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The new Rule Book for SIX Swiss Exchange market participants entersinto force on 1 April 2010 along with the related directives. The rules replace the existing provisions. They have been updated and made clearer and more reader-friendly.
SIX Swiss Exchange publishes revised rules for market participants on 3 March 2010. The new Rule Book defines the admission of securities traders to the Exchange and governs the organization of trading as well as the rights and obligations of participants and their traders. These rules, which have been approved by the Swiss Financial Market Supervisory Authority FINMA, are based on the Federal Act on Stock Exchanges and Securities Trading (SESTA).
Clear structure, easier to read
The General Conditions for SIX Swiss Exchange participants and the related directives have been continually amended in recent years to meet new requirements, which has made them less clear and harder to read. The complete revision has resulted in a shorter set of rules with a simpler structure that is more reader-friendly.
In addition to the General Conditions, the Transitional Rule Book for Blue Chip Trading has also applied since equity trading was returned to Zurich from the former virt-x/SWX Europe in London in May 2009. The complete revision replaces both documents with a single set of rules aligned with current requirements as of 1 April 2010.
Thorough revision
The existing rules were reviewed and in some cases redefined as part of the complete revision. The most important changes in terms of content include the revised trader exam and new reporting rules. The SIX Swiss Exchange trader examination now comprises a number of separate modules, and its scope takes account of the various target groups.
Another new feature is that all traders registered on the Exchange are obliged totake a web-based refresher course at least every two years or in the event of major regulatory or technical changes.
The new rules will be accompanied by thoroughly revised provisions on trade reporting. The detailed provisions are now set out in a separate set of SIX Swiss Exchange reporting rules. The new reporting rules are expected to enter into force in mid-2010 after consultations with securities traders.
You can find the new Rule Book and related directives now on the SIX Swiss Exchange website: http://www.six-swissexchange.com/participants/regulation/news_en.html.
