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Market Passport

Switzerland

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Market information

Supporting you

Key market information

  • Local currency

    Swiss
    Franc (CHF)

  • 2017 GDP

    USD
    679bn

  • Time zone

    GMT
    +1 hour

  • Numbering
    system

    ISIN

  • Main stock
    exchange index

    SMI

Key market figures

Market capitalisation USD 1,686bn
Number of listed companies 263
2017 value of share trading USD 1,048bn
Number of ETFs listed 1,170
2017 value of bonds trading USD 159bn
Number of bonds listed 1,473
Number of futures contracts traded in 2017 n/a
Number of options contracts traded in 2017 n/a

Local market infrastructures

Equities Corporate bonds Government bonds Derivatives
Trading SIX Swiss Exchange SIX Swiss Exchange SIX Swiss Exchange Eurex
Clearing SIS x-Clear AG/
LCH.Clearnet Ltd/
EuroCCP
SIS X-Clear AG SIS X-Clear AG Eurex Clearing AG
Settlement and custody SIX SIS AG SIX SIS AG SIX SIS AG n/a
Cash leg SIX Interbank Clearing SIX Interbank Clearing SIX Interbank Clearing n/a

Local market authorities and regulators

  • The Swiss Financial Market Supervisory Authority (FINMA) addresses the government and supervision of banks, insurance companies, stock exchanges and securities dealers as well as other financial intermediaries

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities T+2
Bonds T+2
Cash T+0
Cut-off times
Equities DVP 4.30pm (CHF)
FoP 9.30pm
Bonds DVP 4.30pm (CHF)
FoP 9.30pm
Cash 5.00pm (CHF)
Omnibus account/securities Yes
Omnibus account/cash Yes
Pre-matching Yes
Irrevocable pre-matching No (as long as both parties cancel their trade)
Short selling Yes
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits No (a few exceptions exist)
Issuing services Yes
Derivatives
Settlement Cash and physical
Trading cut-off Depends on individual products
Clearing cut-off Depends on individual products
Tradable currencies All major currencies
Account structure members Segregated
Account structure non-members Segregated and omnibus
Give-up Yes
Give-up cut-off T+2
Adjustable ITM (In The Money minimum) Yes
Intra-day margin call Yes
Risk algorithm RBM method
Tolerance limits
  • Up to EUR 100,000 trade value: EUR 2.00
  • Over EUR 100,000 trade value: EUR 25.00
Examples of market penalties

Penalties apply only to CCP cleared trades. Fines vary according to the settlement amount with a minimum of CHF 100 (equities and bonds) or CHF 50 (ETFs) per failed trade per day.

50% of the fine collected is passed onto the receiver of securities as a compensation for the late settlement.

Buy-in practice (SIX x-Clear)

Buy-ins apply only to CCP-cleared trades. The buy-in timings are:

  • ISD (intended settlement date) +4: notification of buy-in
  • ISD +5: execution of buy-in

For market-makers in specific ISINs traded on SIX Swiss Exchange, the following apply:

  • ISD +10: notification of buy-in
  • ISD +11: execution of buy-in

In case a buy-in cannot settle, there is a cash settlement on ISD +20.

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in Switzerland

BNP Paribas Securities Services in Switzerland is one of the largest post-trade service provider of SIX Swiss Exchange and a leading provider for clearing, settlement and custody services. We are one of the top three clearing members of SIX x-Clear and member of the Post-Trade Council at SIX Group.

Our main services

Core

We offer local clearing and custody to domestic and foreign institutions. Our core services include settlement, on-exchange clearing, safekeeping, corporate actions, proxy services, cash and collateral management.

Market-specific

  • Global Clearing Member of SIX x-Clear for SIX Swiss Exchange, London Stock Exchange, MTF’s and OTC venues
  • Issuing and paying agent services for structured products and bonds issued at SIX SIS (Swiss CSD)
  • Booking centre for global custody services
  • Depositary bank services for Swiss-domiciled funds
  • Fund representative services

What makes us different

  • The largest General Clearing Member of SIX x-Clear
  • Local operations aligned with a global presence fully committed and dedicated to Securities Services

Selected market recognition

Global Custodian Agent Banks in major Markets Survey (2017): Best Swiss scores in relationship management, settlement and reporting

A sound partner

BNP Paribas Group has been active in Switzerland since 1872. BNP Paribas Securities Services Zurich Branch was created in 2001, constantly growing since

Contact

For more information, please contact your relationship manager or
Garrick Smith, Head of Location
garrick.smith@bnpparibas.com

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