Real estate funds in SwissAtMid 2023 - CHF 302.4m (+42.8% YoY) value executed (CHF 25.2m monthly avg.)
- CHF 927'347 price improvements
- 34.1 Bps price improvements (+19.7% YoY)
- 4.62% of "On Book" trading turnover (+51% YoY)
Please find below an update on real estate funds' trading at SIX Swiss Exchange during 2023 in the non-display order book "SwissAtMid" (launched in December 2020). 1. Price improvements - Price improvements can be achieved thanks to trades in SwissAtMid, as the executions are traded at the mid-price
from the main order book - The average price improvement via SwissAtMid for 2023 was 34.1 bps (since launch 27.7 bps)
- In addition, with the increase in tradable liquidity, orders can be executed faster, market risk and impact is minimised, efficiency is increased and the trade of large sized orders is facilitated
2.Trading turnover - In 2023, trading turnover in SwissAtMid for real estate funds was CHF 302.4m
- Monthly average dark trading turnover in real estate funds has increased to CHF 25.2m (i.e. +42.86% YoY) resp. 922 trades (+5.1% YoY) vs 2022 with CHF 17.65m and 877 trades
3. Top 5 real estate funds by dark market turnover (SwissAtMid) 2023
4. Dark book trading development - In 2023 SwissAtMid real estate funds trading turnover accounts for 4.62% in relation to "On Book" trading (+51% YoY)
5. Worlds first unique order type "Auction Volume Discovery" (AVD) introduced by SIX mid 2023 - SIX introduced the new hidden order type "Auction Volume Discovery" (AVD) helping trading members to find liquidity without revealing their hand to the market
- AVD is available for equities and real estate funds
- AVD allows to execute hidden volume at the uncrossing of the opening and closing auctions
- AVD orders match first against the auction overhang (imbalance) and than against another AVD order
- AVD advantages at a glance:
- AVD orders will support the discrete submission of currently non-participating liquidity into the primary auction
- AVD orders remain hidden from the market, not contributing to theoretical uncross price or volume
during the auction call phase - At the uncross AVD orders are considered for matching, only contributing volume at an already established uncross price
- AVD orders support both market and limit varieties and match on size / time priority
à Please contact your SIX Trading Member for AVD order type execution For more AVD information:
Equities on the Swiss stock exchange | SIX (six-group.com) 
6. Trading at Last - After the closing auction, the Trading-At-Last (TAL) period offers the possibility to match additional volume at the closing price of the security determined during the closing auction
- This means that incoming orders at the closing price or better (higher bid price or lower ask price) are executed against resting orders at the closing price
- TAL is traded on time priority
- TAL is a non-display (dark) trading session, meaning no orders are visible to the market prior to execution
Please approach us in case you would like to receive additional statistical information. We look forward to being in touch. Kind regards Danielle Reischuk and Marco Mautone | 