariff Commitment Level 1
100
Participant on SWX Europe with Tariff Commitment Level 2
160
For a monthly fee of CHF 1’000 per package of 20 OPS, each
participant may increase its OPS capacity. SIX Swiss Exchange
reserves the right to introduce an upper limit for OPS per
participant.
A7-6. Common Terms
In the event of a change in the connectivity option or location, the
participant (or the ASP, ISP, or Proximity Service Provider) will
be invoiced for the work done on a time-spent basis at CHF 200,
A7-5.2 CTI
Directive 16 – SIX Swiss Exchange Page 25
Fees 01.03.2010
subject to a minimum charge of CHF 2,500 per pair of data lines.
These charges are exclusive of value-added tax.
In this regard, the cancellation of an existing connection which was
preceded by a new connection during the past three months
constitutes a change in the connection and is thus also subject to the
charges quoted above.
Directive 16 – SIX Swiss Exchange Page 26
Fees 01.03.2010
APPENDIX 8: 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.
A8-1. On order book trading fees
The transaction fee amounts to CHF 0.10.
A8-1.2.1
Uniform tariff: Floor Scale Cap
a) Poster -- 0.65 bp --
b) Aggressor -- 0.65 bp --
c) Auction execution -- 0.65 bp --
Commitment No commitment required
A8-2. Off order book trading fees
The transaction fee amounts to CHF 0.10.
A8-2.2.1
Uniform tariff: Floor Scale Cap
Reporting -- 0.25 bp --
A8-3. Capacity fee
Capacity for CTI orders (OPS) shall be allocated jointly for all
equity, warrant and investment fund segments.
Each participant will receive a certain number of available OPS
(depending on the participant’s Tariff Commitment Level) as
described in Appendix A7-5.2.
A8-1.1 Transaction fee
A8-1-2 “Ad valorem” fee
A8-2.1 Transaction fee
A8-2.2 “Ad valorem” fee
A8-3.1 OPS capacity fee