The Swiss stock exchange, hoping still to the last on an extension of the exchange of equivalence by the EU. "A decision could fall before Christmas," said CEO Jos Dijsselhof in an Interview with news Agency AWP. Because: In the past year, the Equivalence is only at the 21. December for a one-year limited extended.
Switzerland and The EU are negotiating for almost five years on an institutional framework agreement. In order to exert pressure, threatening the EU, the local stock exchange regulation is not equivalent to acknowledge and to give the so-called exchange equivalence. Traders from the EU would then be the shares trade on the Swiss stock exchange prohibited.
to prevent this, the Federal Council at the beginning of 2019, a new recognition of duty for foreign trading venues. Thus, the government prohibits the trading of Swiss stocks in the EU.
Because if Swiss shares are not traded systematically and regularly in the EU, they do not fall under the EU regulation and there is no need to so-called recognition of Equivalence. So EU traders can trade as usual in Switzerland.
Swiss stock exchange behind Federal Council
"We, the measures of the Federal Council's support. Thus, Switzerland has also, in the future, a functioning financial market," said Dijsselhof.
Without the protective measures of the Federal Council, many of the EU would be investors such as pension funds or insurance companies in difficulties, because they were very heavily invested in Swiss stocks, said Dijsselhof.
shift Back to the Swiss stock exchange
About 70 percent of the trading in Swiss shares on the Swiss stock exchange and 30 per cent in the EU. In the result, would shift 30 percent from the EU, Switzerland, and the market share of the SIX could even rise. "Nevertheless, the extension of the exchange of equivalence for us, remains a top priority."
He was surprised that the EU Commission has used the exchange equivalence as a threat to force progress in the framework agreement. "But: The stock exchange of equivalence was linked to progress in the ongoing negotiations. And there was progress."
in Addition, it would be for the EU Commission to be a big risk, not to extend the Equivalence, the opinion of the stock exchange heads. That would contradict the plan to create an open and transparent market in Europe.
No break from the new year,
feared, If the EU decides to grant Equivalence in fact, that would be something Unprecedented. "Therefore, there is a bit of uncertainty remains, what on 1. January would happen," said Dijsselhof.
traders may want to wait and first of all, less Swiss equity act. A slump in trading of the Swiss shares from the new year, it is considered unlikely, especially with a view to the title of the big corporations.
That the EU would not act in a dealer in Switzerland because they believe that they could possibly against EU-closing law violated, despite the measures taken by the Federal Council, he. "I think the market understands the Situation very well now."
that is Why alternative trading venues in Europe would be where a Swiss stock traded in, now raise their voice: "you understand that you can offer without the exchange of equivalence for Switzerland, no Swiss shares."
London stock exchange, back-up
on Monday, the head of the London stock exchange, Aquis, Alasdair Haynes took a party to Switzerland. "We are lobbying very aggressively for a grant of Equivalence," he explained in an interview with the Reuters news Agency. "It is incredibly disappointing to see that politics plays a role here."
The trading in Swiss blue chips such as Nestlé, Novartis and UBS, which takes place in Switzerland, running on other platforms, such as Aquis, CBOE Europe or the London stock exchange owned Turquoise. On Aquis around five percent of the business with Swiss equity are eliminated.
Just like the SIX-in-chief also CBOE Europe, about 20 per cent of the Swiss shares are traded, an agreement between the EU and Switzerland. "I'm prepared for the fact that we act in the first three months of next year, no Swiss shares," said CEO Mark Hemsley to Reuters. "But as things look now, leave all to the last Minute all sorts of doors." (hvw/sda)
Created: 07.12.2018, 11:09 PM