The Swiss Stock Exchange (SIX) and the operator of Nasdaq´s Nordic exchanges announced their partnership aiming to expand the current European microwave network and to support equal access to market data transmission technology for the benefit of all market participants.
SIX and Nasdaq are going to establish a jointly owned company. RF Nordic Express AB will operate microwave routes for the transmission of market data from Stockholm to London. SIX has a majority stake in the operator of its microwave network, 12H AG, acquired earlier this year allowing the exchange to provide trading participants low-latency market data transmission from Zurich to London, Frankfurt and Milan as well as from Milan to Frankfurt and London. The amount of the investment is not disclosed.
Thomas Zeeb, Head Securities & Exchanges and Member of the Executive Board, SIX, said:
The new joint-venture marks the extension of this long-standing and successful partnership and is a testament to the innovative nature of the Swiss Stock Exchange. It leverages the benefits of microwave technology across Europe to ensure fair and more efficient trading and highlights how the Swiss Stock Exchange deploys breakthrough technology for all market participants.
Henrik Husman, Vice President European Equities at Nasdaq, stated:
Technology and innovation are driving forces behind making markets more efficient and we are happy to partner with SIX in bringing faster and more secure transactions to our customers.
Reinier Fliehe Boeschoten, Member of the Board of 12H AG, commented:
With this new investment by SIX in 12H AG we will be able to continue upgrading our current services and keep providing innovative new products to our customers. 12H AG is proud to be a part of SIX and is looking forward to working together with Nasdaq in creating a service between London and Stockholm.
Microwave technology allows for fast transmission of market data between trading centers with signals travelling at the speed of light. With this technology, trading participants at SIX an identify price movements and implement investment decisions as quickly as possible and thus manage risk more efficiently. Liquidity ais also improved and spreads are tightened which improves the execution for everybody trading securities on SIX. The microwave network will be accessible for all trading participants at regulatory or technical levels.
Nasdaq and the SIX have been partners since 2005 and leverage Nasdaq’s trading technology for all markets such as equities, ETFs, structured products, funds and fixed income and Nasdaq Market Surveillance and Nasdaq Pre-Trade Risk Management.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.