SIX, Nasdaq to establish JV to operate microwave routes for market data transmission

Maria Nikolova

The new company RF Nordic Express AB will build and operate microwave routes for the transmission of market data from Stockholm to London.

The Swiss Stock Exchange and the operator of Nasdaq´s Nordic exchanges today announce that they have signed a partnership in the first quarter of 2020 to expand the current European microwave network, fostering equal access to the most modern market data transmission technology for the benefit of all market participants.

The Swiss Stock Exchange says it will establish a jointly owned company with Nasdaq. The new company RF Nordic Express AB will build and operate microwave routes for the transmission of market data from Stockholm to London.

After acquiring a majority stake in 12H AG – the operator of its microwave network – earlier this year, SIX now owns and operates the largest microwave network in Europe. This network allows all Swiss Stock Exchange trading participants to benefit from low-latency market data transmission from Zurich to London, Frankfurt and Milan as well as from Milan to Frankfurt and London.

Thomas Zeeb, Head Securities & Exchanges and Member of the Executive Board, SIX, comments: “The new joint-venture marks the extension of this long-standing and successful partnership and is a testament to the innovative nature of the Swiss Stock Exchange. It leverages the benefits of microwave technology across Europe to ensure fair and more efficient trading and highlights how the Swiss Stock Exchange deploys breakthrough technology for all market participants.”

Microwave technology enables the fastest transmission of market data between trading centers. Signals are travelling at the speed of light and relayed through the air in the most direct way possible. This enables Swiss Stock Exchange trading participants to identify price movements and implement investment decisions as quickly as possible. As a result, risks can be managed more efficiently which benefits participants and end investors alike. It also improves liquidity and tightens spreads, which results in better execution for everybody trading Swiss securities on the Swiss Stock Exchange.

Nasdaq and the Swiss Stock Exchange have been technology partners since 2005 and leverage Nasdaq’s trading technology for all markets, including equities, ETFs, structured products, funds and fixed income, as well as Nasdaq Market Surveillance and Nasdaq Pre-Trade Risk Management.

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