Markets operator SIX Swiss Exchange is launching a bilateral OTC derivatives trading platform on Monday.
The new platform, called XBTR, was originally due to launch in July but was delayed due to a glitch in related software systems.
SIX said XBTR will enable market participants to trade and settle OTC products via a centralised platform with uniform architecture.
It offers unregulated bilateral OTC trading with longer trading hours than SIX’s existing on-order-book offering Scoach Switzerland.
Users will benefit from instant trading availability, without need to wait for reference data for a specific instrument before trading and no formal admission process.
The platform can be accessed directly via a FIX interface or though a web-based GUI.
As the platform is unregulated, parties must reach agreement among themselves regarding mistrades, but the service can enable offsetting transactions to be entered to resolve mistrades.
Additionally, products can be switched to the on-order-book of Scoach Switzerland provided they meet the admission standards, though they cannot then be switched back to the OTC platform.
The service will launch on 19 August and will trade from 8am to 6pm CET, with product activation free of charge until 31 December and a discounted trading price until the end of the year.