Viability of Swiss stock exchange infrastructure pro-tected

The Federal Department of finance (FDF) has activated the measure for the protection of the Swiss stock exchange infrastructure. The Swiss Bankers Association (SBA) supports this decision. The Federal Council’s protective measure will come into effect starting on 1 July 2019. It ensures that the Swiss stock exchange remains the reference market for Swiss shares.

The EU has as yet not extended the equivalence of the Swiss stock exchange. This is regrettable. Switzerland has long met all of the requirements for the unlimited recognition of the parity of its stock exchanges.

Swiss stock exchange remains reference market


After the Federal Council put the legal basis for the protective measure into force for the Swiss stock exchanges at the end of 2018, the EFD on 27 June announced that the measure will be activated and will come into effect on 1 July 2019. Starting on 1 July 2019, stock exchanges based in the EU will therefore be prohibited from providing trading for certain shares of companies based in Switzerland or facilitating such trading.

This will ensure that the Swiss stock exchange – even without recognition of equivalence by the EU – will remain the reference market for Swiss shares. As a result, the viability of the Swiss capi-tal market will be safeguarded. EU market participants can continue to trade Swiss shares on Swiss stock exchanges. However, EU trading venues will no longer be admitted for trading of Swiss securities.

The protective measure relates solely to trading venues. In accordance with the ordinance, banks must, however, redirect their trade orders to trading venues that are compliant with Swiss law.

For mutually open capital markets

Unlimited recognition of stock exchange equivalence remains key for the Swiss financial centre. Switzerland is Europe’s fourth largest stock exchange centre. Mutually open markets are in the interests of both the EU and Switzerland. Open capital markets are of great international im-portance.

The SBA continues to advocate for the improvement of market access. In this matter, it is im-portant that Switzerland and the EU reach an agreement swiftly with regards to the framework agreement. A framework agreement is an important prerequisite for also improving market access in the area of financial services. Talks should continue between the EU and Switzerland and the necessary clarifications be undertaken.

Information from the FDF regarding the protective measure can be found here.

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Monika Dunant
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