SIX Swiss Exchange opens XBTR bilateral trading platform

Rick Steves

  SIX Swiss Exchange has finally opened its bilateral trading platform, XBTR (pronounced “exbitra”), to market on April 15. Preparations were being made since last year and Leonteq Securities Ltd. was the first to sign up back in April 2015. Credit Suisse is also connected to the OTC trading platform, along with three other market […]

 

SIX Swiss Exchange has finally opened its bilateral trading platform, XBTR (pronounced “exbitra”), to market on April 15. Preparations were being made since last year and Leonteq Securities Ltd. was the first to sign up back in April 2015. Credit Suisse is also connected to the OTC trading platform, along with three other market participants. Negotiations with additional players are underway.

The XBTR platform allows bilateral trading, with securitized derivatives, which is not regulated by the Swiss Financial Market Supervisory Authority (FINMA), based on the Swiss Exchange’s existing infrastructure but still an independent platform separate from SIX Structured Products. SIX Swiss Exchange claims that OTC products can now be traded and processed with the same level of efficiency as listed products.

Christoph Landis, Division CEO at SIX Swiss Exchange, said: “The XBTR trading platform provides off-exchange interbank trading of structured products with access to the Swiss Value Chain, thus enabling complete automation – from the placement of a product, its trading, through to final settlement. This means significant improvements in efficiency for our participants. We congratulate Leonteq and Credit Suisse on having taken this step.”

landis
Christoph Landis, Division CEO Swiss Exchange

OTC trading under the XBTR platform will be made without independent market surveillance nor is regulated by FINMA, and grants instant trading availability and longer trading times (from 8:00 a.m. until 6:00 p.m.). These points adding to no formalities via CONNEXOR, and bilateral interbank trading over a request-for-quote (RfQ)-based trading system make the most important differences between the XBTR service and on-order-book trading include.

SIX Swiss Exchange charges fees for putting structured products on XBTR and for trades.

 

  • Read this next

    Fintech

    Revolut enables direct transfers from Singapore to Bangladesh and Kenya

    British fintech firm Revolut has broadened its array of services with the introduction of the “Mobile Wallets” feature in Singapore, facilitating direct money transfers to Bangladesh and Kenya.

    Digital Assets

    SBF claims “zero loss” to FTX customers, 100-year sentence is “grotesque”

    Sam Bankman-Fried, the former FTX CEO who was found guilty of fraud charges last year, is facing his sentencing next month. But before that day arrives, he’s making a plea for what he considers a fair shake.

    Digital Assets

    Bitcoin nears $62,000, sparking retail buying frenzy

    Bitcoin dashed past the $61,000 barrier on Wednesday, a peak it hadn’t touched since the waning days of November 2021.

    Market News

    OPEC+ Extension of Oil Output Cut Causes Rally

    The dynamics surrounding crude oil are indeed fascinating, given its unique role as both a globally traded commodity and a vital energy source deeply influenced by the OPEC+ alliance’s decisions.

    Institutional FX

    DKK reports 226% growth in 2023 with eyes on African expansion

    “Our numbers are beginning to show how we are powering, the growth required by emerging markets, and we plan for the success of our strategies to continue to thrive in 2024.”

    Industry News

    ‘WTF’ as in ‘What The Fraud?’, Sumsub’s new podcast on digital fraud

    “We found a lack of informative podcasts talking about digital fraud threats and prevention for business owners. So, we decided to dive in and share our expertise along with industry top minds in the ‘What The Fraud?’ podcast.”

    Digital Assets

    Coin Metrics integrates market data from Cboe Digital

    “We are pleased to work with Coin Metrics and believe that having quality and timely data, and systems to analyze that data, will help crypto markets mature as well as evolve to become a core component of a diversified investment portfolio. We are focused on providing access and solutions to the spot and derivatives crypto market in a way which mirrors an investor’s experience with traditional markets.”

    Fintech

    AU10TIX launches KYB solution to address regulatory requirements

    “Our customers have been requesting a comprehensive KYB solution, because money laundering and fraud have become far too prevalent in the corporate world. Our unified KYB/KYC solution is essential for identifying bad actors and maintaining a safe business environment in 2024.”

    Digital Assets

    Japan Is Rapidly Emerging As A Global Leader In Compliant Crypto Payments

    Japan is often hailed as one of the most forward-thinking nations in the crypto industry, with its government taking a very positive stance on the potential of concepts such as Web3. 

    <