Are bond trades subject to Swiss stamp tax?
The brokerage, purchase and sale of foreign bonds are exempt from stamp tax if the purchaser
or seller is a foreign counterparty.
Are trades in International Bonds subject to the Exchange turnover fee?
For information on International Bond fees, please see
Directive 7.
Is there a duty to trade International Bonds exclusively on-order book?
No. Participants are not obliged (as they are in the case of cash market securities)
to trade International Bonds on the Exchange during trading hours.
Are there specified round lots for International Bonds?
No. On the SIX Swiss Exchange, the minimum denomination of a given International Bond is equal to the
issue's smallest tradeable unit on the SIX Swiss Exchange. For example, if the basic denomination of an International
Bond is USD 1'000, this is the smallest order size that can be executed on the SIX Swiss Exchange.
An exception in this regard are international bonds with differing initial and minimum denominations; such
bonds may not be traded in quantities less than the initial denomination.
What are the trading hours for International Bonds?
Trading starts at 9.30 a.m. and ends at 5 p.m.
Which bonds are admitted to trading on the SIX Swiss Exchange, and what criteria do they have to meet?
On the SIX Swiss Exchange, International Bonds can be traded in several currencies. The criteria for admission to
trading are defined in the Rules International Bonds. In order
for a given International Bond to be admitted to trading on the SIX Swiss Exchange, it must be listed on a
recognised primary exchange (e.g. London or Luxembourg,
Communiqués No. 9/2002[pdf]),
clearing and settlement must be effected via a
recognised clearing organisation[pdf]
(SIS/Clearstream/Euroclear), and it must be reasonably expected that there will be a proper market.
How does the admission procedure work?
The parties involved (sponsoring members and issuers) should submit a written indication of interest
(which must include the ISIN number) for the admission of an International Bond to trading on the SIX Swiss Exchange
by sending a fax or an e-mail to the following address:
How long does the admission procedure take?
Indications of interest received by the SIX Swiss Exchange no later than 2 p.m. can be processed
the same day, and trading in the bond in question can start the next day.
Who decides on the admission of bonds?
The SIX Swiss Exchange selects bonds in accordance with the needs of market participants.
However, the decision on whether or not to admit a given bond to trading lies with the SIX Swiss Exchange alone.
Is additional hardware or software necessary for trading in International Bonds?
No.
What impact do public holidays have on trading on the International Bonds platform?
Please consult our
Settlement and Trading Calendar
and the relevant PDF files.
Should you require further information on International Bonds, please do not hesitate to send us an
e-mail.
