SIX launches ETF Quote-on-Demand Europe

SIX Swiss Exchange has launched Quote-on-Demand Europe (QOD Europe), an extension of its ETF franchise and the first pan-European exchange-traded request-for-quote (RFQ) platform.

ETF QOD Europe enables clients to trade ETFs listed on major European exchanges, including the London Stock Exchange, Euronext Paris and Borsa Italiana, shared SIX.

Additionally, utilising ETF QOD Europe, trading participants can attain optimal execution across European ETFs, with more than 95% of transactions on QOD executed at the European Best Bid Offer (EBBO) or higher. This results in markedly enhanced liquidity and superior execution quality, according to SIX.

Utilising on-exchange straight-through-processing, including CCP clearing into European central securities depositories (CSDs), QOD Europe allows clients to leverage established CCPs for increased settlement efficiency, counterparty risk elimination and cost optimisation without additional third-party connections.

In collaboration with SIX x-clear, Cboe Clear Europe, and LCH, SIX ensures the clearing of all trades in ETF QOD Europe, including settlement instructions to local CSDs for each exchange listing and trading venue.

Christian Reuss, head of SIX Swiss Exchange, said: “The launch of ETF QOD Europe reaffirms our commitment to innovation, providing a unique, cross-market trading experience for our users.”

© 2023 funds europe

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