Post-trade Transparency

Post-trade transparency refers to the trading venue's obligations to publish the relevant data of each transaction immediately or, according to the venue's deferred publication regime, at the end of a defined time period.

While transactions that were carried out outside of normal business hours are to be published prior to the start of trading on the next trading day, deferred publication during a venue's trading hours may only be granted for transactions that:

  • are large in size (i.e. trades above standard market size as specified by security);
  • expose Liquidity Providers to unexceptional risk;
  • require the nature of counterparties (retail / wholesale investors) to be taken into account;
  • are carried out in illiquid securities.

Thresholds for large-in-size transactions as well as the classification of liquid/illiquid instruments are defined on an instrument-level (bonds) or for the whole asset class (equities and structured products).

Related topics: Trade Flagging Obligation and Data Disaggregation

Our approach

SIX Swiss Exchange already features deferred publication regimes for each of its trading segments and services which in most cases shall be adapted to meet (or exceed) the new Swiss and European regulation.

SSX trading segments Deferred Publication
Equities Existing functionality - no change
ETF / ETSF / ETP / SF / SFS Existing functionality - no change
IF No deferral of publication - new!
CHF  / Non-CHF Bonds
On-book trades - no change
Off-book trades - deferral possible if bond is illiquid, and in the case of liquid bond depending on size - new!
Structured Products No deferral of publication - no change
Service / venue Deferred Publication
SLS No change - all trades published immediately
SCB Deferral if bond is illiquid, and in the case of liquid bond depending on size - new!
XBTR Under evaluation (publication of final FINMA circular on “Organised trading facilities" to be awaited)

We belive the approach outlined is fully compliant with Swiss law and aligned to the principles of EU law but is subject to regulatory approvals.

The abolition of deferred publication in the investment funds segment is scheduled for SMR6 (2016) while all other changes will be implemented with SMR7 (2017).

Swiss Regulation

European Regulation