Industry Updates

SIX Swiss to offer pan-European on-exchange RFQ ETF trading

Covers approximately 6,000 ETFs listed across Europe

Tom Eckett

SIX Swiss

SIX Swiss Exchange has become the first exchange to offer pan-European ETF trading on its on-exchange request-for-quote (RFQ) platform.

ETF Quote-on-Demand (QoD) Europe will enable buyside dealers to trade ETFs on other primary exchanges such as the London Stock Exchange, Deutsche Boerse and Euronext.

This is in addition to the 1,700 ETFs and ETPs listed at the SIX Swiss Exchange and brings to number of tradeable ETFs available on ETF QoD Europe to approximately 6,000.

ETF QoD Europe allows traders to benefit from on-exchange straight-through processing including central counterparty (CCP) clearing into local central securities depositaries (CSDs).

The exchange has partnered with SIX x-clear, Cboe Clear Europe and LCH to clear all trades in ETF QoD Europe and instruct settlement to the local CSDs.

Christian Reuss, head of the SIX Swiss Exchange commented: “ETF QoD Europe not only expands the variety of ETF products available but also addresses the need for a greater variety of execution mechanisms to satisfy best-execution in ETF trading.

“The service offers a high level of liquidity, execution quality and pricing.”

Laura Bayley, head of SIX x-clear, added: “The interoperable collaboration with our partner CCPs ensures a streamlined settlement process, eliminating counterparty risk and providing significant cost optimisation benefits.”

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