If one asked you what the major event was in 1995, you would probably say the release of Windows 95 by Microsoft, or the Oklahoma City bombing, or even the founding of Yahoo in California.
But somewhere else in Switzerland, a fully developed and automated trading, clearing and settlement scheme was put in place, taking over from floor trading systems which were located in Base, Geneva, and Zurich.
It was the first to venture in e-trading (electronic). In 2002, it bought virt-x across-the-border e-exchange and then changing its name to SWX Europe, further renaming it SIX Swiss Exchange in 2008.
Situated in Zurich, the SIX Swiss Exchange is in partnership with Germany's Deutsche BÓ§rse over the ownership of the biggest Futures and derivatives exchange in the world; the Eurex. This is in the hope of providing universal derivatives trading Futures.
SIX Swiss Exchange is available in 22 other countries in Asia, Europe and North America.
Rules of SIX Swiss Exchange
As any organizational body would have it, there are rules that govern and regulate the rights and roles of those who work in the SIX Swiss Exchange, those in partnership with it and also traders.
The rules touch on topics like;
1. How trading is done
2. Selection of clients in securities to works as Exchange dealers
3. Taking record of and enforcing the Rule Book and seeing to the penalties that the Exchange has put in place on participants and traders.
4. How trades on the Exchange are cleared and settled.
2. Selection of clients in securities to works as Exchange dealers
3. Taking record of and enforcing the Rule Book and seeing to the penalties that the Exchange has put in place on participants and traders.
4. How trades on the Exchange are cleared and settled.
These rules are in line with the requirements of the Swiss state laws on Stock Exchanges and Securities Trading.
Quotes
George Washington once said that government is not reason, not eloquence but it is a force and like a fire it is a dangerous servant and a fearful master. However, these are not the quotes we expect to find here.
Quotes in this case give participants an opportunity to enter a bit in the firm, either to buy or sell, and give prices to particular securities. For a participant to be legible to enter a quote they should have the following necessities, otherwise the SIX Swiss Exchange will not recognize them.
Quotes are supported by the Capacity Trading Interface (CTI).
• The number of shares they are in for to buy or sell.
• The type of trading; either transaction as a customer or as a participant.
• Limit in the buying or selling price.
• The number of shares they are in for to buy or sell.
• The type of trading; either transaction as a customer or as a participant.
• Limit in the buying or selling price.
Working Hours
The official trading time for the SIX Swiss Exchange are from 09.00 up to 17.30, Monday till Friday. The Exchange informs if they will be working during holidays.
Summary
This stock exchange revolutionized the trading system by going electronic 18 years ago. It has gone into partnership to offer various services so as to meet the requirements of the traders and the participants. It is controlled by over 50 banks from all over the world these banks have their voting rights equitable distributed when it comes to decisions on management and regulation.
