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Iceberg Plus – through which par-
ticipants can simultaneously access
the lit order book and SwissAtMid.
Prior to the “Plus” orders, SIX
had already introduced a “Sweep”
order, enabling participants to look
for midpoint liquidity in SwissAt-
Mid before routing to the lit order
book of the exchange in a single
step.
Both of the new order types
allow participants automatically to
execute at the best price available
across the two liquidity pools. As
this was not included in the ex-
change’s mandatory release earlier
in the year, we expect system pro-
viders who have not yet done so to
implement this functionality over
the course of the coming months.
Technology
Complementing these trading
developments, SIX has also been
working on expanding connectivity
options. Over the past few years,
connectivity costs and latency
have become an issue for exchange
participants globally. SIX intro-
duced a London Access Point in
March 2015 and in January 2018
installed an additional Access Point
in Frankfurt, providing partici-
pants fast, low-cost access to the
SIX trading platform and obviating
the need for London or Frank-
furt-based participants to lease
their own lines to the exchange.
A second initiative in the connec-
tivity area, known as 12Horizon or
12H, is a joint venture to provide
low-latency access for Swiss
securities trading via radio-fre-
quency technology, which enables
significantly faster transmission
of data. 12H creates four Euro-
pean hubs – London, Frankfurt,
Milan and Zurich – and relays
electromagnetic wave frequencies
between towers located along the
most direct routes between trading
centres. This technology, for ex-
ample, allows participants to send
market data at 99.97% of the speed
of light, as many as 1000 times in
one second between Frankfurt and
Zurich, back and forth.
New offerings
Next in the pipeline is a secure
internet-based front-end tool for
bond issuers. Called Deal Pool, it
will allow syndicate banks in the
fixed income space to communi-
cate with investors and connect to
existing tools in an intuitive way.
The automated workflow includes
the announcement of new issues,