SIX Swiss Exchange
Switzerland’s principal exchange, notable for hosting a small number of exceptionally large multinational companies in pharmaceuticals, food and financial services. Its market capitalisation is large relative to the size of the Swiss economy because those companies earn almost all of their revenue abroad.
- Location
- Zurich, Switzerland
- Trading currency
- Swiss franc (CHF)
- Trading hours
- 09:00 to 17:20 CET, Monday to Friday
- Trading days
- Monday to Friday, excluding SIX holidays
- Time zone
- Central European Time (UTC+1, UTC+2 in summer)
- Market capitalisation
- Approximately USD 2.0 trillion (2025)
- Listed companies
- Approximately 250 (2025)
- Settlement
- T+2 through SIX SIS, the Swiss central securities depository.
Top performing companies today
Ranked by the current session’s percentage move, strongest first, from the companies this platform covers on this venue.
Retrieving current-day prices for the companies covered on this venue…
What trades here
Major indices
- SMI (Swiss Market Index)
- SPI (Swiss Performance Index)
Major listed companies
- Nestlé
- Roche
- Novartis
- UBS
- Zurich Insurance
- ABB
Major sectors
- Pharmaceuticals and healthcare
- Consumer staples
- Financials and insurance
- Industrials
How the market works
Market structure
A fully electronic central limit order book, with the main standards being International Reporting, Swiss Reporting and the Sparks segment for small and mid-caps. SIX also owns the post-trade infrastructure, so trading, clearing and settlement sit in one group.
Trading mechanisms
A pre-opening from 06:00, opening auction at 09:00, continuous trading to 17:20 and a closing auction, followed by a short trading-at-last window. Stop-trading interruptions apply when a price leaves its corridor.
Listing requirements
A main listing requires three years of audited accounts under IFRS or US GAAP (or Swiss GAAP FER on the Swiss Reporting Standard), equity of at least CHF 2.5 million, a free float of at least 20% and a capitalisation of the free float above CHF 25 million.
Settlement
T+2 through SIX SIS, the Swiss central securities depository.
Regulatory authority
Swiss Financial Market Supervisory Authority (FINMA). SIX Exchange Regulation acts as the self-regulatory body for listing and disclosure.
How to invest in this market
What it takes to open an account and deal on SIX, separated by where you live — the two answers are rarely the same, and on some markets they are not even the same process.
Domestic investors
Residents of Switzerland
Swiss residents use a bank or online broker. The distinctive features are stamp duty on turnover and a high dividend withholding rate that residents reclaim through their tax return.
- A securities account with a FINMA-supervised bank or securities firm.
- Identity verification and an AHV number for tax reporting.
- Swiss federal stamp duty of 0.075% applies to each side of a transaction in Swiss securities.
- Tax: 35% withholding on Swiss dividends, fully creditable or refundable for Swiss residents through the annual tax return. Private capital gains are generally tax-free for individuals; wealth tax applies to the holding.
Foreign investors
Open to foreign investors
Open, but the 35% dividend withholding is the highest in the developed world and the reclaim is the defining practical issue for a foreign holder of Swiss shares.
- A broker with SIX access.
- Passport and proof of address; a certificate of tax residence for the reclaim.
- Tax: 35% is withheld on Swiss dividends. Treaty rates are typically 15%, and the excess is reclaimed from the Swiss Federal Tax Administration using Form ns. of your country — the claim must be filed within three years.
- Swiss stamp duty applies to transactions executed through a Swiss securities dealer.
- Switzerland does not tax non-residents on capital gains from listed shares.
Foreign ownership limits
No general limit on listed shares, though a few issuers apply registration or voting-rights restrictions in their own articles.
Currency considerations
Quoted in Swiss francs. The franc's safe-haven behaviour means currency and equity returns often move in opposite directions in a crisis, which is part of the case for holding Swiss shares.
Regulated routes to an account
Licensed intermediaries and official exchange platforms, listed to show the regulated routes into this market. This is not a recommendation and not an exhaustive list — check any firm against the regulator’s register before opening an account.
Verify before you act
Why this market matters
Why investors follow it
It offers concentrated access to defensive, cash-generative global businesses, which is why Swiss equities are often held as a lower-volatility allocation. The Swiss franc’s safe-haven status adds a currency dimension that can offset equity losses in stressed markets.
Interesting facts
- Three companies — Nestlé, Roche and Novartis — have at times accounted for close to half the SMI’s weight.
- The SMI is capped, limiting any single constituent to 18 per cent, precisely because of that concentration.
- It was among the first exchanges in the world to become fully electronic, completing the transition in 1996.
Official sources