Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading

¹The trad­ing ven­ue shall pub­lish the bid and of­fer prices for shares and oth­er se­cur­it­ies in real time, as well as the sizes of the trad­ing po­s­i­tions at these prices (pre-trad­ing trans­par­ency).

²Moreover, it shall im­me­di­ately pub­lish in­form­a­tion on the trans­ac­tions car­ried out on the trad­ing ven­ue and on the trans­ac­tions con­duc­ted out­side of the trad­ing ven­ue re­por­ted to it for all se­cur­it­ies ad­mit­ted to trad­ing (post-trad­ing trans­par­ency). In par­tic­u­lar, the price, volume and time of the trans­ac­tions must be pub­lished.

³Tak­ing ac­count of re­cog­nised in­ter­na­tion­al stand­ards and leg­al de­vel­op­ments abroad, the Fed­er­al Coun­cil shall de­term­ine:

a.

the oth­er se­cur­it­ies sub­ject to pre-trade trans­par­ency;

b.

ex­cep­tions with re­gard to pre- and post-trade trans­par­ency, par­tic­u­larly in re­la­tion to se­cur­it­ies trans­ac­tions in­volving large volumes or that are ex­ecuted by the SNB.