SIX Corporate Bonds AG. Directive 3: Trading. of 23/04/2015 Effective from: 08/05/2015

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1 SIX Corporate Bonds AG Directive : Trading of /0/05 Effective from: 08/05/05

2 Directive : Trading 08/05/05 Content. Purpose and principle.... General.... Trading day and trading period.... Clearing day.... Trading hours.... Definitions.... Indication of Interest (IOI).... Quote.... Order.... Determination of cash price.... Market Model.... Pre-opening.... Start of trading.... Trading..... Notification..... Trading Session.... End of trading Post-trading Cancellation Principle Procedure Effect of a cancellation Costs Short-selling Principle Special situations Classification of markets and trading segments... 7 SIX Corporate Bonds AG I

3 Directive : Trading 08/05/05 Annexes... 8 Annex A: International Corporate Bonds... 8 Annex B: Delayed Publication...0 SIX Corporate Bonds AG II

4 Directive : Trading 08/05/05. Purpose and principle This Directive contains provisions for trading on SIX Corporate Bonds and is based on Part II (Trading) of the Rule Book.. General. Trading day and trading period SIX Corporate Bonds specifies the trading days in the trading calendar and publishes the calendar in a suitable way. A trading day shall consist of the following trading periods: a) Pre-opening; b) Start of trading; c) Trading; d) End of trading; e) Post-trading. A trading day shall last from 06:00 to :00 (CET). In special situations SIX Corporate Bonds may modify trading days.. Clearing day A clearing day shall last from 08:00 to 8:5 (CET). In special situations SIX Corporate Bonds may modify clearing days and hours.. Trading hours The trading hours are defined per trading segment and specified in the Annex to this Directive. In special situations SIX Corporate Bonds may modify trading hours.. Definitions. Indication of Interest (IOI) An indication of interest ("IOI") is a non-binding indication to buy or sell a certain indicative quantity of one security at a indicative limited price. IOIs may be entered into or deleted from SIX Corporate Bonds at any time during the trading day. All incoming IOIs shall be assigned a time stamp and an identification number by the SIX Corporate Bonds system. An IOI must be recorded with the following attributes: a) Participant identification: party ID and trader ID; b) Transaction type: buy or sell; c) Trading capacity: client transaction (trading in own name but for the account of the client) or principal transaction (trading in own name and for own account); d) Identification of the security: ISIN, currency and trading venue; SIX Corporate Bonds AG

5 Directive : Trading 08/05/05 e) Indicative quantity: nominal value; f) Indicative price: limited (either a spread to a benchmark or a cash price in percentage); g) Matching eligibility criteria: same bond match or similar match; h) Validity:. Day: valid until close of trading on the current trading day.. Good Till Date: valid until close of trading on a certain trading day. The maximum term of validity shall be 0 trading days. Participants shall not be allowed to have valid buy and sell IOIs for the same security simultaneously during any Trading Session.. Quote 5 Details are laid down by SIX Corporate Bonds in the relevant technical specifications. A quote is a binding offer to buy or sell a certain quantity of one security at a limited price. The term quote is used during Curtain Time and Market Session. All incoming quotes shall be assigned a time stamp and an identification number by the SIX Corporate Bonds system.. Order A quote must be recorded with the following attributes: a) Participant identification: party ID and trader ID; b) Transaction type: buy or sell; c) Trading capacity: client transaction (trading in own name but for the account of the client) or principal transaction (trading in own name and for own account); d) Identification of the security: ISIN, currency and trading venue; e) Quantity: nominal value; f) Price: limited (either a spread to a benchmark or a cash price in percentage); g) Trading Session: Curtain Time or Market Session. Details are laid down by SIX Corporate Bonds in the relevant technical specifications. An order is a binding offer to buy or sell a certain quantity of one security at a previously negotiated price. The term order is used during Private Work-up and Public Work-up. All incoming orders shall be assigned a time stamp and an identification number by the SIX Corporate Bonds system. An order must be recorded with the following attributes: a) Participant identification: party ID and trader ID; b) Transaction type: buy or sell; c) Trading capacity: client transaction (trading in own name but for the account of the client) or principal transaction (trading in own name and for own account); d) Identification of the security: ISIN, currency and trading venue; e) Quantity: nominal value; f) Trading Session: Private Work-up or Public Work-up. Details are laid down by SIX Corporate Bonds in the relevant technical specifications. SIX Corporate Bonds AG

6 Directive : Trading 08/05/05. Determination of cash price Securities admitted to trading on SIX Corporate Bonds are either traded with price type "spread" or "percent of par". The valid price types of the securities are defined by SIX Corporate Bonds and published together with the reference data. SIX Corporate Bonds will determine the cash price for trades which occurred at a spread over a benchmark. The defined cash price is calculated by evaluating the value of the underlying benchmark to the trade at the time that the trade occurred and then considering the effect of the spread. SIX Corporate Bonds provides no warranty and makes no representations of any kind whatsoever with respect to the accuracy, completeness, reliability and current relevance of the benchmark. Trades where no cash price can be determined by SIX Corporate Bonds will be declared null and void and cancelled. 5 The details are laid down in the "Market Control" Directive.. Market Model SIX Corporate Bonds operates a multilateral trading platform allowing participants to enter indications of interest (IOIs) into SIX Corporate Bonds. SIX Corporate Bonds anonymously matches IOIs against open IOIs from other participants during the notification period. The aim of the platform is always to place participants in a predictable but competitive situation, in order to incentivize the entry of quality quantities and prices. When an IOI match is found, the relevant participants are electronically notified and invited to enter a firm price and quantity, by generating a quote. All quotes are firm and can be hit or lifted in the Market Session. If the two parties agree on price, the lower of the two quantities is executed. Subsequent quantity can be executed against firm orders during Private Work-up and Public Work-up.. Pre-opening Pre-opening shall be the period between the start of the trading day and the actual start of trading. The participants may enter new IOIs in the SIX Corporate Bonds system or delete existing ones. No notifications and Trading Sessions and therefore no pricing shall take place.. Start of trading SIX Corporate Bonds shall start the trading period by allowing notifications of matching IOIs to be sent to participants.. Trading Trading consists of the following trading phases: a) Notification; SIX Corporate Bonds AG

7 Directive : Trading 08/05/05 b) Trading Session... Notification During the entire trading phase, SIX Corporate Bonds continuously attempts to match IOIs based on security, transaction type and matching eligibility criteria. SIX Corporate Bonds actively notifies participants when an eligible match is found. IOIs are matched based on the following matching eligibility criteria: a) Same Bond Match Notification to participants of matching opportunity between IOIs in the same security; or b) Similar Match Notification to participants of near matching opportunity based on closeness of fit of the following ranking criteria: Sector Rating Duration Quantity Issuer Currency Security Type Seniority No counterparty information shall be disclosed. No transaction and therefore no pricing shall take place... Trading Session A Trading Session may consist of the following sessions: a) Curtain Time; b) Market Session; c) Private Work-up; d) Public Work-up.... Curtain Time Participants which have been notified of matching IOIs are able to initiate an optional Curtain Time prior to a Market Session in a certain security. In order to enter Curtain Time, the notified participants shall enter a binding quote. The first participant to enter a quote shall be the initiator of the Curtain Time. The initiator can choose one of two different processes: a) Request Curtain Time: multiple participants on the opposite side are invited. During Curtain Time participants may enter and delete quotes. At the end of Curtain Time the two quotes with the best price-quantity-time priority (highest price limit for buy interests, lowest price limit for sell interests) shall be promoted to the Market Session. b) Immediate Market Session: Market Session begins as soon as a second participant enters a binding quote. SIX Corporate Bonds AG

8 Directive : Trading 08/05/05 No transaction and therefore no pricing shall take place. 5 The Curtain Time will last for a certain maximum time period defined by SIX Corporate Bonds specified in the Annex to this Directive.... Market Session The participants determined to take part in the Market Session during the Curtain Time are invited to negotiate a price by entering quotes. The quotes are matched as follows: a) if the buy and sell prices are equal the trade is executed at the price of the quotes; or b) if the buy price is higher than the sell price the trade is executed at the mid-point price of the quotes. If a price is negotiated, the smaller quantity of the two quotes is executed. No counterparty information shall be disclosed. The Market Session will last for a certain maximum time period defined by SIX Corporate Bonds specified in the Annex to this Directive.... Private Work-up On completion of the initial execution during the Market Session both involved participants are invited to trade additional quantity during the Private Work-up. Participants can adjust their displayed quantity by entering binding orders. It is possible to amend and cancel orders. In the Private Work-up the orders are executed on a continuous basis at the price determined by the participants during the Market Session. The smaller quantity of the two orders is executed. Any remaining quantity of the orders will go into the Public Work-up with time priority. 5 The Private Work-up will last for a certain time period defined by SIX Corporate Bonds specified in the Annex to this Directive.... Public Work-up On completion of the additional executions during the Private Work-up, all participants initially involved in the Curtain Time as well as those participants with IOIs in securities of the same issuer are invited to trade during the Public Work-up. Participants can trade by entering binding orders. It is possible to amend and cancel orders. The orders are matched according to the time priority principle. In the Public Work-up orders are executed on a continuous basis at the price determined by the participants during the Market Session. The smaller quantity of the two matching orders is executed. 5 The Public Work-up will last for a certain time period defined by SIX Corporate Bonds specified in the Annex to this Directive.. End of trading Following end of trading no further notifications of matched IOIs will be sent to participants. SIX Corporate Bonds AG 5

9 Directive : Trading 08/05/05 Any ongoing Trading Sessions will continue for a certain time period defined by SIX Corporate Bonds and specified in Annex A..5 Post-trading Post-trading shall be the period between the actual end of trading and the end of the current trading day. The participants may enter new IOIs in the SIX Corporate Bonds system or delete existing ones. No notifications and Trading Sessions and therefore no pricing shall take place. 5. Cancellation 5. Principle If trades which violate the provisions of the Rule Book have been made on SIX Corporate Bonds in error, the parties shall apply to SIX Corporate Bonds to have such trades cancelled. 5. Procedure Both of the parties involved in the trade shall apply in writing to SIX Corporate Bonds to have the trade cancelled. The application for the cancellation of a trade shall contain the following information: a) Identification of the participant; b) Identification of the security concerned (ISIN); c) Time of execution (trade date and time); d) Identification of the trade (Trade Match ID). A trade cannot be cancelled unless the information given by the two parties corresponds. If the trade is cleared by a central counterparty, the cancellation must be made on the same clearing day. For trades without a central counterparty, the cancellation must be made on the following day at the latest. An application from the parties shall be made no later than the trading day following that on which the trade was made. 5 As a rule, SIX Corporate Bonds will cancel the trade by the end of the trading day at the latest. Trades in CCP-eligible securities will be cancelled by the end of the clearing day at the latest. 6 Under exceptional circumstances, SIX Corporate Bonds may extend these periods or refuse to cancel a trade. 5. Effect of a cancellation If SIX Corporate Bonds cancels a trade at the request of the parties, it will publish the cancellation in the market information. 5. Costs SIX Corporate Bonds may charge a fee for cancelling trades on behalf of a participant. The details are laid down in the "Fees and Costs" Directive. SIX Corporate Bonds AG 6

10 Directive : Trading 08/05/05 6. Short-selling 6. Principle The short-selling of securities traded on SIX Corporate Bonds is permitted. The seller must cover settlement of the short sale at the latest upon settlement of the trade in accordance with Clause. Rule Book. 6. Special situations In special situations, SIX Corporate Bonds may issue regulations on short-selling. In such cases, SIX Corporate Bonds will notify participants in the form of a Notice. 7. Classification of markets and trading segments SIX Corporate Bonds lists the following markets and trading segments: a) Bond market A International Corporate Bonds. SIX Corporate Bonds shall assign the securities to the individual trading segment(s). SIX Corporate Bonds shall specify the provisions for the individual trading segments in the Annexes to this Directive. The Annexes form an integral part of this Directive. Resolution of the Management Committee of SIX Corporate Bonds AG of April 05; in effect since 8 May 05. SIX Corporate Bonds AG 7

11 Directive : Trading 08/05/05 Annex A: International Corporate Bonds. Trading periods and times The trading periods and times shall be set as follows: a) pre-opening from 06:00 to 09:00 (CET); b) start of trading from 09:00 (CET); c) trading from start of trading until end of trading; d) end of trading at 7:0 (CET); e) post-trading from end of trading until :00 (CET).. Duration of Trading Sessions The duration of the Trading Sessions shall be defined as follows: a) Curtain Time shall last for 0 minutes and can be extended to a maximum of 0 minutes; b) Market Session shall last for minutes and can be extended for additional 0 seconds by either participant by entering a price which tightens the buy and sell spread by at least 0 percent of the current market price until no further price improvements are possible; c) Private Work-up shall last for 0 seconds and will be extended by 0 seconds with each additional trade; d) Public Work-up shall last for 60 seconds and will be extended by 0 seconds with each additional trade.. Minimum quantity for activity and trades The minimum quantity for activity and trades shall be as follows: a) IOIs shall have a minimum quantity of two million in the nominal currency of the respective security; b) quotes and trades in Market Session shall have a minimum quantity of two million in the nominal currency of the respective security; c) orders and trades in Private Work-up and Public Work-up shall have a minimum quantity of one million in the nominal currency of the respective security.. Price steps The valid price steps shall be defined as follows depending on their price type and term to maturity: a) for securities traded with price type "spread" independently from the term to maturity, the price steps shall be 0.00 regardless of the price; b) for securities traded with price type "percent of par" and a term to maturity less than months the price steps shall be regardless of the price; and c) for securities traded with price type "percent of par" and a term to maturity more than months the price steps shall be 0.0 regardless of the price. 5. Minimum denomination and smallest tradable units The valid Minimum Denomination and Smallest Tradable Units are defined by SIX Corporate Bonds per security and published together with the reference data. SIX Corporate Bonds AG 8

12 Directive : Trading 08/05/05 6. Clearing and Settlement Trades in CCP-eligible securities must be cleared and settled via the central counterparty. The provisions of Clause 5 Rule Book shall apply. Trades in non CCP-eligible securities must be settled via a settlement organisation ("(I)CSD") recognized by SIX Corporate Bonds. The provisions of Clause Rule Book shall apply. 7. Disclosure of counterparty During the Trading Session the identity of the trading parties shall remain anonymous. The identity of the trading parties will be disclosed to each other 5 minutes after the trade has been executed. SIX Corporate Bonds AG 9

13 Directive : Trading 08/05/05 Annex B: Delayed Publication The publication of trades executed on SIX Corporate Bonds shall be published with a delay. SIX Corporate Bonds publishes trades by the start of trading on the third trading day (T+) which follows the trading day on which the transaction was concluded. SIX Corporate Bonds shall publish the following attributes: a) Transaction date and time b) Identification of security c) Quantity of the transaction d) Price at which the transaction was executed The market information related to trades will be published on the website of SIX Corporate Bonds. SIX Corporate Bonds AG 0

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