New Rules for the Admission of Investment Funds to Trading in the SIX Swiss Exchange – Sponsored Investment Fund Segment

Zurich - 1 February 2013

With effect from 1 March 2013, SIX Swiss Exchange is introducing a new trading segment for investment funds: the SIX Swiss Exchange–Sponsored Investment Fund Segment.

So called sponsors (sponsoring securities dealers) can apply to SIX Exchange Regulation for the admission to trading of Swiss and foreign investment funds which have been approved by the Swiss Financial Market Supervisory Authority FINMA or authorized by FINMA for sale in and from Switzerland. The applicant sponsors undertake to fulfill all regulatory obligations in connection with the admission to trading, the maintenance of such admission to trading and to guarantee market making activities. Exchange traded funds (ETFs), exchange traded structured funds (ETSFs) and real estate funds are not allowed in the new segment.

The new trading segment will allow investors to trade Investment Fund units on the regulated electronic trading platform of SIX Swiss Exchange, so far, those investment fund units have had to be traded off-exchange. The clearing in the new segment will take place at current market price, avoiding the practice of forward pricing, which involves buying or selling fund units at a price that is set the day after the transaction is made, based on the previous day's net asset value.

FINMA has approved the Rules for the admission to trading of Investment Funds on the SIX Swiss Exchange–Sponsored Investment Fund Segment, which enters into force on 1 February 2013.

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