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SIX Swiss Exchange and SIX Exfeed open debate on reference prices
SIX Swiss Exchange and SIX Exfeed are specifically seeking clarification on the MiFID definition of the term "reference market" which currently only applies to EU member states. As operators of the regulated market for Swiss securities, which are widely traded by EU market participants, SIX Swiss Exchange seeks acknowledgement as the "reference market" for these securities, irrespective of the fact that Switzerland is outside the EU. We also look to clarify the meaning of "reference prices" with regulators in the EU in order to validate the current rules and their cross-border implications. This is in line with the SIX Swiss Exchange responses to the Committee of European Securities Regulators (CESR) requests for consultation (http://www.cesr-eu.org/index.php?page=response_details&c_id=158&r_id=5345 and http://www.cesr-eu.org/index.php?page=response_details&c_id=161&r_id=5680).
Christian Katz, CEO, SIX Swiss Exchange comments: "This is the right time to initiate a wider consultation on the meaning of a reference market and reference prices in Europe. Market participants and regulators are facing a new market structure and the public deserves a clarification on these issues. All stakeholders rely on us as a reference market because we establish, monitor and enforce continuing obligations of primary listed companies and the trading rules applicable to their securities. They rely on us in continuous markets and stress situations, because among others our automated trading halts and circuit breakers guarantee market integrity. Therefore in our opinion the reference prices generated by SIX Swiss Exchange are uniquely reliable. In Switzerland our position is undisputed as the market providing uniquely reliable reference prices. Our aim is to clarify these terms in an international context."
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