Börse Zürich

Auszug aus den Börsenusancen

Bitte beachten Sie, dass die angeführten Börsenusancen nur einen Auszug darstellen und sich ändern können. Die vollständigen Börsenusancen liegen direkt bei der Börse auf. Jegliche Haftung unsererseits im Zusammenhang mit den angeführten Börsenusancen ist ausgeschlossen.
 

Allgemeine Informationen
Börsenname The Swiss Exchange (SWX)
Börsensitzung 9:00 Uhr bis 17:30 Uhr Ortszeit
Versammlungsart Elektronische Börse
Börsenart geregelte Finanzbörse
Kursnotiz Stück- und Prozentnotiz
Börsenwährung CHF
Limitarten Betrag
Bestens (nur bei Aktien-Aufträgen)
Mögliche Limitzusätze Stop Limit
Mögliche Gültigkeiten bis max. 90 Tage
Valuta Schlusstag + 2 Werktage

Börsenfeiertage

An folgenden Tagen findet kein Börsenhandel statt. Bitte beachten Sie, dass sich manche Feiertage vom Datum her verschieben können.
 

Datum Feiertag
1. Jänner New Year's Day
2. Jänner New Year's Day
30. März Daylight Savings Begins
18. April Good Friday
21. April Easter Monday
1. Mai Labour Day
29. Mai Ascension
9. Juni Whit Monday
1. August National Day
26. Oktober Daylight Savings Ends
24. Dezember Christmas Eve - Early Close
25. Dezember Christmas Day
26. Dezember Boxing Day

Bitte beachten Sie auch die Orderrichtlinien!

MARKET:
The Swiss Exchange (SWX)
Selnaustrasse 32
Postfach
CH-8021 Zurich, Switzerland
Telephone: 41 01 229 22 11
Fax: 41 01 229 22 33

HOURS:
Pre-opening for current day 6:00am to 10:00am.
Pre-opening for next day 4:30pm to 10:00pm.
Bonds trade 9:30am - 5:00pm
Equities trade 9:00am - 5:00pm Monday to Friday.
Investment funds & warrants trade 9:15am -5:00pm.

TRADING SYSTEM:
Trades are done using the Electronic Bourse Schweiz (EBS), also commonly referred to as the SWX electronic trading system. Trading in foreign equities and derivatives marked the start of operations on Dec 8, 1995. August 2, 1996 saw the successful launch of electronic trading in Swiss equities and derivatives, followed by bonds on Aug 16, 1996. The implementation of the EBS ended the Open outcry system and the trading floors of the stock exchanges of Basel, Geneva, and Zurich were closed. EBS was the world's first fully integrated stock market trading system covering the entire spectrum from trade order through to settlement. One computer system processes the orders, matches them and fixes prices, distributes the information, and automatically links trading to settlement. Trading, information, and settlement are so smoothly interlinked that the tedious and error-prone multiple entry of data can be avoided. This trading system also supports all OTC trading (off-exchange trades) which can be done around the clock for all securities listed on the exchange. During normal trading hours, only those transactions worth more than 100,000 france can be done off the exchange. The trading day on the Swiss Exchange is divided into 3 period: pre-opening, opening, and regular trading. During pre-opening orders can be entered or deleted. No actual trades are made. For trader's information, a theoretical opening price is continually calculated and displayed. For the opening phase, the system closes the order book and starts the opening procedures. It establishes the opening price and determines the orders to be executed according to the matching rules. During regular trading, new orders are continually matched to existing ones in the order book. The matching rules apply here too. Matching stops at the end of regular trading but the Exchange remains open and traders can enter new orders for the next business day.
Trading in Round lots can be done accordingly:

SETTLEMENT & TRANSFER:
Delivery and payment of all Exchange transactions takes place 3 days after closing (T+3), except for SMI Futures (T+1). Buyer and seller are obliged to settle all completed Exchange business on the value date set by the Exchange. The buyer pays the agreed price and the seller in return delivers the corresponding securities. The Swiss Securities Clearing Corporation (SEGA) operates the electronic SEGA communications systems (SECOM). This is a complex EDP system which ensures Switzerland a place among the world's best in clearing and settlement technology. Intersettle, the Swiss banks' international settlement organization, started operations in 1994.
The addresses of the clearing and depository organizations are:

SEGA Schweizerische Effekten-Giro AG
Swiss Securities Clearing Corporation
Brandschenkestrasse 47
CH-8002 Zurich
phone: 41 1 288 45 11
fax: 41 1 288 45 16

INTERSETTLE:
Swiss Corp for International
Securities Settlements
Thurgauerstrasse 54
CH-8050 Zurich
phone: 41 1 308 71 11
fax: 41 1 308 72 22

TYPES OF SECURITIES:
The types of securities traded on the Swiss Exchange are: bearer shares, registered shares, participation certificates, foreign shares. bonds, warrants, dividend-right certificates (Genusschein), Swiss certificates, straight bonds, federal bonds, and investment trusts. Most swiss shares are in bearer form. Many Swiss companies have issued both bearer and registered. Registered shares are shares that are made out in the name of the owner who is entered in the register of shareholders of the company concerned. Participation certificates are non-voting stock.

LISTING REQUIREMENTS:
Issuers wishing to have their securities listed are obliged to publish a prospectus disclosing the date of incorporation, name and registered domicile of the firm, composition of share capital, list of board of directors, the most recent financial accounts and details of dividends paid over the past 5 years.

REPORTING REQUIREMENTS:
Listed companies must publish annual reports and issuers of equities must also publish an interim report. The annual accounts of the issuer must present a true and fair view of the assets and liabilities, the financial position and the earnings, in conformity with the accounting principles specified in the listing rules. In addition, an obligation to disclose price-sensitive facts has been introduced.

COMMISSION ON SECURITY SALES:
Fixed transaction costs were abolished at the end of 1990. Since 1991 commissions collected by brokers as the result of the sale of shares have been a matter of negotiation between broker and client.

TAX IMPLICATIONS:
Dividends and interest are subject to a 35% withholding tax. These rates for foreigners may be reduced by double-taxation treaties. Capital gains earned by non-residents are not taxed.

IMPLICATIONS FOR FOREIGN INVESTORS:
Foreign investors are free to trade in Swiss securities. No exchange controls exist and the Swiss Franc is freely convertible into any other currency. Foreign investors may repatriate their funds deposited in Switzerland. The Federal Act on Investments in Swiss Real Estate by Foreiners limits foreign investment in Swiss real estate to investment for business use only.

INDICES:
The main indices for the Swiss market are the Swiss Market Index (SMI) and the Swiss Performance Index (SPI). The SMI index was introduced on June 30, 1988. It is comprised of the most important and liquid securities traded on the Exchange. The SPI Index was introduced in 1995. All securities quoted on the Exchange are included in the SPI Index.

GENERAL INFORMATION:
The Swiss Exchange was founded in 1938. There were 7 members at that time: Basel, Berne, Geneva, Lausanne, Neuchatel, St Gallen, and Zurich. This structure remained unchanged until 1988 when 3 exchnages closed. The main markets were then Basel, Geneva, Zurich, and Berne. These exchanges continued to operate and conduct floor trading of securities until the introduction of the electronic trading system in August, 1996.