London Stock Exchange prepares to take measures concerning trading in Swiss shares

Maria Nikolova

If the EU equivalence decision for Swiss trading venues is not extended beyond June 30, 2019, the Swiss authorities may remove the recognition that allows EU trading venues to offer trading in Swiss equity securities.

The London Stock Exchange has earlier today posted an update regarding the measures it plans to implement after the end of June, if the EU equivalence decision for Swiss trading venues is not extended.

Under the terms of the Ordinance issued by Switzerland’s State Secretariat for International Finance (SIF) in November 2018, from January 1, 2019 trading venues with a registered office outside of Switzerland have been required to obtain prior recognition from the Swiss Financial Market Supervisory Authority (FINMA) where:

(a) equity securities of companies with a registered office in Switzerland are traded at such trading venues or if such trading venues facilitate the trading of such equity securities; and

(b) the equity securities pursuant to (a) above are listed on a stock exchange in Switzerland or are traded on a trading venue in Switzerland.

Trading venues are not required to obtain recognition for Swiss equity securities that were admitted to trading or that were listed prior to November 30, 2018, subject to certain conditions including that the security was admitted with the consent of the issuer.

If the EU equivalence decision for Swiss trading venues is not extended beyond its current expiration date of June 30, 2019, it is likely the Swiss authorities will remove the recognition that allows EU trading venues to offer trading in the Swiss equity securities. On that basis, LSE is preparing to take a set of measures to ensure compliance with the Ordinance.

With effect from the start of business on July 1, 2019, the Exchange will halt trading in 254 equity securities (SHRS) issued by Swiss companies. These are all identified with the ISIN prefix “CH” denoting a Swiss registered or domiciled issuer. All of the shares are currently traded on London Stock Exchange’s MTF XLOM to allow member firms to meet their pre- and post-trade reporting obligations on-Exchange. None of the shares are listed on London Stock Exchange.

Trading in the shares of London listed issuer Coca-Cola HBC AG (ISIN CH0198251305) will not be affected as this is a premium listed company whose shares were admitted to the Main Market with the consent of the issuer prior to November 30, 2018.

The submission of OTC or SI trade reports to London Stock Exchange’s TRADEcho APA will be unaffected and will continue to be permitted.

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