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Directive 2: Technical Connectivity
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Sensitivity: C2 Internal
dated 23 November 2022Entry into force: 15 May 2023
SIX Swiss Exchange AG
Directive 2: Technical Connectivity
SIX Swiss Exchange AG 2
15/05/2023
Table of contents
1 Purpose and principle ............................................................................................................................... 3
2 General ........................................................................................................................................................ 3
3 Definitions and abbreviations .................................................................................................................. 3
4 Types of connectivity for trading participants ....................................................................................... 3
4.1 Direct connectivity ..................................................................................................................................... 3
4.2 ASP connectivity ......................................................................................................................................... 4
4.2.1 Technical layout .......................................................................................................................................... 4
4.2.2 ASP applications ......................................................................................................................................... 4
4.3 RSP connectivity ......................................................................................................................................... 4
4.3.1 Technical layout .......................................................................................................................................... 4
4.3.2 RSP applications ......................................................................................................................................... 4
5 Connectivity of application service provider (ASP) ................................................................................ 4
5.1 Technical layout .......................................................................................................................................... 4
5.2 ASP applications ......................................................................................................................................... 5
6 Connectivity of routing service provider (RSP) ...................................................................................... 5
6.1 Technical layout .......................................................................................................................................... 5
6.2 RSP applications ......................................................................................................................................... 5
6.3 RSP requirements ...................................................................................................................................... 5
7 Interfaces .................................................................................................................................................... 6
7.1 Trading ........................................................................................................................................................ 6
7.1.1 Standard Trading Interface (STI) ............................................................................................................. 6
7.1.2 OUCH Trading Interface (OTI) .................................................................................................................. 6
7.1.3 Quote Trading Interface (QTI) .................................................................................................................. 6
7.1.4 SIX Trading User Interface ........................................................................................................................ 6
7.2 Market information ................................................................................................................................... 6
7.2.1 Reference Data Interface (RDI) ................................................................................................................ 6
7.2.2 ITCH Market Data Interface (IMI) ............................................................................................................ 6
7.2.3 SIX MDDX Multi-Ƞ ......................................................... 7
8 Further provisions ...................................................................................................................................... 7
8.1 Outsourcing to third parties ..................................................................................................................... 7
8.2 Personnel .................................................................................................................................................... 7
8.3 Right to information .................................................................................................................................. 7
Directive 2: Technical Connectivity
SIX Swiss Exchange AG 3
15/05/2023
1 Purpose and principle
This Directive contains provisions on the technical connectivity to the exchange system and is based on
Clauses 3.4 and 4.6 Trading Rules.
2 General
1 The requirement for all types of connectivity to the SWXess trading platform (the "exchange system") of
the Exchange is that the provisions of the Exchange's rules and regulations are complied with and the
exchange system is not negatively affected or damaged by the participant connecting to it.2 The participant respectively application service provider (ASP) or routing service provider (RSP) must
ensure that its business is entitled to connect to the exchange system and carry out the planned activities
in accordance with the applicable laws and regulations. The foregoing also applies when the participant is
not connected to the exchange system directly but via the technical services of an ASP or RSP instead.
3 Definitions and abbreviations
Access infrastructure Exchange infrastructure, i.e. the interfaces for trading securities and obtaining mar-
ket data. ASP Application Service Provider: the ASP provides participants and market data recipi- ents with applications for the purposes of technical connectivity to the exchange system. The ASP is not a participant of the Exchange. RSP Routing Service Provider: the RSP provides participants and market data recipients with applications for the purposes of technical connectivity to the exchange system for order routing. The RSP is a participant of the Exchange.Connectivity infrastructure Infrastructure of the participants and ASPs for connectivity to the exchange system
for the purposes of trading and obtaining market data.4 Types of connectivity for trading participants
Participants can choose from one of the following types of connectivity.4.1 Direct connectivity
1 Technical connectivity of the participant with the exchange system is accomplished via proprietary appli-
cations.2 The Exchange may grant on application of a participant the use of the connectivity infrastructure of a
third party commissioned by the participant and approved by the Exchange if compliance with the provi-
sions of the Exchange's rules and regulations is also ensured by the third party.3 The technical connectivity of proprietary applications and the connectivity infrastructure of third parties
is the responsibility of the participant. The Exchange may undertake or demand an acceptance run or certification of such proprietary applications and connectivity infrastructure.4 If the proprietary applications or the connectivity infrastructure or leased lines of a third party put the
operation of the exchange system at risk, the Exchange may prohibit or suspend the use of such.Directive 2: Technical Connectivity
SIX Swiss Exchange AG 4
15/05/2023
4.2 ASP connectivity
4.2.1 Technical layout
The participant's technical link-up to the exchange system using ASP connectivity takes place via the appli-
cation of an ASP. The participant conducts its transactions via the infrastructure and functions provided by
the ASP.4.2.2 ASP applications
1 At its own responsibility, the ASP selects suitable ASP applications enabling the participant to connect to
the exchange system as per the rules and regulations. The Exchange offers no guarantee for the security,
availability and performance of these ASP applications.2 The ASP is responsible for installing, running and maintaining the ASP applications at its own cost.
3 If the ASP applications put at risk, negatively affect or damage the operation of the exchange system, the
Exchange may suspend or prohibit the use of such.
4.3 RSP connectivity
4.3.1 Technical layout
ȇ-up to the exchange system using RSP connectivity takes place via the appli-cation of an RSP. The participant conducts its transactions via the infrastructure and functions provided by
the RSP.4.3.2 RSP applications
1 At its own responsibility, the RSP selects suitable RSP applications enabling the participant to connect to
the exchange system as per the rules and regulations. The Exchange offers no guarantee for the security,
availability and performance of these RSP applications.2 The RSP is responsible for installing, running and maintaining the RSP applications at its own cost.
3 If the RSP applications put at risk, negatively affect or damage the operation of the exchange system, the
Exchange may suspend or prohibit the use of such.
5 Connectivity of application service provider (ASP)
5.1 Technical layout
1 Technical connectivity of an ASP with the exchange system is accomplished via the ASP's proprietary
applications.2 The Exchange may, on application from an ASP, grant the use of the connectivity infrastructure of a third
party commissioned by the ASP and approved by the Exchange if compliance with the provisions of the Exchange's rules and regulations is also ensured by the third party.3 The technical connectivity of ASP applications and the connectivity infrastructure of third parties is the
responsibility of the ASP. The Exchange may undertake or demand an acceptance run or certification of
ASP applications or the connectivity infrastructure of third parties.Directive 2: Technical Connectivity
SIX Swiss Exchange AG 5
15/05/2023
4 If the ASP applications or the connectivity infrastructure or leased lines of a third party put at risk, nega-
tively affect or damage the operation of the exchange system, the Exchange may prohibit or suspend the
use of such.5 The ASP is not entitled to trade on the Exchange.
5.2 ASP applications
1 At its own responsibility, the ASP selects suitable ASP applications enabling the participant to connect to
the exchange system as per the rules and regulations. The Exchange offers no guarantee for the security,
availability and performance of these ASP applications.2 The ASP is responsible for installing, running and maintaining the ASP applications at its own cost.
3 If the ASP applications put at risk, negatively affect or damage the operation of the exchange system, the
Exchange may suspend or prohibit the use of such.
6 Connectivity of routing service provider (RSP)
6.1 Technical layout
1 ȇ
plications.2 The Exchange may, on application from an RSP, grant the use of the connectivity infrastructure of a
third party commissioned by the RSP and approved by the Exchange if compliance with the provisions of
ȇ third party.
3 The technical connectivity of RSP applications and the connectivity infrastructure of third parties is the
responsibility of the RSP. The Exchange may undertake or demand an acceptance run or certification of
RSP applications or the connectivity infrastructure of third parties.4 If the RSP applications or the connectivity infrastructure or leased lines of a third party put at risk, nega-
tively affect or damage the operation of the exchange system, the Exchange may prohibit or suspend the
use of such.5 As a participant of the Exchange, the RSP is entitled to trade on the Exchange.
6.2 RSP applications
1 At its own responsibility, the RSP selects suitable RSP applications enabling the participant to connect to
the exchange system as per the rules and regulations. The Exchange offers no guarantee for the security,
availability and performance of these RSP applications.2 The RSP is responsible for installing, running and maintaining the RSP applications at its own cost.
3 If the RSP applications put at risk, negatively affect or damage the operation of the exchange system, the
Exchange may suspend or prohibit the use of such.
6.3 RSP requirements
1 Orders of participants with RSP connectivity must be flagged via an individual identification (Party ID)
issued by the Exchange so that the orders of a participant with RSP connectivity can be differentiated from
ders.Directive 2: Technical Connectivity
SIX Swiss Exchange AG 6
15/05/2023
2 Upon request, RSPs must provide information about the volume of orders from their participants with
RSP connectivity concerning primary listed securities on the Exchange which the RSP routs to another trading venue in Switzerland or abroad.7 Interfaces
7.1 Trading
Participants may choose from several interfaces by which to connect to trading. These alternatives are
described here. Participants select the interface that is most suitable for them and recognise that not all
interfaces offer the same functionality. The participant themselves is responsible for choosing the correct
interface.7.1.1 Standard Trading Interface (STI)
The Standard Trading Interface (STI) enables participants to access all trading services and reporting func-
tions. In particular, it supports the entry of orders and trade reports and receives execution confirmations
for further processing.7.1.2 OUCH Trading Interface (OTI)
The OUCH Trading Interface (OTI) enables participants and liquidity providers to access all trading ser-
vices directly. In particular, it supports the entry of orders and receives execution confirmations for fur-
ther processing.7.1.3 Quote Trading Interface (QTI)
The Quote Trading Interface (QTI) enables market makers and liquidity providers direct access to the or-
derbook. In particular, it supports the entry of quotes and receives execution confirmations for further
processing.7.1.4 SIX Trading User Interface
The SIX Trading ȊȋȊȋ
trading services. In particular, it supports the entry of Block orders and quote requests and receives exe-
cution confirmations for further processing.7.2 Market information
7.2.1 Reference Data Interface (RDI)
1 The Reference Data Interface (RDI) enables participants, ASPs, RSPs and market data recipients to obtain
reference data.2 For the use and further transmission of reference data, a corresponding agreement (Data Distribution
Agreement) must be additionally concluded with SIX Exfeed AG.3 Details are laid down in the ȋMarket Informationȋ Directive.
7.2.2 ITCH Market Data Interface (IMI)
1 The ITCH Market Data Interface (IMI) enables the participants, ASPs, RSPs and market data recipients to
obtain real-time market information.Directive 2: Technical Connectivity
SIX Swiss Exchange AG 7
15/05/2023
2 For the use and further transmission of market information, a corresponding agreement (Data Distribu-
tion Agreement) must be additionally concluded with SIX Exfeed AG.3 Details are laid down in the "Market Information" Directive.
7.2.3 SIX MDDX Multi-Ƞ
1 The SIX MDDX Multi-Ƞ MDDX) enables the participants, ASPs, RSPs
and market data recipients to obtain real-time market information.2 For the use and further transmission of market information, a corresponding agreement (Data Distribu-
tion Agreement) must be additionally concluded with SIX Exfeed AG.3 Details are laid down in the "Market Information" Directive.
8 Further provisions
8.1 Outsourcing to third parties
If the Exchange commissions third parties with the execution of its tasks, its liability shall be limited to the
diligent selection and instruction of the third party it commissions.8.2 Personnel
Every participant, ASP and RSP is obliged to have qualified personnel available in adequate numbers at all
times during trading hours as well as during maintenance and further development work also outside of
trading hours, and to ensure that they can be reached via telephone in order to ensure the proper run-
ning of the systems and to take appropriate action upon the instructions of the Exchange, especially in the
event of technical malfunctions.8.3 Right to information
The Exchange may require participants, ASPs or RSPs to provide information or submit documents at any
time if such information or documents are required in connection with connectivity to the exchange sys-
tem or to prevent or rectify technical malfunctions.Resolution of the Participants & Surveillance Committee of the Regulatory Board of 23 November 2022; in
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