SIX Swiss Exchange message no. 56/2016

SIX Swiss Exchange message no. 56/2016 Title Changes to pricing structure from 1 January 2017 Category Trading and Products

Authorized by Alain Picard, Head Product Management Rolf Broekhuizen, Head Business Engineering

Pages 3

Date 05.12.2016 Information

Content of this message:

• Summary of changes to pricing structure as of 1 January 2017

• Publication of regulations and directives

• Changes to billing report in the Member Section

• Introduction plan

SIX Swiss Exchange and SIX Structured Products Exchange have announced significant changes to the pricing structure as of 1 January 2017. The changes will make the exchanges more efficient and attractive, and therefore more competitive. Summary of the changes to the pricing structure:

• Reporting fee reduced from CHF 1.00 to CHF 0.20 per transaction report (SIX Swiss Exchange message no. 39/2016)

• Increased capacity and lower QPS capacity fees for the following market segments (SIX Swiss Exchange message no. 43/2016):

• ETF, ETSF and ETP

• Sponsored Funds

• Sponsored Foreign Shares

• Bonds – CHF

• Bonds – Non CHF

• Lower QPS capacity fees for structured products (SIX Swiss Exchange message no. 44/2016)

• Increased transaction fees for on- and off order book trading in Structured Products (SIX Swiss Exchange message no. 46/2016)

• Changes to listing fees for structured products (SIX Swiss Exchange message no. 47/2016)

• Increase in ad valorem fee for on order book Mid-/and Small-Cap Shares transactions executed during an auction

• Increased number of FIX Connections and FTPS as well as OTPS capacity for participants in the Liquidity Provider Scheme (LPS) This message has been issued to notify participants that the amended regulations have been published to reflect the pricing changes.

Rules The following rules and directives have been amended to reflect the new pricing structure and can be viewed at the SIX Swiss Exchange and SIX Structured Products Exchange websites:

• Reporting Office Rules for the fulfilment of the legal reporting requirements for securities dealers

• Directive 7: Fees and Costs of SIX Swiss Exchange

• Directive 7: Fees and Costs of SIX Structured Products Exchange

SIX Swiss Exchange Ltd Phone +41 58 399 5454 Selnaustrasse 30 Fax 41 58 499 5455 P.O. Box www.six-swiss-exchange.com CH-8021 Zurich

SIX Swiss Exchange message no. 56/2016 05.12.2016

The following table contains details of the changes to the rules and directives:

Document Type of Reference Title change

Reporting Office Rules Amended Annex B Trade report Clause 1 lit. d) Derivatives

Amended Annex B Clause 2 Transaction report

SIX Swiss Exchange Amended Annex B Clause 1.2.1 Ad valorem fee Mid-/Small-Cap Shares Directive 7: Amended Annex D, Clause 3.1 QPS capacity fees Sponsored Foreign Shares Fees and costs Amended Annex F Clause 3.1 QPS capacity fees ETF, ETSF and ETP

Amended Annex G Clause 3.1 QPS capacity fees Sponsored Funds

Amended Annex H Clause 3.1 QPS capacity fees Bonds – CHF

Amended Annex I Clause 3.1 QPS capacity fees Bonds – Non CHF

New Annex K Clause 7.1 Free FIX connections and FTPS for LPS participants

New Annex K Clause 7.2.2 Free OTPS for LPS participants

SIX Structured Products New Clause 3.2 para. 2 Transaction fee Exchange Directive 7: Amended Annex A Clause 1 Fees for on-exchange, on-order-book trading Fees and costs Amended Annex A Clause 2 Fees for on-exchange, off-order-book trading

Amended Annex A Clause 3.1 QPS capacity fees Structured Products

Details of the amendments to the List of Charges to reflect the new pricing structure for derivatives can be found in Regulatory Board message no. 2/2016 dated 5 December 2016 and in the revised List of Charges on the SIX Exchange Regulation website.

Billing reports in Member section Billing has been automated in parallel with the new, graduated discount structure for derivatives. As with trading and capacity fees, monthly invoices will be produced for the derivatives fees for admission to trading. The invoices for admission to trading will contain a summary of the fees and further details will be provided in a new billing report «SIX Structured Products Exchange Security (XQMH)». Participants will be able to download the invoices and billing reports from the Member section of SIX Swiss Exchange.

Additional information about the billing report can be found in the «Billing Report File Interface Specification» in the Member section. Simply click on the link below: https://secure.six-swiss-exchange.com/member_section/it/manuals.html

You must have the following access rights in order to view the invoices and billing reports in the Member section:

Document Member section access rights

Invoices View SIX Exchange Regulation invoices

Billing Reports View Billing Report for SIX Exchange Regulation

Your master user can set up the access rights for the Member section of SIX Swiss Exchange. If you require a new user account, please contact the Listing helpdesk: listing@six-group.com or +41 58 399 2990.

Selnaustrasse 30 Fax 41 58 499 5455 P.O. Box www.six-swiss-exchange.com CH-8021 Zurich

SIX Swiss Exchange message no. 56/2016 05.12.2016

SIX Swiss Exchange has also modified the Detailed Billing Report as follows:

• The Detailed Report now includes the "Orig_QP_Order_Id" attribute for Iceberg orders.

• There is no longer a dedicated Detailed Report for transactions made using the SIX Swiss Exchange Liquidnet Service (SLS). All on and off order book exchange trades, including trades without pre-trade transparency (SwissAtMid and SLS), appear in the SIX Swiss Exchange Billing Report.

Introduction Overview of the key dates for the pricing structure changes:

Date Activity

1 January 2017 Amended regulations and directives enter into force

2 February 2017 First billing run for January 2017 using new pricing structure for

• Trading fees

• Reporting fees

• Capacity fees

• Fees for admitting derivatives to trading

3 February 2017 Invoices and Billing Reports for January 2017 are available as downloads in the Member Section.

If you have any questions, please do not hesitate to contact Member Services:

Tel.: +41 58 399 2473

E-mail: member.services@six-group.com

Links to SIX Swiss Exchange: www.six-swiss-exchange.com | Member section | Forms | Rules | Directives

Selnaustrasse 30 Fax 41 58 499 5455 P.O. Box www.six-swiss-exchange.com CH-8021 Zurich