SIX Swiss Exchange - Sponsored Segment |
The trading segment SIX Swiss Exchange - Sponsored Segment enables SIX Swiss Exchange participants (in this context, "sponsoring
securities dealers") to initiate trading in equity securities of domestic or foreign issuers that
have a primary listing on an exchange recognised by the Regulatory Board on the trading platform
of the SIX Swiss Exchange, without having to go through the listing procedure.
Accordingly, admission to trading in the SIX Swiss Exchange - Sponsored Segment does not constitute a listing. This is
evidenced among other things by the fact that no listing prospectus or listing notice must be drawn up,
and the disclosure and reporting requirements within the scope of maintained admission to trading are not
as extensive for the given securities as would otherwise be the case if the equity securities were formally
listed. Moreover, the disclosure and reporting requirements - which primarily pertain to the information
that is essential for fair and orderly trading and the market's formation of a price for the securities
- are not fulfilled by the issuer but instead by the relevant sponsoring securities dealer. There is no ad hoc
publicity obligation for such issues.
The admission to trading may be revoked by the Regulatory Board of the SIX Swiss Exchange if insufficient trading
turnover is generated, the requirements for admission are no longer fulfilled, or the market-making
obligation is breached.
To ensure the most liquid market possible, trading in a given equity security must as a general rule be
maintained for a period of at least one year. Only after the conclusion of that year may a request be
submitted for cancellation of the admission to trading.
Admission to the SIX Swiss Exchange - Sponsored Segment is governed by the
Rules SIX Swiss Exchange - Sponsored Segment.
Admission procedure
Each sponsoring securities dealer may submit an application for the admission of equity securities to trading
in the SIX Swiss Exchange - Sponsored Segment, and more than one sponsoring securities dealer may be involved in effecting the
admission of a given equity security. In the latter instance, each sponsoring securities dealer must fulfil
all of the obligations laid out in the relevant Rules, among which is the duty to act in a market-making
capacity as of the first trading day for the security in keeping with the provisions of
Directive No. 3, in particular of Annex E .
In return, the nostro trading fees payable by the market maker (see
Directive No. 7)
for trades in the equity securities it has introduced to the SIX Swiss Exchange - Sponsored Segment will be waived.
A prerequisite for the admission of an equity security to trading in the SIX Swiss Exchange - Sponsored Segment is that the
issue has a primary listing on an exchange recognised by the Regulatory Board, whereby it may not
have a primary or secondary listing on the SIX Swiss Exchange. Furthermore, only equity securities (and not bonds,
derivatives or ETFs) may be admitted to trading in this manner. The settlement of trades in such eligible
securities must be conducted via a SIX Swiss Exchange-recognised clearing agent, and the equity security must have a
Swiss securities number assigned to it. The trading currency may be either Swiss francs (CHF) or US dollars
(USD).
The application for admission must:
- be submitted by the sponsoring securities dealer;
- at the latest three trading days prior to the desired first trading day;
- in writing;
- by means of the prescribed form and an Official Notice;
- and include the minimum details regarding the issuer and the equity security; as well as
- a declaration by the sponsoring securities dealer in accordance with
Art. 9 Rules SIX Swiss Exchange-Sponsored Segment.
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Description
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Application for the admission of equity securities to trading in the
SIX Swiss Exchange - Sponsored Segment |  |
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