SIX Swiss Exchange has launched a liquidity pool for equities with a service that allows execution of Swiss equities in a dark pool at the mid-point of its lit order book.
The service – known as SwissAtMid – provides “significant price improvements in all blue-chip and mid- and small-caps primary listed on SIX Swiss Exchange.”
A sweep order type will be launched alongside SwissAtMid that sweeps orders to look for execution in the pool before routing to the lit order book.
SIX Swiss Exchange said the sweep orders have no negative impact on latency and contain no risk of opportunity loss.
Christian Reuss, head of sales and product management at SIX Swiss Exchange, explained the combination of the exchange’s book and the interaction of lit and non-display order book allows a new way to trade Swiss equities.
“By combining a non-displayed mid-point order book with a primary market lit book, SwissAtMid offers them the best of both worlds,” Rob Cranston, head of equity product management added.
“The new Sweep orders offer the potential for price improvement with no drawbacks,” he said.