World Stock Exchanges – Swiss SIXPosted: October 14, 2012
World Stock Exchanges – Swiss SIX
SIX Swiss Exchange
SIX Swiss Exchange (formerly SWX Swiss Exchange), based in Zurich, is Switzerland‘s principal stock exchange (the other being Berne eXchange). SIX Swiss Exchange 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 the free float market capitalisation.
SIX Swiss Exchange was the first stock exchange in the world to incorporate a fully automated trading, clearing and settlement system in 1995. The exchange is controlled by an association of 55 banks. Each of these banks have equal voting rights in the matter of decision making concerning the management and regulation of the exchange.
SIX Swiss Exchange is the joint owner of Eurex, the world’s largest futures and derivatives exchange along with their German partners Deutsche Börse. In July 2004 however SIX Swiss Exchange rejected a merger proposal from the German company, that analysts anticipated as profitable for many small companies listed on SIX Swiss Exchange.
The exchange has a blue-chip index as its principal stock market index. The Swiss Market Index (SMI) comprises a maximum of twenty of the largest and most liquid large and mid-cap SPI stocks.
- Replacement of floor trading systems at Geneva (est.1850), Basel (est.1866) and Zurich (est.1873) stock exchanges by fully automated system SWX (1995)
- World’s first fully automated trading, clearing and settlement system (est.1995)
- Since 2007 Deutsche Börse and SIX Swiss Exchange have operated the joint venture Scoach to provide a derivatives trading platform
- Purchased virt-x cross-border electronic exchange in 2002, which it later renamed SWX Europe.
- Was renamed SIX Swiss Exchange in 2008 
- Merged with SIS Group and Telekurs Group in 2008 to form SIX Group.
SIX Group as well as being a stock exchange provides a number of other services through separate subsidiaries, these include;
- SIX x-clear Ltd providing clearing and acts as the central counterparty for clearing trades.
- SIX SIS Ltd which provides securities settlement and custody services.
- SIX SAG Ltd providing share registry service.
- SIX Financial Information providing financial information services.
- SIX pay, multipay, card solutions providing payment services within Switzerland and Europe.
- SIX Swiss Interbank Clearing (SIC) providing interbank clearing or Real Time Gross Settlement on behalf of the central bank of Switzerland the Swiss National Bank. SIC became part of the SIX Group in 2008 as part of a merger of the financial market infrastructure providers in Switzerland.
The exchange’s normal trading sessions are from 09:00 to 17:30 on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.