Principles
The introduction of the OTC Spot Market represents a further milestone in a fully electronic market place. Auctions of new issues and increases of existing issues* as well as efficient trading of SNB Bills, denominated in CHF and USD, and money market debt register claims can be executed in the same marketplace.
*Money market debt register claims of the Swiss Confederation and federal bond issues
Comprehensive service
This market place supports trading for auctions as well as OTC Trading with direct link to clearing and settlement. This service is offered in conjunction with SIX SIS AG¹ (Custodian) and SIX Interbank Clearing (Cash clearing) as a fully automated value chain.
Uniquely, auctions of new issues and increases are carried out by the issuers themselves. Allocations are in accordance with Dutch or American allocation rules. In order to satisfy trading strategies, pre-trading activities may also be conducted anonymously.
SNB Bills and money market debt register claims can easily be traded via the same well established value chain.
Advantages for the participant
- Direct, fully automated access using the same infrastructure as the Eurex Repo CHF Market
- No buyer transaction fees are charged for new issues or increases of existing issues offered through the auction process
- Cost-efficient trading and settlement fees
- Easy and standardised usage
- One membership for both CHF Repo Market and OTC Spot Market
- Fully integrated trading, clearing and settlement
- Fast and easy software installation on standard PC infrastructure
Over 170 participants
on the OTC Spot Market place
One market for all
Participants are always enabled in both the CHF Repo Market and the OTC Spot Market.
Trading hours
07:00 a.m. to 6:00 p.m. CET (supported 07.15 a.m. to 06.00 p.m. CET)
 | |
| Standard settlement cycle days | |
| Bonds | T+3 |
| SNB Bills, denominated in CHF and USD | T+2 |
| Money market debt register claims | T+2 |
Trading fees
No buyer transaction fees for new issues or increases of existing issues when offered through the auction process.
Issuers should contact Eurex Zürich AG for detailed fees.
The participants (seller and buyer) involved in a OTC trading transaction (not first listings and increases done by the designated auctioneer) shall be charged a fee per trade. Such fee depends on the role of the participant (aggressor/non aggressor) at the time of conclusion of the respective OTC trading transaction and on the remaining term of the traded security (days from settlement date to maturity date).
Trading Fee for SNB Bills and MMDRC ("GMBF")
| | |
| Quoting | Non-Aggressor | Aggressor |
Security Type
| *0.004% p.a. | *0.006% p.a. |
| Minimum fee per OTC trading transaction in CHF | 50.-- | 100.-- |
| Maximum fee per OTC trading transaction in CHF | 500.-- | 1'000.-- |
*Fee calculation based on the effective remaining term and amount
For first listing and increase auctions, no transaction fees are charged to the buyer (auction participant).
One window into the Market
OTC Spot Market - Primary/auction segment
On receipt of an auction invitation, participants reply to auctioneer with Addressed Offers:
OTC Spot Market - OTC trading segment
Participants offer buy or sell side SNB Bills or money market debt register claims via Quotes, Addressed Offers or Indications of Interest.
(example of a quote):
The «market overview» window provides information about buy and sell side Quotes:
¹ SIX SIS AG is a legal entity of SIX Securities Services
