[Last updated: 1 January 2024, unless otherwise noted]

The SIX Swiss Exchange is the largest Swiss stock exchange. It maintains an electronic trading system with a fully integrated settlement and clearing system (SIX SIS). The vast majority of Swiss issuers are listed on the SIX Swiss Exchange. Through its electronic trading system, the SIX Swiss Exchange is open to foreign investors and market participants. The listing process of the SIX Swiss Exchange is efficient and uncomplicated. No additional approval from the regulator (Swiss Financial Market Supervisory Authority FINMA) is required, just from SIX Exchange Regulation, which acts as licensed regulatory authority for approval of prospectuses. Compared to other stock exchanges, the SIX Swiss Exchange is recognized for its issuer-oriented approach.

The SIX Swiss Exchange has the following regulatory standards for equity securities, which vary in their listing admission and maintenance criteria:

• International Reporting Standard. This standard is used for listing equity securities of companies that are seeking access to international capital markets, as the provisions governing the accounting principles are designed to satisfy the expectations of global investors.
• Swiss Reporting Standard. This standard, which is suitable for companies that wish to address a local shareholder base, allows the application of domestic accounting standards (Swiss GAAP FER).
• Standard for Investment Companies. This standard caters to companies whose main purpose is investing in other companies to earn dividend/interest income and to obtain capital gains. Investment companies do not perform a commercial activity in the literal sense.
• Standard for Real Estate Companies. A company qualifies as a real estate company (and is thus listed according to this standard) if it continually draws at least two thirds of its revenues from real estate-related activities.
• Standard Sparks. The Sparks standard was designed to accommodate the needs and specialities of small and medium enterprises (SMEs) with a market capitalization of less than CHF500 million (approximately US$581.25 million). The listing requirements for the Sparks segment are alleviated in terms of capital, free float and track record. However, there are no alleviations or simplifications of the rules governing the prospectus, supervision and reporting.
• Standard for SPACs. A SPAC (special purpose acquisition company) can be listed without a track record, but has to meet additional corporate governance and transparency requirements. Only Swiss companies are admitted to the standard for SPACs.
• Standard for Depository Receipts. This standard serves as a means of listing global depository receipts (GDRs).
• Standard for Collective Investment Schemes (Exchange Traded Funds or ETFs). This standard is for listing domestic or foreign collective investment schemes pursuant to the Swiss Federal Act on Collective Investment Schemes, which are subject to the supervision of the Swiss Financial Market Supervisory Authority (FINMA) or which require an approval from FINMA for distribution in or from Switzerland.

The following information relates to the International Reporting Standard and the Swiss Reporting Standard of the SIX Swiss Exchange, unless indicated otherwise.

The SIX Swiss Exchange draws a distinction between primary and secondary listings of foreign companies:

• If a foreign company is not yet listed on an exchange recognized by the exchange’s Regulatory Board, its only option is a primary listing.
• If a foreign company is already listed on an exchange recognized by the Regulatory Board as having equivalent listing provisions, it may choose between a primary and a secondary listing.

As a general rule, certain concessions apply to secondary listings compared to primary listings, because, to a significant extent, the listing rules and regulations of the primary exchange are applicable instead of the SIX Swiss Exchange’s own standards or the Swiss rules. For example, this is the case with respect to the recognition of the prospectus prepared for listing on the primary exchange, which may be recognized automatically or in a corresponding process in Switzerland, or the application of the ad hoc publicity rules of the primary exchange. SIX Exchange Regulation will issue a list of jurisdictions that are recognized as equivalent with the effect that the prospectuses approved under such jurisdictions are regarded as equivalent.

The SIX Swiss Exchange is one of the major European exchanges, with a free float market capitalization of CHF1.6 trillion (as at January 2023; approximately US$1.86 trillion).

All types of companies of various sizes and sectors are listed on the SIX Swiss Exchange. The SIX Swiss Exchange does not specialize in, or encourage listings by, particular types of companies. However, as mentioned above, it does apply specific admission and maintenance criteria for the listing of real estate companies, investment companies, SPACs, SMEs and collective investment schemes (see section 6 below for more information). Furthermore, the SIX Swiss Exchange is well known for its biotech and life sciences market.

As of January 2024, there were 259 companies listed on the SIX Swiss Exchange. Of these, 217 were domestic issuers and 42 were foreign issuers.

The relevant regulatory bodies for a listing on the SIX Swiss Exchange are SIX Exchange Regulation as the licensed Swiss review body (or any other Swiss review body licensed to approve prospectuses) and the Regulatory Board, which resolves upon the approval of the listing application. No additional approval from the Swiss Financial Market Supervisory Authority FINMA is required.