Today's successful SWXess Maintenance Release 5 (SMR5) introduces a new STI FIX Infrastructure, new Order Book functionality as well as enhancements to Trade Reporting and Post-Trade Processing. With SMR5, SIX Swiss Exchangeresponds to the needs of its clients and further improves the trading conditions for all participants.
New Standard Trading Interface (STI) FIX Infrastructure
The new STI FIX Infrastructure provides participants with granularity and flexibility in the configuration of the services offered via STI. The STI offering has been split into different services which can be configured over a number of FIX Connections in order to meet Participants' requirements. It also delivers higher throughput and lower latency when trading via the Standard Trading Interface (STI).
Enhanced order book functionality: "Iceberg" and "At-the-Close"
In response to participant demand, the new Iceberg order type delivers classic iceberg functionality allowing participants to reduce the market impact of larger orders. The processing of the iceberg is embedded into the matching engine.
With the new "At-the-Close" order type, participants are able to transmit an order to SIX Swiss Exchange at any time during business hours but which will only become active at the start of the closing auction. The order is time-stamped according to the original time of submission.
Reporting: fulfilment duties facilitated
With SMR5, the "Delivery Report" functionality has been extended to facilitate the fulfilment of Transaction Reporting obligations. Furthermore, a new Reporting Service allows additional personnel of Trading Participants to submit Off Exchange Trade Reports to the Reporting Office over the Standard Trading Interface (STI) or via the Reporting GUI.
A detailed overview of all functional changes and the associated regulatory impact is available in the SMR5 - Participant Readiness document[PDF]. Participants of SIX Swiss Exchange benefit from cutting-edge trading technology together with first-class services and support. Find out more on our website and in our publication: Benefits for trading participants(eBook).