Costs

Admission fee

The non-recurring admission fee payable to the SIX Swiss Exchange is CHF 20'000 per participant.

Participation fee

The renewable participation fee is CHF 20'000 p. a.

Gateway fee

The SIX Swiss Exchange imposes a charge for each productive gateway linked or not linked to the Trading System. A fee of CHF 40'000 p.a. is levied per gateway, regardless of whether it is a test or production gateway. In all other respects, the provisions of the document entitled "SWX Software Licensing Conditions for SIX Swiss Exchange" are applicable.

Investment protection fee

The SIX Swiss Exchange charges participants who cause a disproportionate burden on the Exchange System an investment protection fee (IPF).

This fee is calculated on the basis of the own transactions (buy or sell orders) that a participant has triggered on the stock exchange system. The unit of measurement used for this calculation is the transaction rate per second (TPS rate), averaged over ten seconds. Only transactions effectuated during official trading hours are taken into consideration.

Each participant is allocated a TPS ceiling (Table 2) within a defined trading segment that is in line with its share of on order book turnover the previous month. This TPS ceiling is recalculated for each invoice period.

Transactions are charged at the lower fee for TPS rates which are below or at the TPS ceiling. Transactions above the level of the TPS ceiling are charged at the higher fee.

If the total monthly fee exceeds CHF 200, the invoice amount is rounded up to the next hundred Swiss francs. The investment protection fee is calculated for a period of one month.

At present, the IPF applies only to derivatives and structured products. The TPS ceilings that are allocated in function of the market shares are given in Table 2 in the Appendix, while the fees are listed in Table 3.

The Management Board of the SIX Swiss Exchange is authorised to change both the individual fee parameters (TPS ceilings and market shares) and the fees themselves if necessary.

Extraordinary fees

The SIX Swiss Exchange may impose a charge on participants who give cause for an extraordinary degree of supervision. This fee is based, in particular, on the complexity of the supervisory measures needed and the time they entail. The minimum fee is CHF 1'000.

The SIX Swiss Exchange may impose a charge on participants who give cause for extraordinary investigation. This fee is based, in particular, on the complexity of the investigation and the time it entails. The minimum fee is CHF 1'000.

The terms are set out in detail in Directive 16.