List of Charges under the Trading Rules
(LOC-TR)
List of Charges under the Trading Rules 10/06/2024
List of Charges under the Trading Rules SIX Swiss Exchange AG
dated 9 September 2024 Entry into force: 1 January 2025
SIX Swiss Exchange AG
List of Charges under the Trading Rules 01/01/2025
1 Blue Chip Shares (Annex A); and
2 Secondary Listing Shares (Annex E); and
3 Sponsored Foreign Shares (Annex F); and
b) all fees according to Clause 8 of this List of Charges under the Trading Rules for on-exchange trading without pre-trade transparency in SwissAtMid in the trading segment Blue Chip Shares (Annex O); and c) all fees according to Clause 9 of this List of Charges under the Trading Rules for on-exchange, hybrid trading in Swiss EBBO in the trading segment Blue Chip Shares (Annex P), as well as d) all fees according to Clause 11 of this List of Charges under the Trading Rules for on-exchange off-order-book trading which are incurred in the following trading segments:
1 Blue Chip Shares (Annex A); and
2 Secondary Listing Shares (Annex E); and
3. Sponsored Foreign Shares (Annex F).
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5 Changes of rate band are possible with effect from the beginning of any given month. They must be notified to the Exchange in writing using the corresponding notification form at least three calendar days in advance.
7.4.4 All-in
1 The choice of the all-in tariff does not oblige the participant to observe certain criteria. 2 Changes of rate band are possible with effect from the beginning of any given month. They must be notified to the Exchange in writing using the corresponding notification form at least three calendar days in advance.
7.4.5 LPS CLOB 1 The LPS CLOB tariff is applicable if the participant undertakes to observe certain criteria and if they fulfil the requirements for the tariff on an accumulative basis monthly. 2 The LPS CLOB tariff includes on-exchange, on-order-book trades a) in trading segments defined by the Exchange; b) under a single or multiple nominated participant identifications (Party IDs); and c) which are flagged as proprietary transaction (trading in own name and for own account). 3 The tariff models of this List of Charges under the Trading Rules chosen by the participant apply for other trades. 4 The requirements for the applicability of the LPS CLOB tariff are laid down in the corresponding Annex A to this List of Charges under the Trading Rules. 5 The standard tariff, chosen commitment level tariff or all-in tariff is applicable on a subsidiary basis if the participant fails to fulfil the requirements of the LPS CLOB tariff. This does not apply to partial fulfilments and partial fulfilment for new LPS CLOB participants. This para. 5 applies mutatis mutandis to the assessment of free FIX connections according to Clause 8.1 in Annex R and the free FIX transactions per second (FTPS) according to Clause 1 and free OUCH transactions per second (OTPS) according to Clause 2 in Annex S of this List of Charges under the Trading Rules. 6 No minimum activity charge (MAC) is levied if the participant has only executed on-exchange, on-orderbook trades which qualify for the LPS CLOB tariff in accordance with this Clause 7.4.5 para. 2, and has chosen a commitment level tariff that is subsidiary to the LPS CLOB tariff. Clause 7.4.3 applies to other trades. 7 The Exchange rules out the applicability of the LPS CLOB tariff for the duration of at least one month if the participant breaches the provisions of this Clause 7.4.5, in particular if it flags orders as client transactions (trading in own name but for the account of the client) under the nominated participant identifications (Party IDs). 8 Changes of rate band are possible with effect from the beginning of any given month. They must be notified to the Exchange in writing using the corresponding notification form at least three calendar days in advance. 9
A participant (Sponsoring Participant) may request the applicability of the LPS CLOB tariff for a Sponsored User to whom it has granted Sponsored Access to the Exchange in accordance with Directive 7: Sponsored Access. The provisions governing the applicability of the LPS CLOB tariff in this Clause 7.4.5 paras. 1 to 7 apply mutatis mutandis to Sponsoring Participants and Sponsored Users, in particular a) para. 2 lit. c) of this Clause 7.4.5 for Sponsored Users refers to trades flagged as client transactions (trading in own name but for the account of the client) in accordance with Clause 7 para. 1 Directive 7: Sponsored Access; and
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b) para. 7 of this Clause 7.4.5 does not apply to Sponsored Users.
8 Fees for on-exchange trading without pre-trade transparency
8.1 Principle
1 The Exchange levies a fee on all trades that are conducted on-exchange without pre-trade transparency. This is payable per trade and participant. 2 For orders with Routing Instructions “SWMX”, “SWMB” and “SEB”, the Exchange charges the fee according to whether the trade was executed on-exchange, on-order-book, on-exchange without pre-trade transparency or on-exchange, hybrid trading. 3 For Retail orders, the Exchange charges the fee according to the order type and whether the trade was executed on-exchange, on-order-book, on-exchange without pre-trade transparency or on-exchange, hybrid trading. 4 The fee is defined individually for each trading service and trading segment. The applicable rates are set out in the relevant Annex O to this List of Charges under the Trading Rules. 5 The fee comprises a transaction fee and an ad valorem fee.
8.2 Transaction fee
1 The transaction fee is a fixed charge. 2 For an order executed on the same day in several tranches, the transaction fee is due pro rata for every individual tranche. 3 The Exchange may institute rate bands for the transaction fee in individual trading segments.
8.3 Ad valorem fee
1 The ad valorem fee depends on the trade's transaction volume. It is determined in terms of basis points and has both a set minimum (floor) and a set maximum (cap). 2 The ad valorem fee is determined by the type of the (partial) execution. Its amount may differ a) for orders which rest in the order book (“Resting Orders”); b) for orders that are immediately executed and removed from the order book (“Immediate Orders”); and c) for Block orders. 3 The Exchange may offer alternative rates for individual trading segments. 4 The Exchange may offer various rate bands for the ad valorem fee. The various rate bands may also be based on the participant's choice of tariff for on-exchange, on-order-book trading in accordance with Clause 7. 5 The Exchange may institute rate bands for the ad valorem fee in individual trading segments.
8.4 Rate bands
Where several rate bands are defined, participants are subject to the following rules:
8.4.1 Standard
The standard tariff is applicable for participants that have not chosen a tariff.
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8.4.2 Newly admitted participants
The provisions of Clause 7.4.2 apply.
8.4.3 Commitment levels
The provisions of Clause 7.4.3 apply.
8.4.4 All-in
The provisions of Clause 7.4.4 apply.
8.4.5 LPS SwissAtMid
1 The LPS SwissAtMid tariff is applicable if the participant undertakes to observe certain criteria and if they fulfil the requirements for the tariff on an accumulative basis monthly. 2 The LPS SwissAtMid tariff includes on-exchange trades without pre-trade transparency in SwissAtMid a) in trading segments defined by the Exchange; b) under a single or multiple nominated participant identifications (Party IDs); and c) which are flagged as proprietary transaction (trading in own name and for own account). 3 The tariff models of this List of Charges under the Trading Rules chosen by the participant apply for other on-exchange trades without pre-trade transparency. 4 The requirements for the applicability of the LPS SwissAtMid tariff are laid down in Annex O to this List of Charges under the Trading Rules. 5 The standard tariff, chosen commitment level tariff or all-in tariff is applicable on a subsidiary basis if the participant fails to fulfil the requirements of the LPS SwissAtMid tariff. This does not apply to partial fulfilments. 6 No minimum activity charge (MAC) is levied if the participant has only executed trades without pre-trade transparency in SwissAtMid which qualify for the LPS SwissAtMid tariff in accordance with this Clause 8.4.5 para. 2, and has chosen a commitment level tariff that applies on a subsidiary basis to on-order-book trading. Clause 8.4.3 applies to other trades. 7 The Exchange rules out the applicability of the LPS SwissAtMid tariff for the duration of at least one month if the participant breaches the provisions of this Clause 8.4.5, in particular if it flags orders as client orders (trading in own name but for the account of the client) under the nominated participant identifications (Party IDs). 8 Changes of rate band are possible with effect from the beginning of any given month. They must be notified to the Exchange in writing using the corresponding notification form at least three calendar days in advance. 9 A participant (Sponsoring Participant) may request the applicability of the LPS SwissAtMid tariff for a Sponsored User to whom it has granted Sponsored Access to the Exchange in accordance with Directive 7: Sponsored Access. The provisions governing the applicability of the LPS SwissAtMid tariff in this Clause 8.4.5 paras. 1 to 7 apply mutatis mutandis to Sponsoring Participants and Sponsored Users, in particular
a) para. 2 lit. c) of this Clause 8.4.5 for Sponsored Users refers to trades flagged as client transactions (trading in own name but for the account of the client) in accordance with Clause 7 para. 1 Directive 7: Sponsored Access; and b) para. 7 of this Clause 8.4.5 does not apply to Sponsored Users.
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9 Fees for on-exchange, hybrid trading
9.1 Principle
1 The Exchange levies a fee on all on-exchange, hybrid trades. This is payable per trade and participant. 2 For orders with Routing Instruction “SEB”, the Exchange charges the fee according to whether the trade was executed on-exchange, on-order-book, on-exchange without pre-trade transparency or on-exchange, hybrid trading. 3 For Retail orders, the Exchange charges the fee according to the order type and whether the trade was executed on-exchange, on-order-book, on-exchange without pre-trade transparency or on-exchange, hybrid trading. 4 The fee is defined individually for each trading service and trading segment. The applicable rates are set out in the relevant Annex P to this List of Charges under the Trading Rules. 5 The fee comprises a transaction fee and an ad valorem fee.
9.2 Transaction fee
1 The transaction fee is a fixed charge. 2 For an order executed on the same day in several tranches, the transaction fee is due pro rata for every individual tranche. 3 The Exchange may institute rate bands for the transaction fee in individual trading segments.
9.3 Ad valorem fee
1 The ad valorem fee depends on the trade's transaction volume. It is determined in terms of basis points and has both a set minimum (floor) and a set maximum (cap). 2 The ad valorem fee is determined by the type of the (partial) execution. Its amount may differ a) for orders entered by participants ("Swiss EBBO Normal Orders"); and b) for orders entered by liquidity providers ("Swiss EBBO Liquidity Provider Orders") 3 The Exchange may offer trading segments alternative rates (e.g. a standard rate for both posters and aggressors or the liquidity provider tariff). 4 The Exchange may offer various rate bands for the ad valorem fee. The various rate bands may also be based on the participant's choice of tariff for on-exchange, on-order-book trading in accordance with Clause 7. 5 The Exchange may institute rate bands for the ad valorem fee in individual trading segments.
9.4 Rate bands
Where several rate bands are defined, participants are subject to the following rules:
9.4.1 Standard
The standard tariff is applicable for participants that have not chosen a tariff.
9.4.2 Newly admitted participants
The provisions of Clause 7.4.2 apply.
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9.4.3 Commitment levels
The provisions of Clause 7.4.3 apply.
9.4.4 All-in
The provisions of Clause 7.4.4 apply.
9.4.5 LPS Swiss EBBO
1 The LPS Swiss EBBO tariff is applicable if the liquidity provider undertakes to observe certain criteria and if it fulfils the requirements for the tariff on an accumulative basis monthly. 2 The LPS Swiss EBBO tariff includes on-exchange, hybrid trades, a) in trading segments defined by the Exchange; b) under a single or multiple nominated participant identifications (Party IDs); and c) flagged as a client transaction (trading in own name but for the account of the client) or proprietary transaction (trading in own name and for own account). 3 The tariff models of this List of Charges under the Trading Rules chosen by the participant apply for other on-exchange, hybrid trades. 4 The requirements for the applicability of the LPS Swiss EBBO tariff are laid down in Annex P to this List of Charges under the Trading Rules. 5 The standard tariff, chosen commitment level tariff or all-in tariff is applicable on a subsidiary basis if the liquidity provider fails to fulfil the requirements of the LPS Swiss EBBO tariff. This does not apply to partial fulfilments. 6 No minimum activity charge (MAC) is levied if the liquidity provider has only executed on-exchange, hybrid trades in Swiss EBBO which qualify for the LPS Swiss EBBO tariff in accordance with this Clause 9.4.5 para. 2 and has chosen a commitment level tariff that applies on a subsidiary basis to on-order-book trading. Clause 9.4.3 applies to other trades. 7 Changes of rate band are possible with effect from the beginning of any given month. They must be notified to the Exchange in writing using the corresponding notification form at least three calendar days in advance.
9.5 Special fees
1 The Exchange shall provide participants and liquidity providers with a daily EBBO Report to verify Swiss EBBO trades. The Exchange may charge a monthly fee for the creation of the EBBO Report. 2 The applicable rate for the EBBO Report is set out in Annex P to this List of Charges under the Trading Rules.
10 Fees for on-exchange trading with quote requests in Quote on Demand, ETF/ETP QOD Europe and QOD CHF-Bonds
10.1 Principle
1 The Exchange levies a fee on all on-exchange trades with quote requests. This is payable per trade and participant.
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2 For quote requests with Routing Instruction "QODS", the Exchange charges the fee according to whether the trade was executed on-exchange on-order-book or on-exchange with quote requests. 3 The fee is defined individually for each trading service and trading segment. The applicable rates are set out in the relevant Annex Q to this List of Charges under the Trading Rules. 4 The fee comprises a transaction fee and an ad valorem fee.
10.2 Transaction fee
1 The transaction fee is a fixed charge. 2 For a request for quote executed on the same day in several tranches, the transaction fee is due pro rata for every individual tranche. 3 The Exchange may institute rate bands for the transaction fee in individual trading segments.
10.3 Ad valorem fee
1 The ad valorem fee depends on the trade's transaction volume. It is determined in terms of basis points and has both a set minimum (floor) and a set maximum (cap). 2 The ad valorem fee is determined by the type of the (partial) execution. Its amount may differ a) for quote requests entered by participants; and b) for quotes entered by liquidity providers. 3 The Exchange may offer alternative rates for individual trading segments (e.g. a standard rate for both posters and aggressors or the liquidity provider tariff). 4 The Exchange may institute rate bands for the ad valorem fee in individual trading segments.
10.4 Rate bands
No rate bands are defined for trading with quote requests.
11 Fees for on-exchange, off-order-book trading
11.1 Principle
1 The Exchange levies a fee on all trades reported to it on-exchange, off-order-book. This is payable per trade and participant. 2 The fee is defined individually for each trading segment and/or trading service. The applicable rates are set out in the relevant Annex to this List of Charges under the Trading Rules. 3 This fee is the same for all participants. It comprises a transaction fee and an ad valorem fee.
11.2 Transaction fee
1 The transaction fee is a fixed charge. 2 The Exchange may institute rate bands for the transaction fee in individual trading segments.
11.3 Ad valorem fee
1 The ad valorem fee depends on the trade's transaction volume. It is determined in terms of basis points and has both a set minimum (floor) and a set maximum (cap).
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2 The Exchange may institute rate bands for the ad valorem fee in individual trading segments.
11.4 Fee for Trade Type "Both Parties"
For one-sided Trade Reports flagged with the Trade Type "Both Parties", the participant who submits the report to the Exchange is charged the set fees for off-order-book trades for both parties involved in the trade, i.e. the fee for the participant and the fee for the counterparty.
12 Capacity fees
All capacity fees of the Exchange specified below and in the annexes are exclusive of VAT.
12.1 QPS capacity fee
1 The Exchange provides market makers and liquidity providers with trading capacities in the form of quotes (quotes per second, QPS) for individual trading segments and trading services. The Exchange distinguishes between the following QPS capacities: a) dedicated QPS capacity (guaranteed QPS capacity); and b) shared QPS capacity (not guaranteed QPS capacity). 2 The Exchange may allocate dedicated and/or shared QPS capacity to participants in return for a fee. Allocation is on a monthly basis. 3 The QPS capacity fee is defined per trading segment. The applicable allocation models and rates are set out in the relevant Annex to this List of Charges under the Trading Rules.
12.2 FTPS capacity fee
1 The Exchange provides trade capacities in STI orders (FIX transactions per second, FTPS) for the markets it operates. The FTPS capacity is dedicated and guaranteed. 2 The Exchange may allocate additional FTPS capacity to participants in return for a fee. Allocation is on a monthly basis. 3 The applicable allocation models and rates are set out in Annex S to this List of Charges under the Trading Rules.
12.3 OTPS capacity fee
1 The Exchange provides trade capacities in OTI orders (OUCH transactions per second, OTPS) for the markets it operates. The OTPS capacity is dedicated and guaranteed. 2 The Exchange may allocate additional OTPS capacity to participants in return for a fee. 3 The applicable allocation models and rates are set out in Annex S to this List of Charges under the Trading Rules.
13 Common Provisions
13.1 Payment dates
1 Unless agreed otherwise, invoices from SIX Swiss Exchange AG must be paid within 30 days of issue. 2 Interest in arrears of 10% p.a. may be charged on payments received late.
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13.2 Reimbursement of fees
1 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. 2 The claim for reimbursement must be supported by confirmation from the participant's auditors.
Resolution of the Management Committee of the Exchange of 9 September 2024, in effect since 1 January 2025.
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Annex A – Blue Chip Shares Equities included in the SLI Swiss Leader Index®
1 Fees for on-exchange, on-order-book trading
1.1 Transaction fee
The transaction fee differs according to the following table, depending on the interface with the exchange system and trading period.
Trades executed via STI Trades executed via OTI During continuous Auction & TAL executi- During continuous Auction & TAL executitrading ons trading ons Standard CHF 1.00 CHF 1.00 CHF 0.75 CHF 1.00 Newly admitted CHF 1.00 CHF 1.00 CHF 0.05 CHF 1.00 participants Commitment level 1 CHF 1.00 CHF 1.00 CHF 0.50 CHF 1.00 Commitment level 2 CHF 1.00 CHF 1.00 CHF 0.25 CHF 1.00 Commitment level 3 CHF 1.00 CHF 1.00 CHF 0.00 CHF 1.00 All-in CHF 1.00 CHF 1.00 CHF 1.00 CHF 1.00 LPS CLOB CHF 0.00 CHF 1.00 CHF 0.00 CHF 1.00
1.2 Ad valorem fee
1.2.1 Standard
1.2.1.1 Standard tariff
Asymmetrical: Floor Scale Cap a) Poster CHF 0.00 0.00 bp CHF 0 b) Aggressor CHF 0.50 0.65 bp CHF 65 c) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment No commitment required
1.2.1.2 Alternative fee structure
Balanced: Floor Scale Cap a) Poster & aggressor CHF 0.50 0.32 bp CHF 32 b) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment No commitment required
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1.2.2 Newly admitted participants
1.2.2.1 Standard tariff
Asymmetrical: Floor Scale Cap a) Poster CHF 0.00 0.00 bp CHF 0 b) Aggressor CHF 0.50 0.47 bp CHF 47 c) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment Monthly minimum fee: CHF 10,000
1.2.2.2 Alternative fee structure
Balanced: Floor Scale Cap a) Poster & aggressor CHF 0.50 0.26 bp CHF 26 b) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment Monthly minimum fee: CHF 10,000
1.2.3 Commitment level 1
1.2.3.1 Commitment level 1 tariff
Asymmetrical: Floor Scale Cap a) Poster CHF 0.00 0.00 bp CHF 0 b) Aggressor CHF 0.50 0.55 bp CHF 55 c) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment Monthly minimum fee: CHF 100,000
1.2.3.2 Alternative fee structure
Balanced: Floor Scale Cap a) Poster & aggressor CHF 0.50 0.29 bp CHF 29 b) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment Monthly minimum fee: CHF 100,000
1.2.4 Commitment level 2
1.2.4.1 Commitment level 2 tariff
Asymmetrical: Floor Scale Cap a) Poster CHF 0.00 0.00 bp CHF 0 b) Aggressor CHF 0.50 0.50 bp CHF 50 c) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment Monthly minimum fee: CHF 175,000
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1.2.4.2 Alternative fee structure
Balanced: Floor Scale Cap a) Poster & aggressor CHF 0.50 0.27 bp CHF 27 b) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment Monthly minimum fee: CHF 175,000
1.2.5 Commitment level 3
1.2.5.1 Commitment level 3 tariff
Asymmetrical: Floor Scale Cap a) Poster CHF 0.00 0.00 bp CHF 0 b) Aggressor CHF 0.50 0.45 bp CHF 45 c) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment Monthly minimum fee: CHF 250,000
1.2.5.2 Alternative fee structure
Balanced: Floor Scale Cap a) Poster & aggressor CHF 0.50 0.25 bp CHF 25 b) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment Monthly minimum fee: CHF 250,000
1.2.6 All-in
1.2.6.1 Standard tariff
Asymmetrical: Floor Scale Cap a) Poster - 1.00 bp - b) Aggressor - 1.00 bp - b) Auction & TAL executions - 1.00 bp - Commitment No commitment required
1.2.7 LPS CLOB
1.2.7.1 LPS CLOB requirements
The requirements for the applicability of the LPS tariff are: a) An average passive market share of at least 2% in continuous trading 1. in the Central Limit Order Book for this trading segment through orders which are executed from the order book (“poster”). Retail orders are excluded; 2. in SwissAtMid in the trading segments Blue Chip Shares and Mid-/Small-Cap Shares through resting orders (Resting Orders) in limit. Block orders and Retail orders are excluded; or
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3. in Swiss EBBO in the trading segments Blue Chip Shares and Mid-/Small-Cap Shares through orders from liquidity providers; b) An average presence time of at least 25% at the best bid or ask price, regardless of the starting position in the order book. Retail orders are excluded; c) The average size of the orders at the best bid or ask price is at least CHF 10,000. Retail orders are excluded; and d) A passive market share of at least 2% in continuous trading in at least 20 individual securities in this trading segment. The partial fulfilment allowance applies to the number of securities only. Retail orders are excluded.
1.2.7.2 LPS CLOB tariff
Floor Scale Cap a) Poster - 0.00 bp - b) Aggressor - 0.28 bp - c) Auction & TAL executions CHF 0.50 0.75 bp CHF 75
The following LPS CLOB tariffs apply to participants who have chosen the LPS CLOB tariff for on-exchange, on-order-book trading as well as either the LPS SwissAtMid tariff for on-exchange trading without pretrade transparency or the LPS Swiss EBBO tariff for on-exchange, hybrid trading, and who fulfil the requirements for both LPS tariffs:
Floor Scale Cap a) Poster - 0.00 bp - b) Aggressor - 0.24 bp - c) Auction & TAL executions CHF 0.50 0.75 bp CHF 75
The following LPS CLOB tariffs apply to participants who have chosen the LPS CLOB tariff for on-exchange, on-order-book trading, the LPS SwissAtMid tariff for on-exchange trading without pre-trade transparency as well as the LPS Swiss EBBO tariff for on-exchange, hybrid trading, and who fulfil the requirements for all three LPS tariffs:
Floor Scale Cap a) Poster - 0.00 bp - b) Aggressor - 0.22 bp - c) Auction & TAL executions CHF 0.50 0.75 bp CHF 75
1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 1.00.
1.3.2 Ad valorem fee
The ad valorem fee differs depending on the rate band according to the following table. Asymmetrical and Balanced Floor Scale Cap
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Standard CHF 0.50 0.65 bp CHF 65 Newly admitted participants CHF 0.50 0.47 bp CHF 47 Commitment level 1 CHF 0.50 0.55 bp CHF 55 Commitment level 2 CHF 0.50 0.50 bp CHF 50 Commitment level 3 CHF 0.50 0.45 bp CHF 45 All-in – 1.00 bp – LPS CLOB CHF 0.50 0.45 bp CHF 45
2 Fees for off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 1.00.
2.2 Ad valorem fee
The standard fee is:
Standard fee Floor Scale Cap Reporting CHF 0.50 0.25 bp CHF 25
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Annex B – Mid-/Small-Cap Shares Shares traded in the Mid- /Small-Cap Shares segment as well as shares in the regulatory standard for Special Purpose Acquisition Companies (SPACs).
1 Fees for on-exchange, on-order-book trading
1.1 Transaction fee
The transaction fee differs according to the following table, depending on the interface with the exchange system and trading period.
Trades executed via STI Trades executed via OTI During continuous Auction & TAL execut- During continuous Auction & TAL executtrading ions trading ions Standard CHF 1.00 CHF 1.00 CHF 0.50 CHF 1.00 All-in CHF 1.00 CHF 1.00 CHF 1.00 CHF 1.00
1.2 Ad valorem fee
1.2.1 Standard
1.2.1.1 Standard tariff
Asymmetrical: Floor Scale Cap a) Poster CHF 0.00 0.00 bp CHF 0 b) Aggressor CHF 0.50 0.55 bp CHF 55 c) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment No commitment required
1.2.1.2 Alternative fee structure
Balanced: Floor Scale Cap a) Poster & aggressor CHF 0.50 0.29 bp CHF 29 b) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment No commitment required
1.2.2 All-in
1.2.2.1 Standard tariff
Asymmetrical: Floor Scale Cap a) Poster - 1.00 bp - b) Aggressor - 1.00 bp - c) Auction & TAL executions - 1.00 bp - Commitment No commitment required
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1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 1.00.
1.3.2 Ad valorem fee
The ad valorem fee differs depending on the rate band according to the following table.
Asymmetrical and Balanced Floor Scale Cap Standard CHF 0.50 0.55 bp CHF 55 All-in – 1.00 bp –
2 Fees for off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 1.00.
2.2 Ad valorem fee
The standard fee is:
Standard fee Floor Scale Cap Reporting CHF 0.50 0.25 bp CHF 25
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Annex C – Sparks Shares
1 Fees for on-exchange, on-order-book trading
1.1 Transaction fee
The transaction fee differs according to the following table, depending on the interface with the exchange system and trading period. Trades executed via STI Trades executed via OTI During continuous Auction & TAL execut- During continuous Auction & TAL executtrading ions trading ions Standard CHF 1.00 CHF 1.00 CHF 0.50 CHF 1.00 All-in CHF 1.00 CHF 1.00 CHF 1.00 CHF 1.00
1.2 Ad valorem fee
1.2.1 Standard
1.2.1.1 Standard tariff
Asymmetrical: Floor Scale Cap a) Poster CHF 0.00 0.00 bp CHF 0 b) Aggressor CHF 0.50 0.55 bp CHF 55 c) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment No commitment required
1.2.1.2 Alternative fee structure
Balanced: Floor Scale Cap a) Poster & aggressor CHF 0.50 0.29 bp CHF 29 b) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment No commitment required
1.2.2 All-in
1.2.2.1 Standard tariff
Asymmetrical: Floor Scale Cap a) Poster – 1.00 bp – b) Aggressor – 1.00 bp – c) Auction & TAL executions – 1.00 bp – Commitment No commitment required
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1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 1.00.
1.3.2 Ad valorem fee
The ad valorem fee differs depending on the rate band according to the following table.
Asymmetrical and Balanced Floor Scale Cap Standard CHF 0.50 0.55 bp CHF 55 All-in – 1.00 bp –
2 Fees for off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 1.00.
2.2 Ad valorem fee
The standard fee is:
Standard fee Floor Scale Cap Reporting CHF 0.50 0.25 bp CHF 25
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Annex D – Global Depository Receipts Global Depository Receipts (GDRs) in the context of the Listing Rules.
1 Fees for on-exchange, on-order-book trading
1.1 Transaction fee
The transaction fee differs according to the following table, depending on the interface with the exchange system and trading period.
Trades executed via STI Trades executed via OTI During continuous Auction & TAL execut- During continuous Auction & TAL executtrading ions trading ions Standard CHF 1.00 CHF 1.00 CHF 0.50 CHF 1.00 All-in CHF 1.00 CHF 1.00 CHF 1.00 CHF 1.00
1.2 Ad valorem fee
1.2.1 Standard
1.2.1.1 Standard tariff
Asymmetrical: Floor Scale Cap a) Poster CHF 0.00 0.00 bp CHF 0 b) Aggressor CHF 0.50 0.55 bp CHF 55 c) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment No commitment required
1.2.1.2 Alternative fee structure
Balanced: Floor Scale Cap a) Poster & aggressor CHF 0.50 0.29 bp CHF 29 b) Auction & TAL executions CHF 0.50 0.75 bp CHF 75 Commitment No commitment required
1.2.2 All-in
1.2.2.1 Standard tariff
Asymmetrical: Floor Scale Cap a) Poster - 1.00 bp - b) Aggressor - 1.00 bp - c) Auction & TAL executions - 1.00 bp - Commitment No commitment required
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1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 1.00.
1.3.2 Ad valorem fee
The ad valorem fee differs depending on the rate band according to the following table.
Asymmetrical and Balanced Floor Scale Cap Standard CHF 0.50 0.55 bp CHF 55 All-in – 1.00 bp –
2 Fees for off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 1.00.
2.2 Ad valorem fee
The standard fee is:
Standard fee Floor Scale Cap Reporting CHF 0.50 0.25 bp CHF 25
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Annex E – Secondary Listing Shares
1 Fees for on-exchange, on-order-book trading
1.1 Transaction fee
The transaction fee is CHF 1.00.
1.2 Ad valorem fee
1.2.1 Standard
1.2.1.1 Standard tariff
Asymmetrical: Floor Scale 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
1.2.1.2 Alternative fee structure
Balanced: Floor Scale Cap a) Poster & aggressor CHF 0.50 0.32 bp CHF 32 b) Auction execution CHF 0.50 0.75 bp CHF 75 Commitment No commitment required
1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 1.00.
1.3.2 Ad valorem fee
Asymmetrical and Balanced Floor Scale Cap Standard CHF 0.50 0.65 bp CHF 65
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2 Fees for off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 1.00.
2.2 Ad valorem fee
The standard fee is:
Standard fee Floor Scale Cap Reporting CHF 0.50 0.25 bp CHF 25
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List of Charges under the Trading Rules 01/01/2025
Annex F – Sponsored Foreign Shares Equity securities from foreign issuers which have their primary listings on an exchange recognised by the Regulatory Board and are admitted to trading in accordance with the Rules for the SIX Swiss Exchange AG – Sponsored Segment.
1 Fees for on-exchange, on-order-book trading
1.1 Standard tariff
The standard tariff applies to all trades resulting from orders.
1.1.1 Transaction fee
The transaction fee is CHF 1.00.
1.1.2 Ad valorem fee
Floor Scale Cap a) Poster CHF 1.00 1.00 bp CHF 100 b) Aggressor CHF 1.00 1.00 bp CHF 100 c) Auction execution CHF 1.00 1.50 bp CHF 100 Commitment No commitment required
1.2 Market maker tariff
The market maker tariff applies to all trades resulting from quotes.
1.2.1 Transaction fee
The transaction fee is CHF 1.00.
1.2.2 Ad valorem fee
Floor Scale Cap a) Poster CHF 0.00 0.00 bp CHF 0.00 b) Aggressor CHF 0.00 0.00 bp CHF 0.00 c) Auction execution CHF 0.00 0.00 bp CHF 0.00 Commitment No commitment required
1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 1.00.
1.3.2 Ad valorem fee
Standard tariff Floor Scale Cap Standard CHF 1.00 1.00 bp CHF 100
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2 Fees for off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 1.00.
2.2 Ad valorem fee
The standard fee is:
Standard fee Floor Scale Cap Reporting CHF 0.50 0.25 bp CHF 25
3 Capacity fees
3.1 Dedicated QPS capacity fee for market makers
3.1.1 Dedicated QPS capacity free of charge
Each market maker receives the following dedicated QPS capacity free of charge for those equity securities in this trading segment for which it has assumed market making obligations: Number of equity securities with QPS capacity free of charge market making obligations per equity security 1 1 QPS
3.1.2 Dedicated QPS capacity for which fees are charged
Each market maker may increase its dedicated QPS capacity by paying an additional monthly fee. The tariff for additional dedicated QPS capacity is as follows: Number of additional QPS Fee per QPS 1 CHF 25
The Exchange reserves the right to introduce a cap on QPS capacity per market maker. The QPS capacity may be used for market making in Sponsored Foreign Shares only.
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Annex G – Rights and Options Rights and Options, such as subscription rights within the framework of capital increases, subscription rights in connection with the distribution of a stock dividend, put options for the purpose of share repurchases, as well as shareholder and employee options.
1 Fees for on-exchange, on-order-exchange trading
1.1 Transaction fee
The transaction fee is CHF 0.50.
1.2 Ad valorem fee
The standard fee is:
Standard fee: Floor Scale Cap a) Poster - 0.75 bp - b) Aggressor - 0.75 bp - c) Auction execution - 0.75 bp - Commitment No commitment required
1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 0.50.
1.3.2 Ad valorem fee
Standard tariff Floor Scale Cap Standard - 0.75 bp -
2 Fees for off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 0.10.
2.2 Ad valorem fee
The standard fee is:
Standard fee Floor Scale Cap Reporting - 0.25 bp -
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Annex H – Separate Trading Lines
1 Fees for on-exchange, on-order-book trading
1.1 Transaction fee
The transaction fee differs according to the following table, depending on the trading period.
During continuous trading Auction & TAL Executions Standard CHF 0.50 CHF 1.00
1.2 Ad valorem fee
The standard fee is: Standard fee Floor Scale Cap a) Poster - 0.50 bp - b) Aggressor - 0.50 bp - c) Auction & TAL Executions - 0.75 bp - Commitment No commitment required
1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 0.50.
1.3.2 Ad valorem fee
Standard tariff Floor Scale Cap Standard - 0.50 bp -
2 Fees for off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 1.00.
2.2 Ad valorem fee
The standard fee is:
Standard fee Floor Scale Cap Report CHF 0.50 0.25 bp CHF 25
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Annex I – Investment Funds
1 Fees for on-exchange, on-order-book trading
1.1 Transaction fee
The transaction fee is CHF 1.50.
1.2 Ad valorem fee
The standard fee is:
Standard fee: Floor Scale Cap a) Poster 0.50 1.50 bp CHF 150 b) Aggressor 0.50 1.50 bp CHF 150 c) Auction & TAL execution 0.50 1.50 bp CHF 150 Commitment No commitment required
1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 1.50.
1.3.2 Ad valorem fee
Standard tariff Floor Scale Cap Standard CHF 0.50 1.50 bp CHF 150
2 Fees for off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 1.50.
2.2 Ad valorem fee
The standard fee is:
Standard fee: Floor Scale Cap Report 0.50 0.25 bp CHF 25
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Annex J – ETF and ETP Tradable units in collective investment schemes, i.e. Exchange Traded Funds (ETF) and Exchange Traded Products (ETP).
1 Fees for on-exchange, on-order-book trading
1.1 Standard tariff
The standard tariff applies to all trades resulting from orders.
1.1.1 Transaction fee
The transaction fee is CHF 1.50.
1.1.2 Ad valorem fee
Floor Scale 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
1.2 Market maker tariff
The market maker tariff applies to all trades resulting from quotes.
1.2.1 Transaction fee
The transaction fee is CHF 1.50.
1.2.2 Ad valorem fee
Floor Scale Cap a) Poster CHF 0.00 0.00 bp CHF 0.00 b) Aggressor CHF 0.00 0.00 bp CHF 0.00 c) Auction execution CHF 0.00 0.00 bp CHF 0.00 Commitment No commitment required
1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 1.50.
1.3.2 Ad valorem fee
Standard tariff Floor Scale Cap Standard CHF 0.50 1.50 bp CHF 150
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2 Fees for off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 1.50.
2.2 Ad valorem fee
The standard fee is: Standard fee Floor Scale Cap Reporting CHF 0.50 0.25 bp CHF 25
3 Capacity fees
3.1 Dedicated QPS capacity fee for market makers
3.1.1 Dedicated QPS capacity free of charge
Each market maker receives the following dedicated QPS capacity free of charge for those instruments in the ETF and ETP trading segments for which it has assumed market making obligations:
Number of instruments with QPS capacity free of charge market making obligations per additional instrument 1–50 1 QPS from 51 2 QPS
3.1.2 Dedicated QPS capacity for which fees are charged
Each market maker may increase its dedicated QPS capacity by paying an additional monthly fee. The tariff for additional dedicated QPS capacity is as follows: Number of additional QPS Fee per QPS 1 CHF 25
The Exchange reserves the right to introduce a cap on QPS capacity per market maker. This QPS capacity may be used for market making in ETF and ETP only.
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Annex K – Sponsored Funds Tradable units in collective investment schemes issued by domestic and foreign issuers, which have been approved by Swiss Financial Market Supervisory Authority (FINMA) under the Collective Investment Schemes Act (CISA) or authorised by FINMA for sale in or from Switzerland (excluding ETF and real estate funds).
1 Fees for on-exchange, on-order-book trading
1.1 Standard tariff
The standard tariff applies to all trades resulting from orders.
1.1.1 Transaction fee
The transaction fee is CHF 1.50.
1.1.2 Ad valorem fee
Floor Scale Cap a) Poster CHF 1.50 7.00 bp CHF 250 b) Aggressor CHF 1.50 7.00 bp CHF 250 c) Auction execution CHF 1.50 7.00 bp CHF 250 Commitment No commitment required
1.2 Market maker tariff
The market maker tariff applies to all trades resulting from quotes.
1.2.1 Transaction fee
The transaction fee is CHF 1.50.
1.2.2 Ad valorem fee
Floor Scale Cap a) Poster CHF 0.00 0.00 bp CHF 0.00 b) Aggressor CHF 0.00 0.00 bp CHF 0.00 c) Auction execution CHF 0.00 0.00 bp CHF 0.00 Commitment No commitment required
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1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 1.50.
1.3.2 Ad valorem fee
Standard tariff Floor Scale Cap Standard CHF 1.50 7.00 bp CHF 250
2 Fees for off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 1.50.
2.2 Ad valorem fee
The standard fee is:
Standard fee Floor Scale Cap Reporting CHF 0.50 0.25 bp CHF 25
3 Capacity fees
3.1 Dedicated QPS capacity fee for market makers
3.1.1 Dedicated QPS capacity free of charge
Each market maker receives the following dedicated QPS capacity free of charge for those instruments in this trading segment for which it has assumed market making obligations:
Number of instruments with QPS capacity free of charge market making obligations per instrument 1 1 QPS
3.1.2 Dedicated QPS capacity for which fees are charged
Each market maker may increase its dedicated QPS capacity by paying an additional monthly fee. The tariff for additional dedicated QPS capacity is as follows:
Number of additional QPS Fee per QPS 1 CHF 25
The Exchange reserves the right to introduce a cap on QPS capacity per market maker. The QPS capacity may be used for market making in Sponsored Funds only
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Annex L – Bonds – CHF Listed Swiss franc-denominated bonds regardless of the domicile of the issuer. Convertible bonds, irrespective of the trading currency, that are listed in connection with the Directive on the Listing of Special Purpose Acquisition Companies (SPACs).
1 Fees for on-exchange, on-order-book trading
1.1 Standard tariff
The standard tariff applies to all trades resulting from orders.
1.1.1 Transaction fee
The transaction fee is CHF 1.50.
1.1.2 Ad valorem fee
Floor Scale 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
1.2 Liquidity provider tariff
The liquidity provider tariff applies to all trades resulting from quotes.
1.2.1 Transaction fee
The transaction fee is CHF 1.50.
1.2.2 Ad valorem fee
Floor Scale Cap a) Poster CHF 0.00 0.00 bp CHF 0.00 b) Aggressor CHF 0.00 0.00 bp CHF 0.00 c) Auction execution CHF 0.00 0.00 bp CHF 0.00 Commitment No commitment required
2 Fees for off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 1.50.
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2.2 Ad valorem fee
The standard fee is: Standard fee Floor Scale Cap Reporting CHF 2.00 0.50 bp CHF 150
3 Capacity fees
3.1 Dedicated QPS capacity fee for liquidity providers
3.1.1 Dedicated QPS capacity free of charge
The Exchange allocates 60 dedicated quotes per second (dedicated QPS capacity) free of charge to each liquidity provider.
3.1.2 Dedicated QPS capacity for which fees are charged
Each liquidity provider may increase its dedicated QPS capacity by paying an additional monthly fee. The tariff for additional dedicated QPS capacity is as follows: Number of additional QPS Fee per QPS 1–40 CHF 250 41–120 CHF 200 121–360 CHF 150 361–600 CHF 100 601–900 CHF 50 from 901 CHF 25
The Exchange reserves the right to introduce a cap on QPS capacity per liquidity provider. QPS capacity may be used for Bonds – CHF only.
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Annex M – Bonds – Non-CHF Bonds that are listed and admitted to trading and are denominated in a foreign currency regardless of the domicile of the issuer.
1 Fees for on-exchange, on-order-book trading
1.1 Standard tariff
The standard tariff applies to all trades resulting from orders.
1.1.1 Transaction fee
The transaction fee is CHF 5.00.
1.1.2 Ad valorem fee
None
1.2 Liquidity provider tariff
The liquidity provider tariff applies to all trades resulting from quotes.
1.2.1 Transaction fee
The transaction fee is CHF 1.50.
1.2.2 Ad valorem fee
None
2 Fees for off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 1.50.
2.2 Ad valorem fee
None
3 Capacity fees
3.1 Dedicated QPS capacity fee for liquidity providers
3.1.1 Dedicated QPS capacity free of charge
The Exchange allocates 60 dedicated quotes per second (dedicated QPS capacity) free of charge to each liquidity provider.
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3.1.2 Dedicated QPS capacity for which fees are charged
Each liquidity provider may increase its dedicated QPS capacity by paying an additional monthly fee. The tariff for additional dedicated QPS capacity is as follows: Number of additional QPS Fee per QPS 1-40 CHF 250 41–120 CHF 200 121–360 CHF 150 361–600 CHF 100 601–900 CHF 50 from 901 CHF 25
The Exchange reserves the right to introduce a cap on QPS capacity per liquidity provider. QPS capacity may be used for Bonds – Non-CHF only.
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Annex N – Structured Products Structured Products are financial instruments that are issued as securities with standard features and are characterised by their value being dependent upon that of some other product ("underlying instrument").
1 Fees for on-exchange, on-order-book trading
1.1 Transaction fee
The transaction fee is CHF 1.50.
1.2 Ad valorem fee
Asymmetrical: Floor Scale Cap a) Poster CHF 0.00 0.00 bp CHF 0.00 b) Aggressor & auction execution CHF 1.50 1.50 bp CHF 100.00
1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 1.50.
1.3.2 Ad valorem fee
Standard tariff Floor Scale Cap Standard CHF 1.50 1.50 bp CHF 100
2 Fees for on-exchange, off-order-book trading
2.1 Transaction fee
The transaction fee is CHF 1.50.
2.2 Ad valorem fee
Standard fee Floor Scale Cap Reporting CHF 1.50 1.50 bp CHF 25
3 Capacity fees
3.1 QPS capacity fee for market makers and liquidity providers
3.1.1 Packages for dedicated and shared QPS capacity
Each market maker and/or liquidity provider may purchase dedicated or shared QPS capacity by paying a monthly fee. Each market maker and/or liquidity provider may select a maximum of one of the following QPS capacity packages. The rates for the QPS capacity package are:
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QPS capacity package Number of dedi- Number of shared Price per month cated QPS capacity for QPS capacity QPS capacity package Free QPS capacity package 10 none free of charge QPS capacity package 1 none 1,000 CHF 12,500 QPS capacity package 2 none 2,000 CHF 17,500 QPS capacity package 3 none 3,000 CHF 21,500 QPS capacity package 4 none 4,000 CHF 25,000
Changes of QPS capacity package are possible with effect from the beginning of any given month. They must be notified to the Exchange in writing using the corresponding notification form at least three calendar days in advance.
3.1.2 Dedicated QPS capacity for which fees are charged
Each market maker and/or liquidity provider may purchase dedicated QPS capacity or increase its dedicated QPS capacity by paying an additional monthly fee. The rate for dedicated QPS capacity for which fees are charged is as follows: Number of additional QPS Fee per QPS 1–100 CHF 350 101–250 CHF 275 251–500 CHF 200 501–750 CHF 125 751-1,000 CHF 50 from 1,001 CHF 25
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Annex O – Fees for on-exchange trading without pre-trade transparency in SwissAtMid
1 Blue Chip Shares
1.1 Transaction fee
The transaction fee differs according to the following table, depending on the interface with the exchange system.
Rate band Trades executed via STI Trades executed via OTI
Standard CHF 1.00 CHF 0.75 Newly admitted participants CHF 1.00 CHF 0.05 Commitment level 1 CHF 1.00 CHF 0.50 Commitment level 2 CHF 1.00 CHF 0.25 Commitment level 3 CHF 1.00 CHF 0.00 All-in CHF 1.00 CHF 1.00 LPS SwissAtMid CHF 1.00 CHF 0.00
1.2 Ad valorem fee
Rate band Floor Scale Cap Standard CHF 0.50 0.65 bp - Newly admitted participants CHF 0.50 0.47 bp - Commitment level 1 CHF 0.50 0.55 bp - Commitment level 2 CHF 0.50 0.50 bp - Commitment level 3 CHF 0.50 0.45 bp - All-in - 1.00 bp -
1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 1.00.
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1.3.2 Ad valorem fee
Rate band Floor Scale Cap Standard CHF 0.50 0.65 bp - Newly admitted participants CHF 0.50 0.47 bp - Commitment level 1 CHF 0.50 0.55 bp - Commitment level 2 CHF 0.50 0.50 bp - Commitment level 3 CHF 0.50 0.45 bp - All-in – 1.00 bp - LPS SwissAtMid CHF 0.50 0.45 bp -
2 Mid-/Small-Cap Shares
2.1 Transaction fee
The transaction fee differs according to the following table, depending on the interface with the exchange system.
Rate band Trades executed via STI Trades executed via OTI
Standard CHF 1.00 CHF 0.50 All-in CHF 1.00 CHF 1.00 LPS SwissAtMid CHF 1.00 CHF 0.50
2.2 Ad valorem fee
Rate band Floor Scale Cap Standard CHF 0.50 0.55 bp - All-in - 1.00 bp -
2.3 Fees for trades with Retail orders
2.3.1 Transaction fee
The transaction fee is CHF 1.00.
2.3.2 Ad valorem fee
Rate band Floor Scale Cap Standard CHF 0.50 0.55 bp - All-in - 1.00 bp -
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3 Sparks Shares
3.1 Transaction fee
The transaction fee differs according to the following table, depending on the interface with the exchange system.
Rate band Trades executed via STI Trades executed via OTI Standard CHF 1.00 CHF 0.50 All-in CHF 1.00 CHF 1.00
3.2 Ad valorem fee
Rate band Floor Scale Cap Standard CHF 0.50 0.55 bp - All-in - 1.00 bp -
3.3 Fees for trades with Retail orders
3.3.1 Transaction fee
The transaction fee is CHF 1.00.
3.3.2 Ad valorem fee
Rate band Floor Scale Cap Standard CHF 0.50 0.55 bp - All-in - 1.00 bp -
4 Global Depository Receipts
4.1 Transaction fee
The transaction fee differs according to the following table, depending on the interface with the exchange system.
Rate band Trades executed via STI Trades executed via OTI Standard CHF 1.00 CHF 0.50 All-in CHF 1.00 CHF 1.00
4.2 Ad valorem fee
Rate band Floor Scale Cap Standard CHF 0.50 0.55 bp - All-in - 1.00 bp -
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4.3 Fees for trades with Retail orders
4.3.1 Transaction fee
The transaction fee is CHF 1.00.
4.3.2 Ad valorem fee
Rate band Floor Scale Cap Standard CHF 0.50 0.55 bp - All-in - 1.00 bp -
5 Investment Funds
5.1 Transaction fee
The transaction fee differs according to the following table, depending on the interface with the exchange system.
Standard fee Trades executed via STI Trades executed via OTI
Standard CHF 1.50 CHF 1.50
5.2 Ad valorem fee
Standard fee Floor Scale Cap Standard CHF 0.50 1.50 bp -
5.3 Fees for trades with Retail orders
5.3.1 Transaction fee
The transaction fee is CHF 1.50.
5.3.2 Ad valorem fee
Standard tariff Floor Scale Cap Standard CHF 0.50 1.50 bp -
6 LPS SwissAtMid
6.1 LPS SwissAtMid requirements
The requirements for the applicability of the LPS tariff are: a) an average presence time of at least 3% in the SwissAtMid order book for the Blue Chip Shares trading segment, achieved by resting orders (Resting Orders) in limit which are executed, regardless of the starting position in the order book. Block orders and Retail orders are excluded; or
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an average passive market share of at least 2% in continuous trading in SwissAtMid in the trading segments Blue Chip Shares and Mid-/Small Cap Shares which are executed by resting orders (Resting Orders) in limit. Block orders and Retail orders are excluded; b) the average size of in limit orders at the best bid or ask price in the SwissAtMid order book for the Blue Chip Shares trading segment is at least CHF 15,000. Block orders and Retail orders are excluded; and c) the Self Match Prevention function is activated for the nominated Party ID(s). No additional requirements for the applicability of the «LPS for SwissAtMid» tariff apply for «Mid-/Small Cap Shares». If the participant fulfils the requirements for the applicability of the «LPS for SwissAtMid» tariff in «Blue Chip Shares», they automatically also fulfil the requirements for «Mid-/Small Cap Shares».
6.2 LPS SwissAtMid tariff
6.2.1 Blue Chip Shares
Floor Scale Cap a) Resting Orders - 0.10 bp - b) Immediate Orders CHF 0.50 0.45 bp -
6.2.2 Mid-/Small-Cap Shares
Floor Scale Cap a) Resting Orders - 0.10 bp - b) Immediate Orders CHF 0.50 0.55 bp -
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Annex P – Fees for on-exchange, hybrid trading in Swiss EBBO
1 Blue Chip Shares
1.1 Transaction fee
The transaction fee differs according to the following table, depending on the interface with the exchange system. Rate band Trades executed via STI Trades executed via OTI
Standard CHF 1.00 CHF 0.75 Newly admitted participants CHF 1.00 CHF 0.05 Commitment level 1 CHF 1.00 CHF 0.50 Commitment level 2 CHF 1.00 CHF 0.25 Commitment level 3 CHF 1.00 CHF 0.00 All-in CHF 1.00 CHF 1.00 LPS Swiss EBBO and liquidity provider tariff CHF 0.00 CHF 0.00
1.2 Ad valorem fee
1.2.1 Standard tariff
The standard tariff applies to all trades in Swiss EBBO resulting from normal orders from participants.
1.2.1.1 Standard tariff (Asymmetrical)
Rate band Floor Scale Cap Standard CHF 0.50 0.65 bp CHF 65 Newly admitted participants CHF 0.50 0.47 bp CHF 47 Commitment level 1 CHF 0.50 0.55 bp CHF 55 Commitment level 2 CHF 0.50 0.50 bp CHF 50 Commitment level 3 CHF 0.50 0.45 bp CHF 45 All-in - 1.00 bp -
1.2.1.2 Alternative fee structure (Balanced)
Rate band Floor Scale Cap Standard CHF 0.50 0.32 bp CHF 32 Newly admitted participants CHF 0.50 0.26 bp CHF 26 Commitment level 1 CHF 0.50 0.29 bp CHF 29 Commitment level 2 CHF 0.50 0.27 bp CHF 27 Commitment level 3 CHF 0.50 0.25 bp CHF 25 All-in - 1.00 bp -
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1.2.2 Liquidity provider tariff
The liquidity provider tariff applies to all trades in Swiss EBBO resulting from normal orders from liquidity providers if the requirements for the applicability of the LPS Swiss EBBO tariff pursuant to Clause 3.1 of this Annex are not fulfilled.
Rate band Floor Scale Cap Standard - 0.25 bp - All-in - 0.25 bp -
1.3 Fees for trades with Retail orders
1.3.1 Transaction fee
The transaction fee is CHF 1.00.
1.3.2 Ad valorem fee
The ad valorem fee differs depending on the rate band according to the following table.
Asymmetrical and Balanced Floor Scale Cap Standard CHF 0.50 0.65 bp CHF 65 Newly admitted participants CHF 0.50 0.47 bp CHF 47 Commitment level 1 CHF 0.50 0.55 bp CHF 55 Commitment level 2 CHF 0.50 0.50 bp CHF 50 Commitment level 3 CHF 0.50 0.45 bp CHF 45 All-in – 1.00 bp –
2 Mid-/Small-Cap Shares
2.1 Transaction fee
The transaction fee differs according to the following table, depending on the interface with the exchange system.
Rate band Trades executed via STI Trades executed via OTI
Standard CHF 1.00 CHF 0.50 All-in CHF 1.00 CHF 1.00 LPS Swiss EBBO and liquidity provider tariff CHF 0.00 CHF 0.00
2.2 Ad valorem fee
2.2.1 Standard tariff
The standard tariff applies to all trades in Swiss EBBO resulting from normal orders from participants.
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2.2.1.1 Standard tariff (Asymmetrical)
Rate band Floor Scale Cap Standard CHF 0.50 0.55 bp CHF 55 All-in - 1.00 bp -
2.2.1.2 Alternative fee structure (Balanced)
Rate band Floor Scale Cap Standard CHF 0.50 0.29 bp CHF 29 All-in - 1.00 bp -
2.3 Fees for trades with Retail orders
2.3.1 Transaction fee
The transaction fee is CHF 1.00.
2.3.2 Ad valorem fee
The ad valorem fee differs depending on the rate band according to the following table.
Asymmetrical and Balanced Floor Scale Cap Standard CHF 0.50 0.55 bp CHF 55 All-in – 1.00 bp –
2.3.3 Liquidity provider tariff
The liquidity provider tariff applies to all trades in Swiss EBBO resulting from normal orders from liquidity providers if the requirements for the applicability of the LPS Swiss EBBO tariff pursuant to Clause 3.1 of this Annex are not fulfilled.
Rate band Floor Scale Cap Standard - 0.25 bp - All-in - 0.25 bp -
3 LPS Swiss EBBO
3.1 LPS Swiss EBBO requirements
The requirements for the applicability of the LPS tariff are: a) an average presence time of at least 95% in the Swiss EBBO order book for the Blue Chip Shares trading segment, regardless of the starting position in the order book; and b) an average passive market share of at least 2% in continuous trading in Swiss EBBO in the Blue Chip Shares and Mid-/Small-Cap Shares trading segments in relation to total turnover in Swiss EBBO.
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No additional requirements for the applicability of the LPS Swiss EBBO tariff apply for Mid-/Small Cap Shares. If the participant fulfils the requirements for the applicability of the Swiss EBBO tariff in Blue Chip Shares, it automatically also fulfil the requirements for the applicability of the LPS Swiss EBBO tariff for Mid-/Small Cap Shares.
3.2 LPS Swiss EBBO tariff
3.2.1 Blue Chip Shares
Floor Scale Cap Liquidity provider tariff - 0.00 bp -
3.2.2 Mid-/Small-Cap Shares
Floor Scale Cap Liquidity provider tariff - 0.00 bp -
4 Special fees
4.1 Swiss EBBO Report
The usage of the EBBO Report is free of charge for participants and liquidity providers.
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Annex Q - Fees for on-exchange trading with quote requests in Quote on Demand, ETF/ETP QOD Europe and QOD CHF-Bonds
1 ETF and ETP
1.1 Standard tariff
The standard tariff applies to all trades resulting from quote requests from participants.
1.1.1 Transaction fee
The transaction fee is CHF 0.00.
1.1.2 Ad valorem fee
Rate band Floor Scale Cap Standard 0.00 0.00 0.00
1.2 Liquidity provider tariff
The liquidity provider tariff applies to all trades resulting from quotes from liquidity providers.
1.2.1 Transaction fee
The transaction fee is CHF 1.50.
1.2.2 Ad valorem fee
Rate band Floor Scale Cap Liquidity provider tariff - 0.30 bp -
1.3 QPS/OPS capacity fee for liquidity providers
1.3.1 Shared QPS/OPS capacity free of charge
The Exchange allocates a total of 200 shared quotes per second (QPS/OPS) free of charge to each liquidity provider for the Quote on Demand order book (QOD) and/or ETF/ETP QOD Europe if the following requirements are fulfilled on a cumulated basis: a) the liquidity provider responds with binding quotes on the buy and sell side to at least 1% of all quote requests received in the Quote on Demand order book (QOD) and/or ETF/ETP QOD Europe and the quotes are executable in Quote on Demand order book (QOD) and/or ETF/ETP QOD Europe at the time of execution, at the end of the call phase or when the quote request is deleted; and b) the average turnover of the liquidity provider in the Quote on Demand order book (QOD) in the trading segments “Exchange Traded Funds” and “Exchange Traded Products” and/or in the trading segments of ETF/ETP QOD Europe amounts to at least 0.5% in relation to the total turnover generated by liquidity providers in Quote on Demand. A monthly fee of CHF 1,000.00 is charged if the liquidity provider fails to meet the liquidity requirements for shared QPS/OPS capacity free of charge.
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The number of free-of-charge shared QPS/OPS capacity allocated owing to the fulfilment of liquidity requirements is calculated monthly and is limited to a total of 200 QPS per liquidity provider. This shared QPS/OPS capacity may be used to fulfil the liquidity requirements in the Quote on Demand order book (QOD) and in ETF/ETP QOD Europe only.
1.3.2 Shared QPS/OPS capacity for which fees are charged
The liquidity provider cannot increase its shared QPS/OPS capacity for the Quote on Demand order book (QOD) and/or ETF/ETP QOD Europe by paying an additional monthly fee.
2 CHF Bonds
2.1 Standard tariff
The standard tariff applies to all trades resulting from quote requests from participants.
2.1.1 Transaction fee
The transaction fee is CHF 1.50.
2.1.2 Ad valorem fee
Rate band Floor Scale Cap Standard 2.00 0.50 150.00
2.2 Liquidity provider tariff
The liquidity provider tariff applies to all trades resulting from quotes from liquidity providers.
2.2.1 Transaction fee
The transaction fee is CHF 1.50.
2.2.2 Ad valorem fee
Rate band Floor Scale Cap Liquidity provider tariff 2.00 0.80 bp 150.00
2.3 QPS/OPS capacity fee for liquidity providers
2.3.1 Shared QPS/OPS capacity free of charge
The Exchange allocates a total of 20 shared quotes per second (QPS/OPS) free of charge to each liquidity provider for QOD CHF-Bonds. This shared QPS/OPS capacity can only be used for entering quotes in QOD CHF-Bonds.
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2.3.2 Shared QPS/OPS capacity for which fees are charged
The liquidity provider cannot increase its shared QPS/OPS capacity for QOD CHF-Bonds by paying an additional monthly fee.
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Annex R – Access Fees
1 Direct connection via Managed and Leased Line
The monthly access fee for clients with direct connections to the Exchange network (SCAP) is determined by the type of connectivity chosen. It is levied per access and port (not redundant). The line costs from the client to the SCAP network of the Exchange via an external data line are not included in the price and are borne by the client. The applicable fees are given in the following table:
Connectivity option Bandwidth Access fee p.m. (CHF) Internet up to 1 Mbps free of charge Managed IP service up to 2 Mbps 800 Managed IP service up to 4 Mbps 1,150 Managed IP service up to 10 Mbps 1,200 Managed IP service up to 30 Mbps 1,600 Managed IP service up to 50 Mbps 2,000 Managed IP service up to 100 Mbps 2,600 Managed IP service up to 200 Mbps 3,700 Managed IP service up to 500 Mbps 4,700 Ethernet service up to 4 Mbps 1,150 Ethernet service up to 10 Mbps 1,200 Ethernet service up to 30 Mbps 1,600 Ethernet service up to 50 Mbps 2,000 Ethernet service up to 100 Mbps 2,600 Ethernet service up to 200 Mbps 3,700 Ethernet service up to 500 Mbps 4,700 Optical link up to 50 Mbps 3,700* Optical link up to 100 Mbps 4,700* Optical link up to 200 Mbps 5,900* Optical link up to 500 Mbps 7,200*
*plus one-off, expenditure-dependent internal installation costs incurred by the Exchange, e.g. for technical connection, routing, configuration, etc. The provisions on billing and termination are governed by Clause 7.
2 Direct connection via Proximity Service
The monthly access fee for clients with direct connections via Proximity Service to the Exchange network (SCAP) is determined by the bandwidth chosen. It is levied per access and port (not redundant). The applicable fees are given in the following table:
Connectivity option Bandwidth Access fee p.m. (CHF) Proximity service up to 50 Mbps 2,950 Proximity service up to 100 Mbps 3,250 Proximity service up to 200 Mbps 4,300 Proximity service up to 500 Mbps 5,300
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The Exchange reserves the right to limit the number of ports per customer. The provisions on billing and termination are governed by Clause 7.
3 Co-Location Access
The monthly access fee for clients with Co-Location Access (not redundant) depends on the number of subscribed Cross Connections. Number of Cross Connections Access fee p.m. (CHF) 1–2 1,750 3–4 1,900 5–6 2,100 7–8 2,350 9–10 2,650
The participant bears the costs of the line from the participant infrastructure to the Exchange demarcation point. The Exchange reserves the right to limit the number of ports per client. The provisions on billing and termination are governed by Clause 7.
4 Direct connection via an Access Point abroad
The monthly access fee for clients with direct connections via Access Point abroad to the Exchange network (SCAP) is determined by the bandwidth chosen. It is levied per access and port (not redundant). The applicable fees are given in the following table:
Connectivity option Bandwidth Access fee p.m. (CHF) Access Point abroad up to 50 Mbps 2,850 Access Point abroad up to 100 Mbps 3,150 Access Point abroad up to 200 Mbps 4,500 Access Point abroad up to 500 Mbps 5,500
The Exchange determines the Access Points. The Exchange reserves the right to limit the number of ports per customer. The participant bears the costs of the line to the Access Point. The provisions on billing and termination are governed by Clause 7.
5 ASP connectivity and RSP connectivity of participants
Participants with a connection via an ASP or RSP are not charged an additional monthly access fee.
6 Connectivity of Infrastructure Service Providers (ISP)
The connectivity fee for ISP is divided into one-off and continuous fees.
6.1 One-off connectivity fee
The one-off connectivity fee for ISPs consists of a fixed-cost amount of CHF 9,500 and an expenditure-dependent fee of CHF 200 per hour.
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6.2 Ongoing connectivity fee
The ongoing fees for ISPs depend on the number of participant connections to the Exchange of the relevant ISP: ‒ the monthly fee for ISPs with up to five participant connections to the Exchange is CHF 2,800; ‒ the connection is free of charge for ISPs with six or more participant connections to the Exchange. The provisions on billing and termination are governed by Clause 7.
7 Common Terms
The client or the Exchange may terminate the client connection in writing subject to a notice period of thirty days, effective at the end of a month. Should a new client connection subsequently be established, the Exchange will waive the one-off installation fee. The access fee will be charged from the date on which the data centre provider or line provider reports the connection as ready for service, or from the agreed time in the case of managed IP and ethernet services. The minimum billing period is three months. When switching a connection option or location that is already in place, the client is charged the actual expenses at a rate of CHF 200 per hour, but at least CHF 2,500 per connection. The cancellation of an existing access which preceded a new access within the last three months is subject to the same fee regulations above.
8 Connection to the Exchange system (interfaces for trading and market information)
8.1 Standard Trading Interface (STI)
The participation fee includes connection to the Standard Trading Interface, as well as a number of free FIX connections and Party IDs. The number of free FIX connections and Party IDs is determined by the rate band chosen for the Blue Chip Shares trading segment, as well as connection status to the OUCH Trading Interface (OTI) or the Quote Trading Interface (QTI).
Rate band Free FIX connections and Party IDs Free FIX connections and Party IDs for participants with OTI or for participants without OTI or QTI connection QTI connection
Participant without 3 free FIX connections 1 free FIX connection commitment level tariff Participant with 6 free FIX connections 2 free FIX connections commitment level 1 tariff Participant with 9 free FIX connections 3 free FIX connections commitment level 2 tariff Participant with 12 free FIX connections 4 free FIX connections commitment level 3 tariff Participant with all-in tariff 3 free FIX connections 1 free FIX connection Participant with LPS CLOB tariff 12 free FIX connections 4 free FIX connections
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An application must be submitted to the Exchange for each additional FIX connection and Party ID for participants and Application Service Providers. The Exchange charges an additional monthly fee of CHF 2,000 for each authorised FIX connection over and above the free allocation. The Exchange reserves the right to introduce a cap on FIX connections and Party IDs per participant.
8.2 OUCH Trading Interface (OTI)
The Exchange charges a flat monthly fee of CHF 85 per OTI connection (not redundant) for the connection to the OUCH Trading Interface. This fee is levied pro rata on a monthly basis. An application must be submitted to the Exchange for each OTI connection. The Exchange reserves the right to introduce a cap on OTI connections per participant.
8.3 Quote Trading Interface (QTI)
The Exchange charges a flat monthly fee of CHF 85 per QTI connection (not redundant) for the connection to the Quote Trading Interface. This fee is levied pro rata on a monthly basis. An application must be submitted to the Exchange for each QTI connection. The Exchange reserves the right to introduce a cap on QTI connections per participant.
8.4 ITCH Market Data Interface (IMI)
The Exchange charges a flat monthly fee of CHF 85 per IMI connection (not redundant) for the connection to the ITCH Market Data Interface. This fee is levied pro rata on a monthly basis. An application must be submitted to the Exchange for each IMI connection. The Exchange reserves the right to introduce a cap on IMI connections per participant.
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Annex S – Capacity fees The participation fee includes a number of free capacity.
1 FTPS capacity fee
Depending on their rate band in the Blue Chip Shares trading segment, each participant receives the following number of free FIX transactions per second (FTPS capacity) from the Exchange: Rate band Free FIX transactions per second (FTPS) Participant without commitment level tariff 20 Participant with commitment level 1 tariff 60 Participant with commitment level 2 tariff 80 Participant with commitment level 3 tariff 120 Participant with all-in tariff 20 Participant with LPS CLOB tariff 200
An application must be submitted to the Exchange for additional FTPS capacity for participants and Application Service Providers. Each participant may increase its FTPS capacity by paying a monthly fee of CHF 250 per FTPS. The Exchange reserves the right to introduce a cap on FTPS capacity per participant.
2 OTPS capacity fee
2.1 OUCH Trading Interface (OTI) – Equity
The number of OUCH transactions per second (OTPS capacity) is unlimited and free of charge for trading in equity markets.
2.2 OUCH Trading Interface (OTI) – Non-Equity
Depending on their rate band in the Blue Chip Shares trading segment, each participant receives the following number of free OUCH transactions per second (OTPS capacity) from the Exchange for trading in non-equity markets:
Rate band Free OUCH transactions per second (OTPS) Participant without commitment level tariff 20 Participant with commitment level 1 tariff 60 Participant with commitment level 2 tariff 80 Participant with commitment level 3 tariff 120 Participant with all-in tariff 20 Participant with LPS CLOB tariff 200
An application must be submitted to the Exchange for additional OTPS capacity for participants and Application Service Providers. Each participant may increase its OTPS capacity by paying a monthly fee of CHF 250 per OTPS. The Exchange reserves the right to introduce a cap on OTPS capacity per participant.
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