Rules and Regulations
Associated Participants of the SWX Swiss Exchange
The SWX Swiss Exchange has been commissioned by the Swiss Federal Banking Commission to act as the central
reporting office for securities-related activities. As a part of this duty, the SWX has established the
so-called Associated Participant status for securities dealers. This assists financial institutions
involved in securities trading to fulfil their reporting obligations, and, compared to non-Participants,
provides them with preferred access to market information. At the same time it supports the objective of
the securities laws by ensuring market transparency and equal treatment of investors.
Associated Participants enter into a contractual relationship with the SWX that is governed by a specific
set of regulations, and which does not constitute a participation as defined under the Swiss law governing
formal associations. However, a securities dealer is in any case obliged to fulfil the legal requirements
for regular reporting and trade journal maintenance even it, by waiving Associated Participation, opts not
to enter into a legal (private law) relationship with the SWX.
Legal Framework
Those wishing to conduct business as securities dealers in Switzerland require the formal approval of the
Federal Banking Commission. The professional dealing in securities, on the other hand, is governed by the
new Stock Exchange and Securities Trading Act (SESTA). Upon receipt of a securities dealer permit, the
dealer becomes subject to SESTA and is basically required to report all transactions in securities which
have been admitted for trading on the SWX.
Fees
By becoming allied with the SWX Swiss Exchange, the securities dealer assumes the obligation to pay fees
to SWX pursuant to
Directive 16.
This fee is in keeping with the reporting obligation governed by the
Stock Exchange Ordinance
(SESTO-FBC) of the Federal Banking Commission.
Rights and Obligations
The SWX provides support to Associated Participants, free of charge, in the form of:
- reporting software (PC version)
- technical support
- functional software support
-
publications which maybe ordered using the publications list.
With the signing of the
association contract,
the securities dealer also obliges itself to fulfil its reporting duties through use of the computerised
Reporting Tools (RSD) placed at its disposal by the SWX. The securities dealer becomes subject to this
duty to report upon receipt of a securities dealer permit from the Federal Banking Commission. If such a
permit has not yet been issued, the Associated Participant must report to the SWX only those transactions
which are liable for turnover fees.
| | | Description | Download | | General Rules for Associated Participants |  |
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