Detailed overview of the amendments as of 24 June 2019
Trading Regulations - Detailed overview of the amendments Entry into force 24.06.2019
The following amendments have been made:
Document Type Reference Title
Trading Rules Change Clause 4.3.2 para. 2 Registration of traders (formerly “Rule Book”) Change Clause 4.3.3 para. 2 Registration of reporting agents
Change Clause 4.4 para. 1 and 2 Reporting obligation
Deletion Clause 4.5 Duty to trade on the exchange
New Clause 10.1 para. 2 lit. c) On-exchange trading
Change Clause 10.2 Off-exchange trading
Change Clause 10.4 para. 1 Trading segments
Change Clause 10.7 para. 1 and 2 Reporting obligation
Change Clause 11.1.6 para. 1 Liquidity providers
New Clause 11.3 On-exchange, hybrid trading
Change Clause 12.1.1 Content of trade reports
Change Clause 12.1.3 lit. a) and b) Reporting functions
Change Clause 12.1.4 para. 3 Correction of trade reports
New Clause 13 Transaction Reports
New Clause 13.1 General provisions
New Clause 13.2 Content
New Clause 13.3 Reporting deadlines
New Clause 13.4 Reporting functions
New Clause 13.5 Correction of Transaction Reports
Change Clause 15.2 para. 2 Clearing and settlement instructions
Change Clause 16.3 para. 2 Execution
Change Clause 17 para. 2 lit. b Trades involving a central counterparty
Change Clause 19 para. 1 Audit
New Clause 30 para. 18 Revision
SIX Swiss Exchange Ltd T + 41 58 399 5454 P.O. Box www.six-group.com
Trading Regulations - Detailed overview of the amendments Entry into force 24.06.2019
Document Type Reference Title
Directive 1: Change Clause 2.2 para. 1 lit. e) Application for admission Admission of participants Change Clause 3.2.2 para. 1 lit. d) Registration application
Change Clause 3.3.2 para. 1 lit. d) Registration application
New Clause 4 para. 3 Admission as Market Maker
Directive 2: Change Clause 6.1.1 Standard Trading Interface (STI) Technical Connectivity Change Clause 6.1.2 OUCH Trading Interface (OTI)
Change Clause 6.2.2 para. 1 ITCH Market Data Interface (IMI)
Change Clause 6.2.3 para. 1 SIX MDDX Multi-Dimensional Data fluX Interface (SIX MDDX)
Directive 3: Change Clause 1 Purpose and principle Trading New Clause 5.1.3 para. 1 lit. i) 4 Order specification – Routing Instruction
Change Clause 15.2 para. 1 and 3 Liquidity providers
Change Clause 16.2 para. 1 and 3 Market makers and liquidity providers
Change Clause 17 para. 2 Trade Reports
Change Clause 18.1 Two-sided Trade Report
Change Clause 18.2 One-sided Trade Report
Change Clause 20.1.2 Incorrect Trade Reports to the Exchange
Change Clause 21 Countertrade
Change Annex A – Clause 2.1 para. 1 Separate Trading Lines - Trading
Change Annex B Trade Types
Directive 4: Change Clause 3 para. 1 Communication Market Control Change Clause 4.2 Information
Change Clause 5.3 para. 2 Information
Change Clause 6.3 para. 3 Procedure
Change Clause 6.4 para. 1 lit. a) Effects of an annulment
Directive 5: Change General Title of Directive Alternative Trading Change Clause 1 Purpose and principle (formerly “Trading without Pre-Trade New Section I Common Provisions Transparency”) Change Clause 2 para. 1 Admission of participants
Change Clause 3.1 Trading interfaces
Change Clause 3.2.1 Reference data
Change Clause 3.2.2 Market data
SIX Swiss Exchange Ltd T + 41 58 399 5454 P.O. Box www.six-group.com
Trading Regulations - Detailed overview of the amendments Entry into force 24.06.2019
Document Type Reference Title
Change Clause 4.1 Reporting obligation
Change Clause 4.2 para. 1 Post-trade transparency
Change Clause 4.3.2 para. 1 Cancellation
Change Clause 4.3.3 Countertrade
Change Clause 4.5 para. 1 Clearing and settlement
Change Clause 8 para. 1 Sponsored Access
New Section II On-exchange trading without pretrade transparency in SwissAtMid
Change Clause 9.7 para. 1 lit. i) 4. Order specification – Routing Instruction
Deletion Clause 9.8.2 Round lots
Change Clause 9.9.2 para. 1 Mid-Point Price Execution
Change Clause 9.12 para. 1 lit. b), c) and d) Trade suspension
New Section III On-exchange, hybrid trading in Swiss EBBO
New Clause 10.1 Tradeable securities
New Clause 10.2 Trading day and trading period
New Clause 10.3 Clearing day
New Clause 10.4 Liquidity provider
New Clause 10.5 Hybrid order book
New Clause 10.6 Definition of order
New Clause 10.7 Order types
New Clause 10.8 Order specification
New Clause 10.9 Price steps
New Clause 10.10 Market model
New Clause 10.10.1 Price-quantity-time priority
New Clause 10.10.2 Trades of orders from participants with Routing Instruction «SEB»
New Clause 10.11 Algorithmic trading
New Clause 10.12 Pre-trade controls
New Clause 10.13 Trade suspension
New Clause 10.14 Trading restriction
New Clause 10.15 Transmission of data abroad
New Clause 10.16 EBBO Report
SIX Swiss Exchange Ltd T + 41 58 399 5454 P.O. Box www.six-group.com
Trading Regulations - Detailed overview of the amendments Entry into force 24.06.2019
Document Type Reference Title
Directive 6: Deletion Clause 2 lit. a) Market information – Market Data Market Information Interface (MDI)
Change Clause 5 para. 2 Authorisation required for further use
Directive 7: Change Clause 5.5 lit. a) Relationship Sponsoring Sponsored Access Participant – Sponsored User
New Clause 7 para. 2 Trading Capacity
Guideline Change General Title of Guideline List of Charges under the Change Clause 1.3 List of fees Trading Rules (formerly “List of Trading New Clause 7.4.3 para. 4 lit. c) Commitment levels Charges”) New Clause 9 Fees for on-exchange hybrid trading
New Clause 9.1 Principle
New Clause 9.2 Transaction fee
New Clause 9.3 Ad valorem fee
New Clause 9.4 Rate bands
New Clause 9.5 Special fees
New Clause 10.2 para. 2 Transaction fee
New Clause 10.3 para. 2 Ad valorem fee
New Annex A – Clause 1.2.6.2 Blue Chip Shares - LPS CLOB tariff
Change Annex B – Clause 1.1 Mid-/Small-Cap Shares - Transaction fee
New Annex F Investment Funds
New Annex F – Clause 1 Investment Funds - Fees for onexchange, on-order-book trading
New Annex F – Clause 2 Investment Funds - Fees for offorder-book trading
Deletion Annex G ETF, ETSF and ETP (deletion of Investment Funds)
New Annex M Fees for on-exchange, hybrid trading in Swiss EBBO
New Annex M – Clause 1 Blue Chip Shares
New Annex M – Clause 2 Mid-/Small-Cap Shares
New Annex M – Clause 3 LPS Swiss EBBO
New Annex M – Clause 4 Special fees
SIX Swiss Exchange Ltd T + 41 58 399 5454 P.O. Box www.six-group.com
Trading Regulations - Detailed overview of the amendments Entry into force 24.06.2019
Document Type Reference Title
Guideline Change Annex A to P – Clause 2 Market model, order types and Trading Parameters trading services
Deletion Annex A to P – Clause 3 Duty to trade on the Exchange
Deletion Annex A to P – Clause 6.2 Round lots
Change Annex B – Clause 6.2 Mid-/Small-Cap Shares - Liquidity provider
Change Annex B – Clause 7 Mid-/Small-Cap Shares - Clearing and settlement
Change Annex P – Clause 7 Exchange Traded Products - Clearing and settlement
SIX Swiss Exchange Ltd T + 41 58 399 5454 P.O. Box www.six-group.com