On Tuesday, 18 January 2005 an article appeared in the Tages-Anzeiger newspaper which said that, according to its own figures, Swissquote had raised its earnings and turnover by some 30 % over the past year. At this point, the company had not yet published its annual results for 2004. The SWX began investigating whether or not Swissquote had revealed potentially price-sensitive facts in an interview between its CEO and the Tages-Anzeiger.
Art. 72 of the Listing Rules defines price-sensitive facts as new facts which, because of their considerable effect on the company's assets and liabilities or financial position or on the general course of business, are likely to result in substantial movements in the price of securities. Accordingly, it is prohibited to pass on such facts discriminately to selected persons. Discussions with analysts or journalists are permissible provided no potentially price-sensitive facts are selectively communicated.
The author of the Tages-Anzeiger article in question confirmed in response to the SWX's enquiry that the increase in turnover that was referred to concerned sales between September 2003 and September 2004, not an increase in annual turnover for 2004. The figures that were given had been in the public domain since the publication of the company's interim report of 30 September 2004. Consequently, the increase in turnover mentioned in the article was not a new and potentially price-sensitive fact that was not already known to the public, as laid down in Art. 72 of the Listing Rules. To the best of SWX's knowledge, the principle of equal treatment of all market participants was adhered to. The proceedings have therefore been halted.
