DOC Report. SIX Repo AG. Trading Rules for the OTC Spot Market

Transcription

1 DOC Report SIX Repo AG DDDD-OOOO-CCCC-SSSSMMmmd/L-Ann (version controlled documents),,

2 Purpose and principle These Trading Rules contain implementing provisions for the OTC Spot Market and are based on Clause of the Terms of Use for the Trading Platform of SIX Repo AG (the "Terms of Use"). Additional implementing provisions are set out in the Product Specifications for the OTC Spot Market (the "Product Specifications"). These Trading Rules and the Product Specifications form an integral part of the Terms of Use. General The OTC Spot Market is available for the following types of transaction: Issuing bonds of the Swiss Confederation; Issuing and trading of short-term debentures (e.g. GMBF or SNB Bills of the Swiss National Bank). SIX Repo AG (the "Platform Operator") provides the platform, but shall in no event be a party to a transaction. 3 Both parties to a transaction must have previously accepted one another as the counterparty before concluding the transaction. 4 The transactions conducted on the platform shall be binding for the parties involved. 3 Transaction types The Platform Operator shall define the transaction types in the Product Specifications and determine the degree of standardisation. 4 Trading The following functions exist: With an Indication of Interest (IoI), a party shall notify a selected potential counterparty in an unbinding fashion that it wishes to conclude a transaction. A party shall notify a selected potential counterparty of principally non-binding prices for a transaction using a quote. This can be a purchase and/or sales price. At the end of the trading day or in the event of a connection interruption that is detected by the Platform Operator, all quotes shall be deleted automatically. 3 An addressed offer is a binding offer for the conclusion of a transaction sent to a selected potential counterparty. This can be accepted (i) ("take"), (ii) ignored or (iii) rejected by the counterparty. The counterparty may submit a counteroffer. If an addressed offer is made on a quote, its available quantity shall be reduced accordingly (regardless of whether the addressed offer was accepted or not). An addressed offer may be given a term of validity. 4 It is possible that selected potential counterparties are given the Direct Hit attribute for certain transaction types. Under these conditions, addressed offers on quotes shall be accepted automatically. Partial executions shall be possible. An addressed offer with a direct hit shall not come about until any rejection period has expired. 5 The transaction is accepted using the Take Addressed Offer function. DDDD-OOOO-CCCC-SSSSMMmmd/L-Ann (version controlled documents),,

3 Special functions A transaction accepted via a direct hit may be unilaterally cancelled within a rejection period due to an insufficient or already exhausted credit line by using the Trade Reject function, if applicable. A transaction may be cancelled before reaching the settlement date by mutual consent with the use of the Trade Cancel function. 6 Settlement and administration The settlement organisation must be stated by the parties when concluding a transaction. Settlement and administration shall be carried out in accordance with Clause of the Terms of Use and provisions of the contract. 7 Fees The Platform Operator shall levy a fee for using the platform and a fee per transaction for every participant. The fee for using the platform shall cover all markets offered on the platform. The applicable rates are set out in the Annex to these Trading Rules. 8 Entry into force These Trading Rules were decided by the management committee of the Platform Operator on December 03 and shall come into force on May 04. DDDD-OOOO-CCCC-SSSSMMmmd/L-Ann (version controlled documents),,

4 Appendix: Fees The Platform Operator levies an Annual Fee per participant for use of the platform and a Transaction Fee per transaction. Transaction Fees are billed monthly in Swiss francs (CHF). Related transaction details are provided.. Annual Fee The Annual Fee depends on the chosen fee model. The standard fee model is the «Standard» fee model. To request the «Commitment Level I» or «Commitment Level II» fee model, participants must notify the Platform Operator in writing. Participants can change their fee model effective the next following year by submitting a request in writing at least one month in advance. If participation is terminated before the end of the year, any fees already paid are not refunded, nor is the Annual Fee reduced pro-rata or waived. Annual Fee Commitment Level II CHF Commitment Level I CHF Standard CHF The fee for use of the platform covers all markets offered on the platform and is therefore paid only once.. Transaction Fees In the primary market segment, only the auctioneer is charged a Transaction Fee. In the spot trading market segment, a Transaction Fee is charged per transaction. The applicable rate differs according to the following table, depending on the execution type (non-aggressor* or aggressor*) and the remaining life of the security from settlement to maturity. *Non-aggressor: *Aggressor: Participant who posts a quote or indication of interest that results in a trade. Participant who responds to a quote or indication of interest that results in a trade. For trades that result directly from an addressed offer, both counterparties are considered aggressors... Primary Auctions Auctioneer Participants Short Term Debt Instruments Transaction Fee No Transaction Fee Swiss Government Bonds Transaction Fee No Transaction Fee DDDD-OOOO-CCCC-SSSSMMmmd/L-Ann (version controlled documents),,

5 Spot Trading Non-Aggressor Aggressor Short Term Debt Instruments 0.40 bp p.a.* 0.60 bp p.a.* Swiss Government Bonds Not traded at SIX Repo AG Not traded at SIX Repo AG Minimum Transaction Fee in CHF Maximum Transaction Fee in CHF * Refers to remaining life from settlement to maturity The Minimum Transaction Fee applies, if the fee amount calculated for a transaction is less than the Minimum Transaction Fee. The Maximum Transaction Fee applies, if the fee amount calculated for a transaction is more than the Maximum Transaction Fee. The Transaction Fees are billed monthly in Swiss francs (CHF). The applicable day count method is French (ACT/360). For transactions in foreign currencies, the exchange rate applicable on the day the invoice is issued applies. DDDD-OOOO-CCCC-SSSSMMmmd/L-Ann (version controlled documents),,

6 SIX Repo AG 05 The Platform Operator SIX Repo AG Selnaustrasse 30 P.O. Box CH-80 Zurich T F