Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading

(Art. 29 paras. 1 and 3 lit. b FMIA)

¹The trad­ing ven­ue shall pub­lish the in­form­a­tion com­mu­nic­ated via its trad­ing fa­cil­it­ies on pre-trade trans­par­ency for shares throughout nor­mal trad­ing hours.

²For each share, the five best bid and of­fer prices as well as the volume of or­ders are to be pub­lished.

³Para­graphs 1 and 2 also ap­ply for ac­tion­able in­dic­a­tions of in­terest.

⁴The trad­ing ven­ue may make pro­vi­sion for ex­cep­tions in its reg­u­la­tions for:

a.

ref­er­ence price sys­tems, as long as the ref­er­ence prices are widely pub­lished and viewed by par­ti­cipants as re­li­able;

b.

sys­tems that ex­ist only to form­al­ise trans­ac­tions already ne­go­ti­ated;

c.

or­ders held in an or­der man­age­ment fa­cil­ity of the trad­ing ven­ue pending dis­clos­ure;

d.

or­ders that are large in scale com­pared with nor­mal mar­ket size.