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SIX Swiss Exchange sees increased ETF turnover


The SIX Swiss Exchange reports that for the year 2017 it had trading turnover of CHF1,345.9 billion an increase of 5.2 per cent year-on-year, with an average daily trading turnover of CHF5.4 billion.

Six listings of companies put SIX at the third highest position in Europe in terms of IPO transaction volume, the exchange says, with new all-time records in ETFs in terms of trading turnover and the number of listed products.

In September of 2017, SIX implemented a rule change on the SMI which entailed bringing the benchmark index into line with the UCITS Directive. The exchange explains that this amendment means that individual securities can now account for no more than 18 per cent of the index. As a result, investors in the EU can continue do investments based on the SMI.
Having set a record high in the previous year, ETFs posted another record year for trading turnover at SIX. At CHF116.4 billion, the previous record set in 2016 of CHF103.8 billion was outstripped by a substantial 12.2 per cent.

The number of transactions was also up, by 6.0 per cent to 1,019,294. There was also strong growth in bonds in foreign currencies. Trading turnover in this segment climbed by 28.7 per cent to CHF26.3 billion.

However, the number of trades was down by 5.4 per cent to 20,774. Trading turnover in structured products and warrants was down by 2.3 per cent to CHF16.0 billion, while the number of trades fell by 6.6 per cent to 622,490.

The exchange reports a sharp rise in the share of turnover accounted for by products featuring the cryptocurrency Bitcoin during the course of the year. While the monthly trading turnover in these instruments came in below CHF3 million at the start of 2017, it climbed to more than CHF250 million in December.

Christoph Landis, division CEO of SIX Swiss Exchange says: “2017 was a very successful year for us. We were on the third highest position in terms of IPO transaction volume in Europe. We also increased our share of the Swiss large cap equity market from 64.6 per cent in the preceding year to 68.3 per cent. These achievements point to our strong appeal as a trading and listing venue.

“At the same time, we have systematically invested in the ongoing development of our trading platform. As a result, SIX Swiss Exchange now fulfils the requirements of the EU’s MiFID ll Directive, thus meeting the conditions for recognition by the EU as an equivalent third-country trading venue. In addition, we have expanded the global connectivity of the Swiss equity market via new initiatives such as the partnership with UnaVista and the establishment of the 12H joint venture. This will enable us to continue to provide high liquidity for Swiss securities, strengthening our position as their benchmark market.”

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