Directive 16 SIX Swiss Exchange Fees

Transcription

1 Seite DDM DDM DDM Directive 16 SIX Swiss Exchange Fees Ausgabe 3.01, Version: Date of entry into force:

2 Directive 16 SIX Swiss Exchange Page i TABLE OF CONTENTS 1. Purpose, scope and list of fees Purpose Scope List of fees Definitions Participation fees Admission fee, trading participant Admission fee, GCM (General Clearing Member) Annual participation fee, trading participant Annual participation fee, GCM (General Clearing Member) Access fee Extraordinary fees Extraordinary supervision fee Extraordinary investigation fee Issuing fee On order book trading fees Principle Transaction fee Ad valorem fee Off order book trading fees Principle Transaction fee Ad valorem fee Capacity fees QPS capacity fee OPS capacity fee Payment dates / reimbursement of fees Payment dates Reimbursement of fees...8 Appendix 1: Swiss equity securities (shares)...9 Appendix 2: Foreign equity securities (shares)...11 Appendix 3: Sponsored segment...13 Appendix 4: ETF / ETSF and other investment funds...15 Appendix 5: CHF bonds...17 Appendix 6: International bonds...19 Appendix 7: Access fee...21 Appendix 8: Subscription rights...26

3 Directive 16 SIX Swiss Exchange Page 1 1. PURPOSE, SCOPE AND LIST OF FEES 1.1 Purpose In accordance with section 1.22 of the General Conditions, SIX Swiss Exchange Ltd ("SIX Swiss Exchange") charges fees for the services it provides. SIX Swiss Exchange may waive all or parts of fees, providing it continues to treat all participants equally. 1.2 Scope This Directive applies to all SIX Swiss Exchange stock exchange participants ("participants") and to other persons who have subjected themselves to the rules and regulations of SIX Swiss Exchange. In addition, for all third parties (e.g. Independent Software Vendors), the appendix 7 applies. 1.3 List of fees This Directive governs the following fees: Participation fees - Admission fee - Annual participation fee Access fee Extraordinary fees - Supervision fee - Investigation fee Issuing fee On-order book trading fees - Transaction fee - Ad valorem fee Off-order book trading fees - Transaction fee - Ad valorem fee Capacity fees - QPS capacity fee - OPS capacity fee

4 Directive 16 SIX Swiss Exchange Page 2 2. DEFINITIONS Definition Admission fee SIX Swiss Exchange charges new trading participants a one-off non-recurring admission fee. Ad valorem fee The ad valorem fee depends on transaction volume. Aggressor Orders that execute against orders that are already in the order book (ongoing trading). ASP Application Service Provider Auction execution An auction execution results when an order is executed during an auction. bp Basis points (1/100 th of a percentage point) CHF Swiss francs Commitment levels Discount bands relating to the ad valorem fee; dependent on the participant reaching a certain minimum monthly fee volume. Access fee SIX Swiss Exchange charges each user an annual access fee to use the SWXess trading platform. This differs depending on the type of connectivity chosen and is payable irrespective of trading activity. Extraordinary supervision fee SIX Swiss Exchange charges a fee to participants if extraordinary supervision is warranted. Extraordinary investigation fee SIX Swiss Exchange charges a fee to participants if an extraordinary investigation is warranted. GCM General Clearing Member; performs the function as GCM for other SIX Swiss Exchange trading participants that are themselves not clearing members of a central counterparty recognised by SIX Swiss Exchange. ISP Infrastructure Service Provider (telecommunications) Issuing fee SIX Swiss Exchange charges a fee on certain issues of securities admitted to trading on SIX Swiss Exchange. Market Maker Participant submitting buy and sell orders by way of quotes and according to segment-specific requirements.

5 Directive 16 SIX Swiss Exchange Page 3 Minimum Activity Charge (MAC) The MAC represents the minimum monthly fee that will be charged if the actual fee volume reached is less than this minimum. Optical link Connection using optical fibre cables Order An order to buy or sell a security. Orders entered via the CTI are to be designated as CTI orders; those entered via the STI are to be designated as STI orders. OPS capacity fee Each participant can buy guaranteed trading capacity for defined product segments, in the form of CTI orders per second (OPS). SIX Swiss Exchange charges a fee for this. Participant SIX Swiss Exchange stock exchange participant Participation fee SIX Swiss Exchange charges each participant an annual participation fee. Poster Order which is entered into the order book but which does not immediately execute (ongoing trading). Proximity Service Provider Infrastructure Service Provider located close to the SIX Swiss Exchange Data Centre QPS capacity fee Each market maker can buy guaranteed trading capacity for individual product segments, in the form of quotes per second (QPS). SIX Swiss Exchange charges a fee for this. Quote A quote is a limited order to buy or sell (one-sided quote) or a pair of limited orders to buy or sell (two-sided quote). Quotes are given by market makers in product segments that operate according to the corresponding market model. SIX Swiss Exchange SIX Swiss Exchange Ltd SWX Europe SWX Europe Ltd Trade The execution of part or of the whole quantity of an order. Transaction Execution of an order. When an order is executed in several tranches (partial executions), all tranches of the order on the same trading day are collated into a single transaction. Transaction fee SIX Swiss Exchange charges a fee for all on-order book and offorder book transactions. This fee is payable per transaction and participant. The level of this fee depends on the product segment concerned.

6 Directive 16 SIX Swiss Exchange Page 4 3. PARTICIPATION FEES 3.1 Admission fee, trading participant SIX Swiss Exchange charges each participant a one-off nonrecurring admission fee of CHF 20,000. SIX Swiss Exchange may reduce or waive the non-recurring admission fee if the participant is already an SWX Europe participant. 3.2 Admission fee, GCM (General Clearing Member) The non-recurring admission fee payable to SIX Swiss Exchange is CHF 5,000 per GCM. SIX Swiss Exchange may reduce or waive the non-recurring admission fee where: the participant is a General Clearing Member of SWX Europe or is admitted simultaneously to membership of SWX Europe; or the GCM is already a SIX Swiss Exchange trading participant. Participants must remit the non-recurring admission fee before starting to trade on SIX Swiss Exchange. No full or partial reimbursements of the non-recurring admission fee will be made. 3.3 Annual participation fee, trading participant SIX Swiss Exchange charges each participant a recurring annual participation fee of CHF 20,000. SIX Swiss Exchange may reduce or waive the annual participation fee if the participant is simultaneously admitted to trading on SWX Europe. 3.4 Annual participation fee, GCM (General Clearing Member) The annual fee amounts to CHF 5,000 per GCM. SIX Swiss Exchange may reduce or waive the annual fee where: the participant is a General Clearing Member of SWX Europe or is admitted simultaneously to membership of SWX Europe; or the GCM is already a SIX Swiss Exchange trading participant.

7 Directive 16 SIX Swiss Exchange Page 5 4. ACCESS FEE SIX Swiss Exchange charges each user a recurring access fee to use the SWXess trading platform. This fee is charged for each connection to SIX Swiss Exchange, irrespective of the number of participants that access the platform via that connection. The applicable rates are laid down in the Appendix to this Directive. 5. EXTRAORDINARY FEES 5.1 Extraordinary supervision fee SIX Swiss Exchange charges a fee to participants if extraordinary supervision is deemed necessary. This fee is determined by the complexity of the supervision task and the time involved. It is subject to a minimum charge of CHF 1, Extraordinary investigation fee SIX Swiss Exchange charges a fee to participants if an extraordinary investigation is deemed necessary. This fee is determined by the complexity of the investigation and the time involved. It is subject to a minimum charge of CHF 1, ISSUING FEE SIX Swiss Exchange charges a fee for certain issues of securities admitted to trading on SIX Swiss Exchange. The following domestic (Swiss) issues are subject to this fee: a. Underwriting of Swiss bonds: the fee is payable by the securities dealer that underwrites the security upon issue (lead manager, syndicate head). b. Placement of Swiss bonds which are not underwritten (direct placement on a commission basis): the fee is payable by the securities dealer that handles the placement. Issues outside Switzerland are exempt from this fee. The fee is not levied on: a. the assignment and underwriting of sub participations b. allotments to subscribers c. the issue of banks' medium-term notes

8 Directive 16 SIX Swiss Exchange Page 6 d. the issue of federal, cantonal or municipal medium-term notes e. the issue of Swiss Investment fund units f. the issue of bonds from non-swiss issuers. The fee is levied on the nominal value of the issue and amounts to 10 centimes per CHF 1,000 nominal value. 7. ON ORDER BOOK TRADING FEES 7.1 Principle SIX Swiss Exchange charges a fee for all on-order book transactions. This includes the reporting fee and is payable per transaction and participant. The fee is defined individually for each product segment. The applicable rates are laid down in the Appendix to this Directive. The fee comprises a transaction fee and an ad valorem fee. 7.2 Transaction fee 7.3 Ad valorem fee The transaction fee is a fixed charge. The ad valorem fee depends on transaction volume. It is determined in terms of basis points and has both a set minimum (floor) and a set maximum (cap). The ad valorem fee is determined by the type of the (partial) execution. It may differ (a) for orders which are executed from the order book (posters), (b) for orders executed instantly against orders in the order book (aggressors) and (c) for orders executed during an auction (auction execution). SIX Swiss Exchange may offer participants a choice of alternative rates for individual product segments (e.g. a standard rate for both posters and aggressors). SIX Swiss Exchange may institute rate bands for the ad valorem fee in individual product segments. Where several rate bands are defined, the participant selects the rate band. Participants are subject to the following rules: If a participant chooses a rate other than the standard band in order to benefit from lower rates, it undertakes to comply with certain criteria commitment levels. The commitment levels in question are essentially minimum fee volumes which are defined monthly. If the participant does not achieve the monthly minimum fee volume for the chosen commitment level, it must pay a minimum activity charge (MAC).

9 Directive 16 SIX Swiss Exchange Page 7 The MAC represents the difference between the commitment level and the eligible fee volume actually generated. Eligible for inclusion within the minimum fee volume are all fees under sections 7 and 8 of this Directive which accrue in the same product segment. The MAC is charged on a monthly basis. Participants may change the rate band with effect from the beginning of any given month. Changes must be notified to SIX Swiss Exchange in writing using the corresponding notification form at least seven calendar days before the beginning of the effective month. 8. OFF ORDER BOOK TRADING FEES 8.1 Principle SIX Swiss Exchange charges a fee for all off-order book trades that are reported to it. This includes the reporting fee and is payable per trade and participant. The fee is defined individually for each product segment. The applicable rates are laid down in the Appendix to this Directive. This fee is the same for all participants. It comprises a transaction fee and an ad valorem fee. 8.2 Transaction fee 8.3 Ad valorem fee The transaction fee is a fixed charge. The ad valorem fee depends on transaction volume. It is determined in terms of basis points and has both a set minimum (floor) and a set maximum (cap). 9. CAPACITY FEES All SIX Swiss Exchange capacity fees listed below and in the appendices are exclusive of value-added tax. 9.1 QPS capacity fee SIX Swiss Exchange provides dedicated trading capacity in the form of quotes (quotes per second, QPS) for individual product segments. SIX Swiss Exchange may allocate QPS to participants in return for a fee. Allocation is on a monthly basis. The QPS capacity fee is defined individually for each product segment. The applicable allocation models and rates are laid down in the Appendix to this Directive. 9.2 OPS capacity fee SIX Swiss Exchange provides dedicated trading capacity in the form of orders (CTI orders per second, OPS) for individual product segments.

10 Directive 16 SIX Swiss Exchange Page 8 SIX Swiss Exchange may allocate OPS to participants in return for a fee. Allocation is on a monthly basis. The applicable allocation models and rates are laid down in the Appendix to this Directive. 10. PAYMENT DATES / REIMBURSEMENT OF FEES 10.1 Payment dates Unless otherwise agreed, SIX Swiss Exchange invoices must be paid within 30 days of issue. Interest in arrears of 10% p.a. may be charged on payments received late Reimbursement of fees Any claim for the reimbursement of fees must be lodged within six months of the invoice date. Entitlement to reimbursement will lapse at the end of this period. The claim for reimbursement must be supported by confirmation from the participant's auditors. *** Decision of the Management Committee of 19 February In effect since 1 March 2010.

11 Directive 16 SIX Swiss Exchange Page 9 APPENDIX 1: SWISS EQUITY SECURITIES (SHARES) Equity securities issued by an issuer domiciled in Switzerland or equity securities with a primary listing on SIX Swiss Exchange. A1-1. On order book trading fees A1-1.1 Transaction fee A1-1.2 Ad valorem fee The transaction fee is CHF A1-1.2 Standard tariff A Asymmetrical: Floor Rate Cap a) Poster CHF bp CHF 0.-- b) Aggressor CHF bp CHF c) Auction Execution CHF bp CHF Commitment No commitment required Alternative fee structure: A Balanced: Floor Rate Cap a) Poster&Aggressor CHF bp CHF b) Auction Execution CHF bp CHF Commitment No commitment required A1-2. Off order book trading fees A1-2.1 Transaction fee The transaction fee is CHF A1-2.2 Ad valorem fee A Uniform Tariff: Floor Rate Cap Report CHF bp CHF 25.--

12 Directive 16 SIX Swiss Exchange Page 10 A1-3. Capacity fees A1-3.1 QPS capacity fee Not applicable. A1-3.2 OPS capacity fee Capacity in CTI orders (OPS) is allocated jointly for all SIX Swiss Exchange and SWX Europe equity, warrant and investment fund segments of SIX Swiss Exchange. Each SIX Swiss Exchange and SWX Europe participant receives a certain number of OPS to use at their discretion. This number depends on the nature of stock exchange membership and the SWX Europe Tariff Commitment Level and is described in Appendix A7-5.2.

13 Directive 16 SIX Swiss Exchange Page 11 APPENDIX 2: FOREIGN EQUITY SECURITIES (SHARES) Equity securities issued by issuers domiciled abroad and without a primary listing on SIX Swiss Exchange. A2-1. On order book trading fees A2-1.1 Transaction fee A2-1.2 Ad valorem fee The transaction fee is CHF A Standard tariff A Asymmetrical: Floor Rate Cap a) Poster CHF bp CHF 0.-- b) Aggressor CHF bp CHF c) Auction Execution CHF bp CHF Commitment No commitment required Alternative fee structure: A Balanced: Floor Rate Cap a) Poster&Aggressor CHF bp CHF b) Auction Execution CHF bp CHF Commitment No commitment required A2-2. Off order book trading fees A2-2.1 Transaction fee The transaction fee is CHF A2-2.2 Ad valorem fee A Uniform Tariff: Floor Rate Cap Report CHF bp CHF A2-3. Capacity fees A2-3.1 QPS capacity fee Not applicable. A2-3.2 OPS capacity fee Capacity in CTI orders (OPS) is allocated jointly for all SIX Swiss Exchange and SWX Europe equity, warrant and investment fund segments. Each SIX Swiss Exchange and SWX Europe participant shall receive a certain amount of available OPS. This number depends on the nature of stock exchange membership and the

14 Directive 16 SIX Swiss Exchange Page 12 SWX Europe Tariff Commitment Level and is described in Appendix A7-5.2.

15 Directive 16 SIX Swiss Exchange Page 13 APPENDIX 3: SPONSORED SEGMENT Equity securities of domestic and foreign issuers that have a primary listing on a stock exchange officially recognised by SIX Swiss Exchange. This does not include equity securities with a primary or secondary listing on SIX Swiss Exchange that were issued by a domestic or foreign issuer or investment-fund units or similar equity securities of collective capital investments (e.g. Exchange Traded Funds, ETFs). A3-1. On order book trading fees A3-1.1 Transaction fee A3-1.2 Ad valorem fee The transaction fee is CHF A Standard tariff A Asymmetrical: Floor Rate Cap a) Poster CHF bp CHF 0.-- b) Aggressor CHF bp CHF c) Auction Execution CHF bp CHF Commitment No Commitment required Alternative fee structure: A Balanced: Floor Rate Cap a) Poster&Aggressor CHF bp CHF b) Auction Execution CHF bp CHF Commitment No commitment required A3-2. Off order book trading fees A3-2.1 Transaction fee The transaction fee is CHF A3-2.2 Ad valorem fee A Uniform Tariff: Floor Rate Cap Report CHF bp CHF A3-3. Capacity fees A3-3.1 QPS capacity fee Each sponsor is allotted a number of QPS free of charge for those equity securities for which it has assumed market-making obligations. It may increase its QPS capacity, up to a certain maximum, for a fee of CHF 500 per QPS per month.

16 Directive 16 SIX Swiss Exchange Page 14 Number of instruments with marketmaking obligations QPS free of charge Additional QPS subject to a fee Maximum a) QPS for every 10 instruments 2 QPS 1 QPS for every 10 instruments + 2 QPS b) >100 1 QPS for ever 10 instruments 4 QPS 1 QPS for every 10 instruments + 4 QPS A3-3.2 OPS capacity fee Capacity in CTI orders (OPS) is allocated jointly for all SIX Swiss Exchange and SWX Europe equity, warrant and investment fund segments. Each SIX Swiss Exchange and SWX Europe participant receives a certain number of available OPS to use at their discretion. This number depends on the nature of stock exchange membership and the SWX Europe Tariff Commitment Level and is described in Appendix A7-5.2.

17 Directive 16 SIX Swiss Exchange Page 15 APPENDIX 4: ETF / ETSF AND OTHER INVESTMENT FUNDS Tradable units in collective capital investments, i.e. in investment and individual funds, Exchange Traded Funds (ETFs), Exchange Traded Structured Funds (ETSFs) and investment companies with variable capital (Société d investissement à capitale variable (SICAV). A4-1. On order book trading fees A4-1.1 Standard tariff The standard tariff applies to all trades resulting from orders. A Transaction fee The transaction fee is CHF A Ad valorem fee A Floor Rate Cap a) Poster CHF bp CHF b) Aggressor CHF bp CHF c) Auction Execution CHF bp CHF Commitment No commitment required A4-1.2 Market maker tariff The market maker tariff applies to all trades resulting from quotes. A Transaction fee The transaction fee is CHF A Ad valorem fee A Floor Rate Cap a) Poster CHF 0.00 CHF 0.00 CHF 0.00 b) Aggressor CHF 0.00 CHF 0.00 CHF 0.00 c) Auction Execution CHF 0.00 CHF 0.00 CHF 0.00 Commitment No commitment required

18 Directive 16 SIX Swiss Exchange Page 16 A4-2. Off order book trading fees A4-2.1 Transaction fee The transaction fee is CHF A4-2.2 Ad valorem fee A Uniform Tariff: Floor Rate Cap Report CHF bp CHF A4-3. Capacity fees A4-3.1 QPS capacity fee Each market maker receives a number of QPS free of charge for those ETF and ETSF for which it has assumed market-making obligations. It may increase its QPS capacity for a fee of CHF 500 per QPS per month. SIX Swiss Exchange reserves the right to introduce an upper limit for QPS per market maker. Number of ETF/ETSF with market-making obligations QPS free of charge per product a) QPS b) QPS c) QPS d) > QPS The QPS capacity that is allotted may be used for market making in ETF/ETSF only. A4-3.2 OPS capacity fee Not applicable. A ETFs/ETSFs Market makers in ETFs can convert QPS capacity into OPS capacity on a one-to-one basis. This capacity may only be used for market making in ETFs/ETSFs. A Other investment funds Capacity in CTI Orders (OPS) shall be jointly allocated in all equity segments and the investment fund segment. Each participant will receive a certain number of freely available OPS. The precise amount depends on the Tariff Commitment Level and is described in Appendix A7-5.2.

19 Directive 16 SIX Swiss Exchange Page 17 APPENDIX 5: CHF BONDS Listed Swiss-franc-denominated bonds regardless of the domicile of the issuer. A5-1. On order book trading fees A5-1.1 Standard tariff The standard tariff applies to all trades resulting from orders. A Transaction fee The transaction fee is CHF A Ad valorem fee A Floor Rate Cap a) Poster CHF bp CHF b) Aggressor CHF bp CHF c) Auction Execution CHF bp CHF Commitment No commitment required A5-1.2 Market maker tariff The market maker tariff applies to all trades resulting from quotes. A Transaction fee The transaction fee is CHF A Ad valorem fee A Floor Rate Cap a) Poster CHF 0.00 CHF 0.00 CHF 0.00 b) Aggressor CHF 0.00 CHF 0.00 CHF 0.00 c) Auction Execution CHF 0.00 CHF 0.00 CHF 0.00 Commitment No commitment required A5-2. Off order book trading fees A5-2.1 Transaction fee The transaction fee is CHF 1.50.

20 Directive 16 SIX Swiss Exchange Page 18 A5-2.2 Ad valorem fee A Uniform Tariff: Floor Rate Cap Report CHF bp CHF A5-3. Capacity fees A5-3.1 QPS capacity fee Each market maker authorised to quote will receive five free quotes per second (QPS) from SIX Swiss Exchange. For a monthly fee of CHF 500 per QPS, each market maker may increase its QPS capacity. SIX Swiss Exchange reserves the right to introduce an upper limit for QPS per market maker. The QPS capacity fee is charged on a monthly basis. A5-3.2 OPS capacity fee Not applicable.

21 Directive 16 SIX Swiss Exchange Page 19 APPENDIX 6: INTERNATIONAL BONDS Bonds that have been issued by foreign issuers and are denominated in a foreign currency and admitted to trading on SIX Swiss Exchange. International Bonds are not bonds that are denominated in Swiss francs or bonds that are issued by issuers who are domiciled in Switzerland. A6-1. On-order book trading fees A6-1.1 Standard tariff The standard tariff applies to all trades resulting from orders. A Transaction fee The transaction fee is CHF A Ad valorem fee No fee defined. A6-1.2 Market maker tariff The market maker tariff applies to all trades resulting from quotes. A Transaction fee The transaction fee is CHF A Ad valorem fee No fee defined. A6-2. Off-order book trading fees A6-2.1 Transaction fee The transaction fee is CHF A6-2.2 Ad valorem fee No fee defined.

22 Directive 16 SIX Swiss Exchange Page 20 A6-3. Capacity fees A6-3.1 QPS capacity fee Each market maker authorised to quote will receive five free quotes per second (QPS) from SIX Swiss Exchange. For a monthly fee of CHF 500 per QPS, each market maker may increase its QPS capacity. SIX Swiss Exchange reserves the right to introduce an upper limit for QPS per market maker. The QPS capacity fee is charged on a monthly basis. A6-3.2 OPS capacity fee Not applicable.

23 Directive 16 SIX Swiss Exchange Page 21 APPENDIX 7: ACCESS FEE A7-1. Direct participant, ASP and ISV connection The annual access fee for participants, Application Service Providers (ASPs) and Independent Software Vendors (ISVs) with a direct connection to the SIX Swiss Exchange stock exchange network (SCAP) is determined by the connectivity option that is chosen and applies to each data line. The fee does not include the cost of the external data line from the participant to the SIX Swiss Exchange SCAP network, which must be assumed by the participant. The applicable fees are given in the following table: Connectivity Option Bandwidth Access Fee p.a. (CHF incl. VAT) Internet 64 Kbps free of charge Internet 128 Kbps 3,750 Internet 256 Kbps 7,500 Managed IP service up to 2 Mbps 8,000 Managed IP service up to 4 Mbps 12,000 Managed IP service up to 10 Mbps 18,000 Managed IP service up to 30 Mbps 36,000 Ethernet service up to 4 Mbps 12,000 Ethernet service up to 10 Mbps 18,000 Ethernet service up to 30 Mbps 36,000 Optical link up to 50 Mbps 45,000* Optical link up to 100 Mbps 60,000* * plus one-off SIX Swiss Exchange internal installation costs, e.g. for technical connection, routing, configuration etc. charged on a time-spent basis The access fees listed above include connection to the interfaces listed under Section A7-5. Additional connections to SIX Swiss Exchange interfaces will be billed separately (see Section A7-5 below). Participants may access SIX Swiss Exchange and Scoach Switzerland Ltd via a single connection.

24 Directive 16 SIX Swiss Exchange Page 22 The notice period for cancelling an optical link connection is three months to the end of a quarter. The notice period for cancelling the other connection options is one month to the end of a calendar month. A7-2. Participant connection via an ASP Participants with a connection via an ASP are not charged an annual access fee. A7-3. Connection of Proximity Service Providers The annual access fee for Proximity Service Providers with a direct connection to the SIX Swiss Exchange network (SCAP) is determined by the chosen bandwidth and applies to each data line. The fee does not include the cost of the external data line from the Proximity Service Provider to the SIX Swiss Exchange SCAP network. The applicable fees are given in the following table: Connectivity Option Bandwidth Access Fee p.a. (CHF incl. VAT) Proximity Service up to 50 Mbps * up to 100 Mbps * up to 150 Mbps * up to 200 Mbps * * plus one-off SIX Swiss Exchange internal installation costs, e.g. for technical connection, routing, configuration etc. charged on a time-spent basis The access fees listed above include connection to the interfaces listed under Section A7-5. Additional connections to SIX Swiss Exchange interfaces will be billed separately (see Section A7-5 below). Proximity Service Providers may access SIX Swiss Exchange and Scoach Switzerland Ltd via a single connection. The notice period for cancelling a connection is three months to the end of a quarter. A7-4. Connection of ISPs The access fee for ISPs comprises both one-off and recurring fee components. A7-4.1 One-off access fee The one-off access fee for ISPs is made up of a fixed charge of CHF 9,500 plus a charge for time spent at CHF 200 per hour.

25 Directive 16 SIX Swiss Exchange Page 23 A7-4.2 Recurring access fee The recurring fees for ISPs depend on the number of participants connected via the ISP in question: The monthly access fee for ISPs connecting up to ten participants is CHF 2,800, regardless of whether the ISP connects to SIX Swiss Exchange using one or two data lines. There is no access fee for ISPs connecting eleven or more participants. The notice period for cancelling a connection is three months to the end of a quarter. A7-5. Trading and market data interfaces A7-5.1 STI Standard Trading Interface (STI) The annual access fee includes standard connection to the Standard Trading Interface, as well as a number of free FIX connections and Party IDs. The number of free FIX connections is governed by the Tariff Commitment Level and by connection status with the Capacity Trading Interface (CTI). Membership Participant on SIX Swiss Exchange, SWX Europe, or on both exchanges, without a tariff commitment level Participant on SWX Europe with Tariff Commitment Level 1 Participant on SWX Europe with Tariff Commitment Level 2 Free FIX connections for participants with CTI connection 3 free FIX connections 6 free FIX connections 12 free FIX connections Free FIX connections for participants with no CTI connection 1 free FIX connection 2 free FIX connections 3 free FIX connections An application must be submitted to SIX Swiss Exchange for each additional FIX connection and Party ID. SIX Swiss Exchange charges an additional fee of CHF 25,000 for each approved FIX connection beyond the free allocation.

26 Directive 16 SIX Swiss Exchange Page 24 Depending on their tariff commitment level, each participant is allocated the following number of free FIX transactions per second by SIX Swiss Exchange. Membership Cost-free FIX transactions per second (FOPS) Participant on SIX Swiss Exchange, SWX Europe, or on both exchanges, without a tariff commitment level Participant on SWX Europe with Tariff Commitment Level 1 Participant on SWX Europe with Tariff Commitment Level For a monthly fee of CHF per FOPS, each participant may increase its FOPS capacity. SIX Swiss Exchange reserves the right to introduce an upper limit for FOPS per participant. A7-5.2 CTI Capacity Trading Interface (CTI) Use of the CTI is included in the access fee for the Standard Trading Interface. Each participant is allocated free OPS by SIX Swiss Exchange. Membership Participant on SIX Swiss Exchange, SWX Europe, or on both exchanges Participant on SWX Europe with Tariff Commitment Level 1 Participant on SWX Europe with Tariff Commitment Level 2 Cost-free OPS For a monthly fee of CHF per package of 20 OPS, each participant may increase its OPS capacity. SIX Swiss Exchange reserves the right to introduce an upper limit for OPS per participant. A7-6. Common Terms In the event of a change in the connectivity option or location, the participant (or the ASP, ISP, or Proximity Service Provider) will be invoiced for the work done on a time-spent basis at CHF 200,

27 Directive 16 SIX Swiss Exchange Page 25 subject to a minimum charge of CHF 2,500 per pair of data lines. These charges are exclusive of value-added tax. In this regard, the cancellation of an existing connection which was preceded by a new connection during the past three months constitutes a change in the connection and is thus also subject to the charges quoted above.

28 Directive 16 SIX Swiss Exchange Page 26 APPENDIX 8: SUBSCRIPTION RIGHTS Subscription rights, such as subscription rights within the framework of capital increases, subscription rights in connection with the distribution of a stock dividend, put warrants for the purpose of share repurchases, as well as shareholder and employee options. A8-1. On order book trading fees A8-1.1 Transaction fee The transaction fee amounts to CHF A8-1-2 Ad valorem fee A Uniform tariff: Floor Scale Cap a) Poster bp -- b) Aggressor bp -- c) Auction execution bp -- Commitment No commitment required A8-2. Off order book trading fees A8-2.1 Transaction fee The transaction fee amounts to CHF A8-2.2 Ad valorem fee A Uniform tariff: Floor Scale Cap Reporting bp -- A8-3. Capacity fee A8-3.1 OPS capacity fee Capacity for CTI orders (OPS) shall be allocated jointly for all equity, warrant and investment fund segments. Each participant will receive a certain number of available OPS (depending on the participant s Tariff Commitment Level) as described in Appendix A7-5.2.