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SIX Swiss Exchange (formerly SWX Swiss Exchange), based in Zurich, is
Switzerland ). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel ...
's principal
stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...
(the other being
Berne eXchange BX Swiss (formerly Berne eXchange, abbreviated: BX) is a Swiss stock exchange operated by BX Swiss AG (formerly Berner Börsenverein). It has its main office in Zurich and is subject to the supervision by the Swiss Financial Market Supervisory Aut ...
). SIX Swiss Exchange also trades other
securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
such as Swiss
government bond A government bond or sovereign bond is a form of bond issued by a government to support public spending. It generally includes a commitment to pay periodic interest, called coupon payments'','' and to repay the face value on the maturity date ...
s and
derivatives The derivative of a function is the rate of change of the function's output relative to its input value. Derivative may also refer to: In mathematics and economics * Brzozowski derivative in the theory of formal languages * Formal derivative, an ...
such as
stock option In finance, an option is a contract which conveys to its owner, the ''holder'', the right, but not the obligation, to buy or sell a specific quantity of an underlying asset or instrument at a specified strike price on or before a specified dat ...
s. SIX Swiss Exchange is completely owned by
SIX Group SIX operates the infrastructure for the Swiss financial centre. The company provides services relating to securities transactions, the processing of financial information, payment transactions and is building a digital infrastructure. The company ...
, an unlisted public limited company itself controlled by 122 banks or financial institutions. The exchange in its current state was founded in 1993 by merging the
Geneva Stock Exchange The Geneva Stock Exchange was a stock exchange in Geneva, Switzerland. The first stock exchange in Switzerland, it was founded in 1850. Initially created as an association of Stockbroker, stockbrokers, it was first regulated in 1855. It was more ...
, the
Basel Stock Exchange The Basel Stock Exchange was a stock exchange in Basel, Switzerland between 1866 and 1993, where it merged into SWX Swiss Exchange SIX Swiss Exchange (formerly SWX Swiss Exchange), based in Zurich, is Switzerland's principal stock exchange (the o ...
and the
Zürich Zürich () is the list of cities in Switzerland, largest city in Switzerland and the capital of the canton of Zürich. It is located in north-central Switzerland, at the northwestern tip of Lake Zürich. As of January 2020, the municipality has 43 ...
stock exchange into the (German for "Swiss Securities Exchanges Association"), publicly known in English as ''Swiss Exchange''.SIX Swiss Exchange
Interactive brokers. Retrieved 15 April 2020.
The newly created association took over trading in 1995. It was the first stock exchange in the world to incorporate a fully automated trading, clearing and settlement system. The association was renamed to SWX Swiss Exchange in 1999. In 2002, the association was changed to a
public limited company A public limited company (legally abbreviated to PLC or plc) is a type of public company under United Kingdom company law, some Commonwealth of Nations, Commonwealth jurisdictions, and the Republic of Ireland. It is a limited liability company ...
called SWX Swiss Exchange AG. In July 2004, it rejected a merger proposal from
Deutsche Börse Deutsche Börse AG () or the Deutsche Börse Group, is a German company offering marketplace organizing for the trading of shares and other securities. It is also a transaction services provider. It gives companies and investors access to glo ...
, which analysts anticipated as profitable for many small companies listed on SWX Swiss Exchange. In 2008, SWX Swiss Exchange merged with SIS Group and
Telekurs SIX Financial Information, a subsidiary of SIX Group, is a multinational financial data vendor headquartered in Zurich, Switzerland. The company provides market data which it gathers from the world's major trading venues directly and in real-t ...
into the new
SIX Group SIX operates the infrastructure for the Swiss financial centre. The company provides services relating to securities transactions, the processing of financial information, payment transactions and is building a digital infrastructure. The company ...
, and was renamed as SIX Swiss Exchange, which is still its name as of 2020. SIX Swiss Exchange maintains several major indices. The most known index is the SMI, or
Swiss Market Index The Swiss Market Index (SMI) is Switzerland's blue-chip stock market index, which makes it the most followed in the country. It is made up of 20 of the largest and most liquid Swiss Performance Index (SPI) stocks. As a price index, the SMI is ...
, which consists of the 20 largest and most liquid companies of the SPI. The SPI, or Swiss Performance Index, contains more than 200 companies listed on the exchange that meet requirements. The SLI, or
Swiss Leader Index The Swiss Leader Index (SLI) is an index comprising large and mid-cap companies primarily listed on SIX Swiss Exchange. It is made up of 30 of the largest and most liquid Swiss Performance Index (SPI) large- and mid-cap stocks. As a price ind ...
, is a capped index with some of the largest 30 companies. The SBI, or
Swiss Bond Index The Swiss Bond Index (SBI) is a bond index which tracks fixed-rate, investment-grade Bond (finance), obligations emitted in Swiss Francs, the currency of the Swiss Confederation. The index is calculated by SIX Swiss Exchange. It includes all the ...
, tracks obligations emitted in
Swiss franc The Swiss franc is the currency and legal tender of Switzerland and Liechtenstein. It is also legal tender in the Italian exclave of Campione d'Italia which is surrounded by Swiss territory. The Swiss National Bank (SNB) issues banknotes and the f ...
s. The
market capitalization Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by t ...
of all companies listed at SIX Swiss Exchange amounted in 2018 to 1.6 trillion Swiss francs, making it one of the top exchanges in the world by capitalization.


History


First Swiss exchanges

The first exchanges in Switzerland were created locally in major Swiss cities throughout Switzerland, with the authorization of the
Cantonal The 26 cantons of Switzerland (german: Kanton; french: canton ; it, cantone; Sursilvan and Surmiran: ; Vallader and Puter: ; Sutsilvan: ; Rumantsch Grischun: ) are the member states of the Swiss Confederation. The nucleus of the Swiss Con ...
authorities.
Geneva Geneva ( ; french: Genève ) frp, Genèva ; german: link=no, Genf ; it, Ginevra ; rm, Genevra is the List of cities in Switzerland, second-most populous city in Switzerland (after Zürich) and the most populous city of Romandy, the French-speaki ...
paved the way in the year 1850, when the ( en, United Brokers Association) was founded. Its
trading floor Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of hand signals to transfer information primarily about buy and sell orde ...
was opened in 1855 and approved by the
Grand Council of Geneva The Grand Council of Geneva (french: Grand Conseil de Genève) is the legislature of the canton of Geneva, in Switzerland. Geneva, styled as a 'Republic and Canton', has a unicameral legislature. The Grand Council was established in its prese ...
in 1856. The Basler Börse followed in 1866 or 1876 (sources disagree) in
Basel , french: link=no, Bâlois(e), it, Basilese , neighboring_municipalities= Allschwil (BL), Hégenheim (FR-68), Binningen (BL), Birsfelden (BL), Bottmingen (BL), Huningue (FR-68), Münchenstein (BL), Muttenz (BL), Reinach (BL), Riehen (BS ...
, as well as another one in
Zürich Zürich () is the list of cities in Switzerland, largest city in Switzerland and the capital of the canton of Zürich. It is located in north-central Switzerland, at the northwestern tip of Lake Zürich. As of January 2020, the municipality has 43 ...
in 1873. The
Berne exchange BX Swiss (formerly Berne eXchange, abbreviated: BX) is a Swiss stock exchange operated by BX Swiss AG (formerly Berner Börsenverein). It has its main office in Zurich and is subject to the supervision by the Swiss Financial Market Supervisory Aut ...
, which still exists today, was founded in 1884. Smaller exchanges were also created in
Lausanne , neighboring_municipalities= Bottens, Bretigny-sur-Morrens, Chavannes-près-Renens, Cheseaux-sur-Lausanne, Crissier, Cugy, Écublens, Épalinges, Évian-les-Bains (FR-74), Froideville, Jouxtens-Mézery, Le Mont-sur-Lausanne, Lugrin (FR-74), ...
in 1873, in
St. Gallen , neighboring_municipalities = Eggersriet, Gaiserwald, Gossau, Herisau (AR), Mörschwil, Speicher (AR), Stein (AR), Teufen (AR), Untereggen, Wittenbach , twintowns = Liberec (Czech Republic) , website ...
in 1887 and in
Neuchâtel , neighboring_municipalities= Auvernier, Boudry, Chabrey (VD), Colombier, Cressier, Cudrefin (VD), Delley-Portalban (FR), Enges, Fenin-Vilars-Saules, Hauterive, Saint-Blaise, Savagnier , twintowns = Aarau (Switzerland), Besançon (France), ...
in 1905.Die Anfänge der Schweizer Börsen
Neue Zürcher Zeitung. 8 December 2015.]
The exchanges were subject by the Cantons to a
value added tax A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end ...
. During the
First World War World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...
, all Swiss exchanges were closed, with the exception of
bond Bond or bonds may refer to: Common meanings * Bond (finance), a type of debt security * Bail bond, a commercial third-party guarantor of surety bonds in the United States * Chemical bond, the attraction of atoms, ions or molecules to form chemica ...
trading in the Geneva exchange. The
depression of 1920–21 Depression may refer to: Mental health * Depression (mood), a state of low mood and aversion to activity * Mood disorders characterized by depression are commonly referred to as simply ''depression'', including: ** Dysthymia, also known as pers ...
was followed by a bull market in the 1920s, during which a new exchange building (''alte Börse'', German for "old exchange") was constructed in Zurich at Bleicherweg 5, near
Paradeplatz Paradeplatz is a square on Bahnhofstrasse in downtown Zürich, Switzerland. It is one of the most expensive pieces of real estate in Switzerland and has become synonymous with wealth and the Swiss banks, being the location of the headquarters ...
. The building is still standing, but no longer used as an exchange. After the
Great Depression The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...
of the 1930s, a federal banking law was introduced. This law is still in effect today and, in its form as of 2020, requires permission by the
FINMA The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other ...
to do banking activities, as well as due diligence and
banking secrecy Banking secrecy, alternately known as financial privacy, banking discretion, or bank safety,Guex (2000), p. 240 is a conditional agreement between a bank and its clients that all foregoing activities remain secure, confidential, and private. Mos ...
. An exchange law was also discussed, but not introduced. Finally, Swiss exchanges were required to unite under a securities exchange association in order to set up a registration office, so that the
Swiss National Bank The Swiss National Bank (SNB; german: Schweizerische Nationalbank; french: Banque nationale suisse; it, Banca nazionale svizzera; rm, Banca naziunala svizra) is the central bank of Switzerland, responsible for the nation's monetary policy an ...
could have the desired influence.


Post-war era

After the
Second World War World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
, banking fees for trades on exchanges were unified in a broker conference. In the middle of the 1950s, the revenues of the exchanges reached new highs as in times before or between the wars until 1929. This development continued until the
Kennedy Slide of 1962 The Kennedy Slide of 1962, also known as the Flash Crash of 1962, is the term given to the stock market decline from December 1961 to June 1962 during the Presidential term of John F. Kennedy. After the market experienced decades of growth since the ...
, which was triggered by measures against the economic slowdown, the New York crash, and the
Cuban Missile Crisis The Cuban Missile Crisis, also known as the October Crisis (of 1962) ( es, Crisis de Octubre) in Cuba, the Caribbean Crisis () in Russia, or the Missile Scare, was a 35-day (16 October – 20 November 1962) confrontation between the United S ...
. Following the
deregulation Deregulation is the process of removing or reducing state regulations, typically in the economic sphere. It is the repeal of governmental regulation of the economy. It became common in advanced industrial economies in the 1970s and 1980s, as a ...
and the termination of the
Bretton Woods System The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretto ...
(fixed exchange rates) by the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
, in the 1970s, a fundamental transformation of the
economy An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the ...
and of the financial landscape started, which is still ongoing today. Fluctuating exchange rates carried new risks for the economy and a need for hedging solutions arose. Finance
derivatives The derivative of a function is the rate of change of the function's output relative to its input value. Derivative may also refer to: In mathematics and economics * Brzozowski derivative in the theory of formal languages * Formal derivative, an ...
were introduced as a response to this need and in 1973, the
Chicago Board Options Exchange The Chicago Board Options Exchange (CBOE), located at 433 West Van Buren Street in Chicago, is the largest U.S. options exchange with an annual trading volume of around 1.27 billion at the end of 2014. CBOE offers options on over 2,200 companies ...
was created as an exchange that only handles derivatives. With the oil crisis of 1974, the economy went through the biggest after-war recession since 1931. In Switzerland, the oil shock led to such a rush on investment money that it was considered to close the exchanges.


New economy

The
Geneva Stock Exchange The Geneva Stock Exchange was a stock exchange in Geneva, Switzerland. The first stock exchange in Switzerland, it was founded in 1850. Initially created as an association of Stockbroker, stockbrokers, it was first regulated in 1855. It was more ...
, the
Basel Stock Exchange The Basel Stock Exchange was a stock exchange in Basel, Switzerland between 1866 and 1993, where it merged into SWX Swiss Exchange SIX Swiss Exchange (formerly SWX Swiss Exchange), based in Zurich, is Switzerland's principal stock exchange (the o ...
and the Zurich stock exchange merged into SWX Swiss Exchange in 1993. On 16 August 1995, the closing bells rang for the last time on the trading floors, ending an era spanning more than a century. They were superseded with the world's first automated trading, clearing and
settlement Settlement may refer to: *Human settlement, a community where people live *Settlement (structural), the distortion or disruption of parts of a building * Closing (real estate), the final step in executing a real estate transaction *Settlement (fin ...
system. After the international financial markets recovered from the 1997/1998 Asian crisis and the 1998 Russian crisis, there was a period of two years of lasting bull market from October 1998. This bull market was mainly driven by the
new economy The New Economy refers to the ongoing development of the American economic system. It evolved from the notions of the classical economy via the transition from a manufacturing-based economy to a service-based economy, and has been driven by ...
boom and transition of this time. However, the boom was more limited on Swiss stock indices, since they are dominated by pharmaceutical, food and financial values, while Internet companies and technology companies play only a secondary role. Hence, it was only in May 2000 that the Swiss Performance Index crossed again the peak of 5,237 points that it had reached before the Russian crisis. It reached its then all-time high of 5,770 points on 23 August 2000. The bursting of the
dot-com bubble The dot-com bubble (dot-com boom, tech bubble, or the Internet bubble) was a stock market bubble in the late 1990s, a period of massive growth in the use and adoption of the Internet. Between 1995 and its peak in March 2000, the Nasdaq Compo ...
sent stock prices down worldwide, and did not spare Swiss stock indices. The SPI entered a bear market. It had lost more than 20% from its previous peak by 22 March 2001, on which day it reached a temporary bottom. After a short recovery phase, the SPI started to erode continuously from May 2001. The
9/11 attacks The September 11 attacks, commonly known as 9/11, were four coordinated Suicide attack, suicide List of terrorist incidents, terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, ...
accelerated this evolution, started with the bursting of the dot-com bubble, further. The SPI reached its bottom of 2,603 points one and a half years later, on 12 March 2003, at the peak of the SARS-epidemic and the Iraq war.


SIX Group

In May 2007, the SWX Group, the SIS Group and Telekurs Group announced their merger to a new holding called Swiss Financial Market Services AG. The merger was official in 2008 and the new company was renamed to SIX Group AG. SWX Swiss Exchange was renamed to SIX Swiss Exchange in the same year.


Subsidiaries and acquisitions


Eurex

From 1998 to 2012, SIX Swiss Exchange owned 15% of
Eurex Eurex Exchange is an international exchange which primarily offers trading in European based derivatives. It is the largest European futures and options market. The products traded on this exchange vary from German and Swiss debt instruments to E ...
, the world's second largest
futures Futures may mean: Finance *Futures contract, a tradable financial derivatives contract *Futures exchange, a financial market where futures contracts are traded * ''Futures'' (magazine), an American finance magazine Music * ''Futures'' (album), a ...
and derivatives exchange, after the
Chicago Mercantile Exchange The Chicago Mercantile Exchange (CME) (often called "the Chicago Merc", or "the Merc") is a global derivatives marketplace based in Chicago and located at 20 S. Wacker Drive. The CME was founded in 1898 as the Chicago Butter and Egg Board, an a ...
, along with its German partner
Deutsche Börse Deutsche Börse AG () or the Deutsche Börse Group, is a German company offering marketplace organizing for the trading of shares and other securities. It is also a transaction services provider. It gives companies and investors access to glo ...
(85%). Deutsche Börse purchased the 15% ownership from SIX Swiss Exchange in 2012, becoming its sole owner.


SWX Europe

SWX Swiss Exchange, as was its new name since 1999, acquired the stock exchange platform Tradepoint, renamed as
Virt-x SWX Europe, formerly virt-x (virt-x Exchange Limited) and Tradepoint, was an electronic cross-border share trading platform that operated between 1995 and 2009. In 2009 all business was transferred to its owner SIX Swiss Exchange.http://www.swxeu ...
, for the trading of 32 Swiss bluechip stocks, regulated by the British
Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...
. The new platform was opened on 25 June 2001. The main goals were on the one hand to build a pan-European exchange and on the other hand to mitigate the migration of the trading volume on SMI stocks to the London exchange. The listed companies were offered the choice between two market segments for SMI stocks: The EU-regulated market segment and the UK-exchange-regulated market segment. Both segments were subject to the regulations of the British Financial Services Authority, and the EU segment was in addition subject to EU regulations. Virt-x was renamed to SWX Europe in 2008. SWX Europe came to a halt in 2009 and the trading was transferred to SIX Swiss Exchange.


International Securities Exchange

On 30 April 2007, SWX Swiss exchange acquired, jointly with
Deutsche Börse Deutsche Börse AG () or the Deutsche Börse Group, is a German company offering marketplace organizing for the trading of shares and other securities. It is also a transaction services provider. It gives companies and investors access to glo ...
, the US option exchange
ISE Ise may refer to: Places * Ise, Mie, a city in Japan **Ise Grand Shrine, a Shinto shrine located in Ise, Mie * Ise Ekiti, a city in Nigeria *Ise, Norway, a village in Norway *Ise Province, an ancient province of Japan * River Ise, a tributary of th ...
. With the acquisition of International Securities Exchange Holding (ISE), one of the largest trading platforms for finance
derivatives The derivative of a function is the rate of change of the function's output relative to its input value. Derivative may also refer to: In mathematics and economics * Brzozowski derivative in the theory of formal languages * Formal derivative, an ...
emerged. The price for ISE was $2.8 billion and it was financed through
Eurex Eurex Exchange is an international exchange which primarily offers trading in European based derivatives. It is the largest European futures and options market. The products traded on this exchange vary from German and Swiss debt instruments to E ...
, which was then owned 85% by Deutsche Börse and 15% by SWX Swiss Exchange. The revenue of ISE was about $178 million in 2006, and the profit around $55 million. The ISE remains independent and keeps its structure and
branding Branding may refer to: Physical markings * Making a mark, typically by charring: ** Wood branding, permanently marking, by way of heat, typically of wood (also applied to plastic, cork, leather, etc.) ** Livestock branding, the marking of animals ...
.


Scoach

On 1 January 2007, SWX Swiss Exchange and Deutsche Börse jointly started and managed an exchange for structured products, a
joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...
called Scoach. In February 2013, Scoach was split into Scoach Europa AG, fully owned by Deutsche Börse, and Scoach Schweiz AG, fully owned by SIX Swiss Exchange. Scoach Schweiz AG was renamed to SIX Structured Products in November 2013.


Headquarters

Headquarters were moved to Selnaustrasse in 2002. In 2017, they moved again to the Hard Turm Park in Zurich West.


Technological advances

For the first time in the world, in 1962, an exchange TV broadcast was introduced in Basel and Zurich. Banks started to use
computers A computer is a machine that can be programmed to carry out sequences of arithmetic or logical operations (computation) automatically. Modern digital electronic computers can perform generic sets of operations known as programs. These programs ...
, while exchanges followed more hesitantly. In 1964,
Telekurs SIX Financial Information, a subsidiary of SIX Group, is a multinational financial data vendor headquartered in Zurich, Switzerland. The company provides market data which it gathers from the world's major trading venues directly and in real-t ...
was mandated by the Zurich stock exchange to investigate how computer technologies could be used on the exchange. Only in the 1980s did computers finally find their way into exchanges. On 8 December 1995, the
electronic trading In finance, an electronic trading platform also known as an online trading platform, is a computer software program that can be used to place orders for financial products over a network with a financial intermediary. Various financial products c ...
of foreign stock was introduced, on 2 August 1996 that of Swiss stock and options. Finally, on 16 August 1996, bonds were also electronically traded and the
trading floor Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of hand signals to transfer information primarily about buy and sell orde ...
was discontinued. On 3 December 2020, SIX Swiss Exchange, in collaboration with the
Bank for International Settlements The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work thr ...
and
Swiss National Bank The Swiss National Bank (SNB; german: Schweizerische Nationalbank; french: Banque nationale suisse; it, Banca nazionale svizzera; rm, Banca naziunala svizra) is the central bank of Switzerland, responsible for the nation's monetary policy an ...
, completed a wholesale
central bank digital currency A central bank digital currency (CBDC) (also called digital fiat currency or digital base money) is a digital currency issued by a central bank, rather than by a commercial bank. A report by the Bank for International Settlements states that, ...
proof-of-concept on a distributed
digital asset A digital asset is anything that exists only in digital form and comes with a distinct usage right. Data that do not possess that right are not considered assets. ''Digital assets'' include but are not exclusive to: digital documents, audible ...
platform.


Other services

SIX Swiss Exchange is part of the
SIX Group SIX operates the infrastructure for the Swiss financial centre. The company provides services relating to securities transactions, the processing of financial information, payment transactions and is building a digital infrastructure. The company ...
, which provides a number of other financial infrastructure services in Switzerland. These include clearing, acting as
central counterparty A central clearing counterparty (CCP), also referred to as a central counterparty, is a financial institution that takes on counterparty credit risk between parties to a transaction and provides clearing and settlement services for trades in foreig ...
, custody services,
market data ''For market data as used in marketing, see marketing information system'' In finance, market data is price and other related data for a financial instrument reported by a trading venue such as a stock exchange. Market data allows traders an ...
services,
share registry A stock transfer agent, transfer agent, share registry or transfer agency is an entity, usually a third party firm unrelated to security transactions, that manages the change in ownership of company stock or investment fund shares, maintains a re ...
, payment services, and running the
real-time gross settlement Real-time gross settlement (RTGS) systems are specialist Electronic funds transfer, funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a "gross (economics), gross" ba ...
(RTGS) system on behalf of the central bank of Switzerland, the
Swiss National Bank The Swiss National Bank (SNB; german: Schweizerische Nationalbank; french: Banque nationale suisse; it, Banca nazionale svizzera; rm, Banca naziunala svizra) is the central bank of Switzerland, responsible for the nation's monetary policy an ...
.


Notes and references

{{authority control Financial services companies established in 1850 Financial services companies of Switzerland Stock exchanges in Europe Central securities depositories Securities clearing and depository institutions