Directive 16 – SIX Swiss Exchange · CHF Swiss francs Commitment levels Discount bands relating to the ad valorem fee; dependent on the participant reaching a certain minimum monthly

S e i t e

DDM

DDM

DDM

D i rect ive 16 – SIX Swiss Exchange

Fees Ausgabe 3.01, 01.01.2000

Version:

19.02.2010

Date of entry into force:

01.03.2010

Directive 16 – SIX Swiss Exchange Page i

Fees 01.03.2010

T A B L E O F C O N T E N T S

1. Purpose, scope and list of fees ...........................................................................................1 1.1 Purpose....................................................................................................................1 1.2 Scope.......................................................................................................................1 1.3 List of fees................................................................................................................1

2. Definitions ..........................................................................................................................2

3. Participation fees ................................................................................................................4 3.1 Admission fee, trading participant .............................................................................4 3.2 Admission fee, GCM (General Clearing Member).......................................................4 3.3 Annual participation fee, trading participant ...............................................................4 3.4 Annual participation fee, GCM (General Clearing Member) ........................................4

4. Access fee..........................................................................................................................5

5. Extraordinary fees ..............................................................................................................5 5.1 Extraordinary supervision fee ....................................................................................5 5.2 Extraordinary investigation fee ..................................................................................5

6. Issuing fee..........................................................................................................................5

7. On order book trading fees..................................................................................................6 7.1 Principle ...................................................................................................................6 7.2 Transaction fee.........................................................................................................6 7.3 Ad valorem fee .........................................................................................................6

8. Off order book trading fees .................................................................................................7 8.1 Principle ...................................................................................................................7 8.2 Transaction fee.........................................................................................................7 8.3 Ad valorem fee .........................................................................................................7

9. Capacity fees......................................................................................................................7 9.1 QPS capacity fee ......................................................................................................7 9.2 OPS capacity fee ......................................................................................................7

10. Payment dates / reimbursement of fees...............................................................................8 10.1 Payment dates..........................................................................................................8 10.2 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

Directive 16 – SIX Swiss Exchange Page 1

Fees 01.03.2010

1. PURPOSE, SCOPE AND LIST OF FEES

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.

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.

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

1.1 Purpose

1.2 Scope

1.3 List of fees


Fees 01.03.2010

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 (1/100th 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.


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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 off-

order book transactions. This fee is payable per transaction and

participant. The level of this fee depends on the product segment

concerned.


Fees 01.03.2010

3. PARTICIPATION FEES

SIX Swiss Exchange charges each participant a one-off non-

recurring 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.

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.

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.

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.

3.1 Admission fee,

trading participant

3.2 Admission fee, GCM

(General Clearing

Member)

3.3 Annual participation

fee, trading

participant

3.4 Annual participation

fee, GCM (General

Clearing Member)


Fees 01.03.2010

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

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 1,000.

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 1,000.

6. 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

5.1 Extraordinary

supervision fee

5.2 Extraordinary

investigation fee


Fees 01.03.2010

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

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.

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).

7.1 Principle

7.2 Transaction fee

7.3 Ad valorem fee


Fees 01.03.2010

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

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.

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.

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.

SIX Swiss Exchange provides dedicated trading capacity in the

form of orders (CTI orders per second, OPS) for individual

product segments.

8.1 Principle

8.2 Transaction fee

8.3 Ad valorem fee

9.1 QPS capacity fee

9.2 OPS capacity fee


Fees 01.03.2010

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

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.

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 2010. In

effect since 1 March 2010.

10.1 Payment dates

10.2 Reimbursement of

fees


Fees 01.03.2010

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

The transaction fee is CHF 1.00.

A1-1.2 Standard tariff

A1-1.2.1

Asymmetrical: Floor Rate Cap

a) Poster CHF 0.00 0.00 bp CHF 0.--

b) Aggressor CHF 0.50 0.55 bp CHF 55.--

c) Auction Execution CHF 0.50 0.65 bp CHF 65.--

Commitment No commitment required

Alternative fee structure:

A1-1.2.2

Balanced: Floor Rate Cap

a) Poster&Aggressor CHF 0.50 0.29 bp CHF 29.--

b) Auction Execution CHF 0.50 0.65 bp CHF 65.--


A1-2. Off order book trading fees


A1-2.2.1

Uniform Tariff: Floor Rate Cap

Report CHF 0.50 0.25 bp CHF 25.--

A1-1.1 Transaction fee

A1-1.2 Ad valorem fee




Fees 01.03.2010

A1-3. Capacity fees

Not applicable.

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.

A1-3.1 QPS capacity fee

A1-3.2 OPS capacity fee


Fees 01.03.2010

APPENDIX 2: FOREIGN EQUITY SECURITIES (SHARES)

Equity securities issued by issuers domiciled abroad and without

a primary listing on SIX Swiss Exchange.



A2-1.2.1 Standard tariff

A2-1.2.1.1







A2-1.2.1.2







A2-2.2.1



A2-3. Capacity fees

Not applicable.

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








Fees 01.03.2010

SWX Europe Tariff Commitment Level and is described in

Appendix A7-5.2.


Fees 01.03.2010

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).



A3-1.2.1 Standard tariff

A3-1.2.1.1





Commitment No Commitment required


A3-1.2.1.2







A3-2.2.1



A3-3. Capacity fees

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.







Fees 01.03.2010

Number of

instruments

with market-

making

obligations

QPS free of

charge

Additional

QPS subject

to a fee Maximum

a) 1-100 1 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

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.



Fees 01.03.2010

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).


A4-1.1 Standard tariff The standard tariff applies to all trades resulting from orders.


A4-1.1.2.1

Floor Rate Cap





A4-1.2 Market maker tariff The market maker tariff applies to all trades resulting from

quotes.


A4-1.2..1

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


A4-1.1.1 Transaction fee

A4-1.1.2 Ad valorem fee




Fees 01.03.2010



A4-2.2.1



A4-3. Capacity fees

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) 1-10 0.5 QPS

b) 11-30 0.8 QPS

c) 31-60 1.0 QPS

d) > 60 1.2 QPS

The QPS capacity that is allotted may be used for market making

in ETF/ETSF only.

Not applicable.

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.

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.





A4-3.2.1 ETFs/ETSFs

A4-3.2.2 Other investment funds


Fees 01.03.2010

APPENDIX 5: CHF BONDS

Listed Swiss-franc-denominated bonds regardless of the domicile

of the issuer.


A5-1.1 Standard tariff

The standard tariff applies to all trades resulting from orders.


A5-1.1.2.1

Floor Rate Cap






quotes.


A5-1.2.2.1

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










Fees 01.03.2010

A5-2.2.1



A5-3. Capacity fees

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


The QPS capacity fee is charged on a monthly basis.

Not applicable.





Fees 01.03.2010

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.


No fee defined.


quotes.


No fee defined.

A6-2. Off-order book trading fees


No fee defined.








Fees 01.03.2010

A6-3. Capacity fees

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


The QPS capacity fee is charged on a monthly basis.

Not applicable.




Fees 01.03.2010

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




Ethernet service up to 4 Mbps 12,000



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.


Fees 01.03.2010

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)

up to 50 Mbps 55’000 *

up to 100 Mbps 70’000*

up to 150 Mbps 85’000*

Proximity Service

up to 200 Mbps 100’000*

* 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).

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.

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.

A7-4.1 One-off access fee


Fees 01.03.2010

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

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 Free FIX connections for participants with CTI connection

Free FIX connections for participants with no CTI connection

Participant on SIX Swiss Exchange, SWX Europe, or on both exchanges, without a tariff commitment level

3 free FIX connections

1 free FIX connection

Participant on SWX Europe with Tariff Commitment Level 1






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.

A7-4.2 Recurring access

fee

A7-5.1 STI


Fees 01.03.2010

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

10

Participant on SWX Europe

with Tariff Commitment Level 1

30

Participant on SWX Europe with

Tariff Commitment Level 2

50

For a monthly fee of CHF 1’000 per FOPS, each participant may

increase its FOPS capacity. SIX Swiss Exchange reserves the

right to introduce an upper limit for FOPS per participant.

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 Cost-free OPS

Participant on SIX Swiss Exchange, SWX Europe, or on both exchanges

40


100


160

For a monthly fee of CHF 1’000 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,

A7-5.2 CTI


Fees 01.03.2010

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.


Fees 01.03.2010

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.


The transaction fee amounts to CHF 0.10.

A8-1.2.1

Uniform tariff: Floor Scale Cap

a) Poster -- 0.65 bp --

b) Aggressor -- 0.65 bp --

c) Auction execution -- 0.65 bp --



The transaction fee amounts to CHF 0.10.

A8-2.2.1

Uniform tariff: Floor Scale Cap

Reporting -- 0.25 bp --

A8-3. 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.


A8-1-2 “Ad valorem” fee


A8-2.2 “Ad valorem” fee


Documents

Directive 16 – SIX Swiss Exchange · CHF Swiss francs Commitment levels Discount bands relating to the ad valorem fee; dependent on the participant reaching a certain minimum monthly