We inform market participants by e-mail about the status of the SMC market. The Swiss Stock Exchange is the first regulated market in the world to trade products with cryptocurrencies as underlying assets. 2019 was a record year: sales reached 518.2 million FRANCS (up 17% compared to 2018) for 19,636 transactions (up 21% compared to 2018). By the end of July 2020, approximately 180 products will be available, including 22 FTEs. As a pioneer in the European FTE trade, the Swiss Stock Exchange is committed to innovation and market improvement. In November 2018, we hosted the world`s first FTE with cryptocurrencies as commodity instruments listed by Amun AG. Today, the Swiss Stock Exchange is the leading regulated market for cryptocurrencies as underlying assets. The quota trading interface (QTI) allows market-makers and liquidity providers to access the order book directly. It supports the entry of offers and receives execution confirmations for subsequent processing. Each market maker receives 2 QPS per instrument for free (or 1 free QPS for the first 50 instruments). More information and a list of royalties in accordance with trade rules can be found in the corresponding guidelines. Liquidity in the market is supported by 6 specialized market makerns which: in a situation of stressed market conditions (SMC), the obligation for the participant to provide regular and predictable liquidity under the “Market Making Schemes” is modified to double the spread demand and increase half of the commitments. During the CMS, market makers will continue to be monitored.
SMC is considered “liquid security” with respect to a financial instrument that is subject to a contractual contract management regime with LuxSE and which is declared “liquid security” by the AEMF in the following situations: Companies algorithmic trading activities and market strategies for each tradable LuxSE instrument must enter into a market agreement with LuxSE by submitting a completed registration form (see below). If there is a liquid market for equities and ETFs, LuxSE offers market management schemes. As a reminder, market makers (whether under a system or only as part of an agreement) will be required to publish simultaneous two-way offers of comparable size and competitive prices and to act on their own account for at least half of the daily trading hours on a single calendar month. Cryptocurrencies are allowed as a basic instrument for trading derivatives on the Swiss stock exchange. In 2018, SER (SIX Exchange Regulation), regulatory and supervisory participants and issuers of the Swiss stock exchange, said in the circular nb. 3 that, at the time of the application for provisional admission to trading, cryptocurrency must be among the 15 largest cryptocurrencies in terms of market capitalization in usd. The details on the following website serve as a reference: CoinMarketCap In addition to the MiFID II Market Framework, we will maintain the rules of liquidity providers regarding specific instruments to meet the needs of products and subscribers. These rules for liquidity providers are not subject to the MiFID II framework. The Swiss Stock Exchange is at the forefront of innovation in cryptographic products and has launched a research function and an overview of structured products. All LuxSE members acting as liquidity providers must complete the registration form and thus confirm their understanding and acceptance of the terms and conditions applicable to all LuxSE instruments. All documents are available below.
For more information, please contact the Market and Surveillance Department. There are 31 FTEs on the stock exchange. The majority of OPCVM products are individual products such as industrial metals, cocoa, coffee, corn, cotton, cereals, soybeans, sugar or wheat.