KontaktKontaktDeutsch
  • Home
  • News
  • Marktdaten
  • Teilnehmer
  • Emittenten
  • Investoren
  • Profil
 
 
 

Frequently Asked Questions

FAQ ist nur in Englisch verfügbar.

General

Data Integrity and Maintenance

Scope of Service Offering (CONNEXOR® Distribution / CONNEXOR® Listing)

Updating Product Data / Reporting an Event

Data Model and IBT Specification (TUFS, TEFS) - CONNEXOR® Distribution / CONNEXOR® Terms for Issuers

Technical Connectivity / Upload Procedures

Validation and Upload Options

 

FAQ Answers "General"

What are the CONNEXOR services that run on IBT?

For issuers, this is CONNEXOR® Distribution, the service for straight through processing of term sheet and reference data (collectively referred to as product data), and CONNEXOR® Listing, the service for online submission of listing requests for provisional admission to trading of financial products. Implemented in stages, IBT currently covers structured products and warrants.

In addition, IBT is also the source of product data for data vendors and investors who subscribe to CONNEXOR® Terms.

The first CONNEXOR application that was launched is IBL. IBT has replaced IBL as the interface for online submission of listing requests as of 1 May, 2010 for leveraged products and as of 1 July, 2010 for all other structured products, while processing of listing requests downstream involving SIX Exchange Regulation as well as online submission of listing requests for bonds are still handled by IBL.

top
 

IBT only covers structured products and warrants?

Yes. However, expansion of the data model to cover bonds and ETFs is planned.

top
 

What are the other CONNEXOR applications and how do they relate to IBT?

The other CONNEXOR applications are IBL (CONNEXOR® Listing), IBC (CONNEXOR® Reporting for Equities), IBN (CONNEXOR® Numbering), and IBE (CONNEXOR® Reporting for Structured Products).

IBT interacts with IBL to enable:

  • Processing of listing requests for structured products and warrants downstream (after submission of the listing request via IBT)

IBT interacts with IBE to enable:

  • Automatic product update in IBT when fulfilling certain reporting requirements via IBE, e.g. adjustment of the knock-out and strike level of an open end knock-out warrant
top
 

How does IBT work?

IBT provides an upload interface that allows issuers to upload their product term data (one data set per product) directly to the IBT server in an XML-based batch file. Script-based, automatic upload of batch files via an HTTP client (IBT bot) is also supported.

Details of the file format, the procedure for sending updates, automatic upload and security concept are provided in the Terms Upload File Specification (TUFS)[pdf].

Online forms (IBT Editor) for manual input of data sets by product category are also available.

For further details, please see Technical Connectivity / Upload Procedures below.

top
 

Who is using IBT today to distribute their products' term sheet and reference data?

As of 1 July 2010, all issuers active in the Swiss market are required to use IBT for their listed products. Some issuers are also using IBT for their non-listed products.

top
 

Where do I find out what kind of structured products and warrants (product types) can be processed via IBT?

A list of the available product types (IBTTypeCode) is available online at:
ibt.six-group.com/download/issuers/services/connexor/ibt/IBTTypeCode_SelectionGuide.xls

top
 

Is the list of available product types final?

No, additional product types can be added on request. For further information, please contact the CONNEXOR Service Desk on: +41 58 399 33 66 or at .

top
 

Which market participants are currently set up for IBT (with straight through processing enabled)?

Data Distributor:

  • SIX Exfeed (www.exfeed.com), including SIX Exfeed data vendors and subvendors

Data Vendors:

Exchanges / Markets:

  • SIX Swiss Exchange
  • SIX Structured Products Exchange Ltd

Clearing & Settlement / CSDs:

  • SIX Structured Products Exchange Ltd

Services:

  • COSI
top
 

How does one get set up for IBT (CONNEXOR® Distribution, CONNEXOR® Listing or CONNEXOR® Terms)?

For CONNEXOR® Distribution, issuers enter into a Usage Agreement with SIX Exfeed and issue a Power of Attorney for creation of a user group. The issuer then designates a user administrator, who self-registers to activate the first user account. The user account enables automatic upload and distribution of product data. Issuers who also want to be able to submit listing requests enter into a separate Usage Agreement with SIX Swiss Exchange for CONNEXOR® Listing (includes CONNEXOR® Distribution). The usage agreements and provisions are available for download at:
ibt.six-group.com/issuers/services/connexor/ibt2/conditions_en.html

For issuers (export of own product data uploaded to IBT), CONNEXOR® Terms is available through the CONNEXOR Service Desk. For more information, please contact the CONNEXOR Service Desk on: +41 (0) 58 399 3366 or at
.

For data vendors, CONNEXOR® Terms is available through SIX Exfeed. For more information, please contact SIX Exfeed at .

For investors, CONNEXOR® Terms is available through SIX Financial Information. For more information, please contact SIX Financial Information at .

A test account for the demo environment can be provided at any time. For further information, please contact the CONNEXOR Service Desk.

top
 

Is there a separate user account for each service provided via IBT?

No, rather, subscribers to all three services will require two user groups - one for CONNEXOR® Distribution / CONNEXOR® Listing and one for CONNEXOR® Terms.

For details of how to set up a user group, see the previous FAQ.

top
 

What if we have more than one CONNEXOR® Distribution/CONNEXOR® Listing or CONNEXOR® Terms user who needs to access IBT and for different purposes?

The initial IBT user account comes with user administration rights (level 4). This means that the user you designate as user administrator can create additional user accounts for other users at your institution and assign the appropriate user rights (e.g. read only, or write and delete, etc.).

To do this, the prospective new user submits a request online for creation of a new user account at:
ibt.six-group.com/issuers/services/connexor/ibt2/new-user_en.html

The request is then forwarded to your user administrator for further processing.

top
 

How does one get access to the IBT Editor?

First, you need a user group for CONNEXOR® Distribution/CONNEXOR® Listing (see FAQ 9 and 10).

Second, you register for the IBT Editor at:
https://deribase.derivasoft.ch/webgui/connexor.html (see also next FAQ)

Third, you reply to the automatic e-mail that is generated requesting confirmation that you wish to register for the IBT Editor.

Fourth, your group administrator receives an e-mail with your request and assigns you the access rights for the IBT Editor.

top
 

How does one register for the IBT Editor?

First, go to the IBT Editor at: https://deribase.derivasoft.ch/webgui/connexor.html

Second, click the Registration button.

Third, provide the details required. For Email, enter the same e-mail address you use to log in to IBT. For Organization, enter your company name. For User Group, select the appropriate user group from the drop-down menu.

Fourth, click the Register button.

For further steps, please see the previous FAQ.

top
 

How does one get set up for IBE (CONNEXOR® Reporting for Structured Products)?

You can use the same user account that was set up for CONNEXOR® Distribution/CONNEXOR® Listing.

For the initial setup, please contact the CONNEXOR Service Desk on: +41 (0) 58 399 3366 or at .

Once your user group is set up, contact your group administrator to have the IBE access rights assigned to your user account.

top
 

Where can I find the General Terms and Conditions?

For CONNEXOR® Distribution, the General Terms and Conditions are the «Provisions CONNEXOR® Distribution» available for download at:
ibt.six-group.com/issuers/services/connexor/ibt2/conditions_en.html

For CONNEXOR® Listing, the General Terms and Conditions are the «Provisions CONNEXOR® Listing» also available for download at:
ibt.six-group.com/issuers/services/connexor/ibt2/conditions_en.html

top
 

FAQ Answers "Data Integrity and Maintenance"

Is data integrity ensured?

The issuer has full control with respect to distributed data content.

top
 

Who controls the dissemination of data submitted via IBT?

Except for listed products, the direct dissemination of data submitted via IBT is wholly controlled by the issuer at all times.

Thus, data submitted via IBT is treated the same as today, whereby data is disseminated at the issuer's discretion as when distributed non-electronically on paper.

Restrictions only apply with regard to data submitted for listed products, as listed products are publically traded, and relevant product information (product terms and related events) must therefore be made available to the public. For this reason, issuers cannot impose any restrictions on the dissemination of data for listed products.

top
 

What about keeping product data up-to-date? Are issuers required to maintain their data via IBT, e.g. to fulfil their reporting obligations (where possible)?

For the time being, issuers will not be required to maintain their data for listed products via IBT. SIX Swiss Exchange can update product data uploaded to IBT on behalf of the issuer. However, the goal is straight through processing of all reference data over the entire life cycle.

For certain reporting obligations that can be fulfilled via IBE, the related IBT product data is automatically updated on fulfilling the reporting obligation via IBE. For more information, please see the «IBE Factsheet Events» at:

https://ibt.six-group.com/issuers/services/connexor/ibe_en.html

top
 

FAQ Answers "Scope of Service Offering (CONNEXOR® Distribution / CONNEXOR® Listing)"

Is it possible to distribute data for products listed/traded at other exchanges?

Yes, it makes no difference where a product is listed/traded. Product data can be distributed to any market participant set up for IBT (see this FAQ for an overview).

top
 

Is it possible to submit products to IBT to be listed/traded at other exchanges?

We are currently looking into the possibility of expanding IBT functionality to enable distribution of data for products to be listed/traded at other exchanges.

top
 

Does IBT automatically generate and assign the ISIN and Swiss valor number (SSN)?

No. This service is provided by CONNEXOR® Numbering (IBN), an automated online service for the ISIN and Swiss valor number, through SIX Financial Information, and is offered in parallel to the existing procedures for ISIN and SSN assignment.

For more information, please contact SIX Financial Information directly at .

top
 

What about the SIX Structured Products trading symbol? Is automatic generation via IBT possible?

An automated service may be offered in the future. For the time being, the current reservation procedure at SIX Financial Information remains in place.

top
 

Is it possible to extract own product data uploaded to IBT? If yes, how much does it cost?

Yes, the interface specification for extraction of data sets uploaded to IBT is the «Terms Export File Specification» (TEFS). For related FAQs, please see Data Model and IBT Specification below.

Issuer own data is provided free of charge.

top
 

What about accessing data for listed products from other issuers?

This is possible through CONNEXOR® Terms for investors. Issuers can obtain the raw product data in the TEFS XML format. For more information, please contact SIX Exfeed at .

top
 

Is it possible to delist a product via IBT? If so, how?

Except for an ordinary delisting due to a product event (early redemption), which is triggered automatically once the issuer has reported the event, or due to maturity of the product, automatic delisting via IBT is currently not available.

top
 

Does IBT offer a service for tax purposes?

No, for the time being, all existing procedures for tax purposes remain in place. The SFTA (Swiss Federal Tax Administration) has, however, expressed interest in the possibility of optimising tax processes via IBT (e.g. with respect to bond floor pricing or the Swiss stamp tax). The SFTA is regularly informed on IBT developments.

top
 

FAQ Answers "Updating Product Data / Reporting an Event"

How is product data updated, e.g. if the coupon rate of a product changes? If the update is subject to the exchange's reporting obligations, does the change have to be reported before the product data can be updated?

Product data is updated by uploading an updated copy of the product data set to IBT that indicates the reason for the update via the EventTypeCode attribute.

If an event is subject to the exchange's reporting obligations and the respective event type is supported by IBE, issuers can use IBE to both fulfil their reporting obligation and update their IBT product data in one step.

To do this, issuers report the event first via IBE. IBE then forwards the information as appropriate to automatically trigger the creation of an Official Notice and distribution of an IBT product update downstream.

In all other cases, issuers need to report the event with an Official Notice submitted by e-mail, as today. Issuers can do this either before or after submitting a product update to IBT.

For more information about IBE, please contact the CONNXOR Service Desk on +41 (0) 58 399 3366 or at . Information is also available at:
ibt.six-group.com/issuers/services/connexor/ibe_en.html

top
 

What about the current procedures for fulfilment of reporting obligations? Will they be discontinued?

With regard to the reporting obligations covered by Circular 1, Annex 3 «Derivatives», discontinuation of the current reporting procedures (submission of Official Notices by e-mail) is currently not planned.

With regard to the reporting obligations covered by Circular 1, Annex 1 «Equities», issuers can already use IBC (CONNEXOR® Reporting for Equities) today to fulfil all of these reporting obligations. The previous reporting channels (Official Notice submitted by e-mail, fax, or online form) were discontinued as of April 1, 2013.

For information about IBC, please contact SIX Exchange Regulation on +41 (0) 58 399 3366 or at . Information is also available at:
www.six-exchange-regulation.com/obligations/issuer_reporting/regular_reporting_en.html.

top
 

Will issuers be able to fulfil all SIX Swiss Exchange reporting requirements via IBT?

No, only if the event involves an update of the product terms via IBT (i.e. product-specific update of the terms and conditions, e.g. due to a corporate action of one or more underlyings or for correction of an error) and only for events that are covered by IBE.

Other product events, such as barrier hits, can be reported via IBE (see this FAQ).

top
 

How are events reported that do not involve a change of the product terms, e.g. barrier hits or change of the issuer's address?

In this case, if the event is covered by IBE, issuers can report the event via IBE. To find out how to be set up for IBE, please see this FAQ.

For an overview of all event types by reporting obligation (Circular No.1, Annex 3) covered by IBE, please see the «IBE Factsheet Events» available for download at:
ibt.six-group.com/issuers/services/connexor/ibe_en.html

If the event is not covered by IBE, the current procedures apply (see this FAQ).

top
 

Will IBT automatically distribute all information related to product events, including e.g. when a product has reached maturity?

No, IBT only distributes information when it involves a product terms update (i.e. an update of the product data has been submitted).

top
 

How can I upload a product update (EventType ≠ 1) for a product with a pending listing request?

In order to be able to upload an update for a product with a pending listing request, SIX Exchange Regulation needs to first reject the listing request. To this effect, please contact the CONNEXOR Service Desk on +41 (0) 58 399 3366 or at .

The product update (with SWXFlag set to «True» to start over the listing process) can then be submitted as soon as you have received confirmation from SER about the listing request rejection.

top
 

If I upload a product update can I make changes restricting distribution of the update, e.g. change SISFlag from «True» to «False»?

No, product updates must always be addressed to the same recipients as the original, except for SWXFlag, which cannot be set to «True» for product updates, unless the listing request submitted with the initial upload was rejected.

top
 

Why can SWXFlag not be set to «True» for product updates (unless the original listing request was rejected)?

Because this would trigger a second listing request for the same product.

top
 

FAQ Answers "Data Model and IBT Specification (TUFS, TEFS) - CONNEXOR® Distribution / CONNEXOR® Terms for Issuers"

Where can I find the IBT upload specification (TUFS)?

All specifications and supporting artefacts can be found at:
ibt.six-group.com/issuers/services/connexor/ibt2/doc/white_book_en.html

top
 

Is the IBT upload specification (TUFS) available in a machine-readable format?

Both the TUFS attribute and domain specification (data model) and the PCS (validation rules) are available online or in PDF format. The online tool offers full search capability and easy visualization.

In addition, the TUFS attribute and domain specification is also available in Excel (XLS) format.

The XML schemas are available as a RNG, RNC or XSD file.

top
 

Where can I find the IBT export specification (TEFS)?

The IBT export specification (TEFS) is available on request from the CONNEXOR Service Desk at .

top
 

How does export of uploaded product data via TEFS work (CONNEXOR® Terms for issuers)?

The data sets contained in the batch files uploaded to IBT are stored individually on the IBT server. To extract the contents, the issuer establishes an HTTP connection to the IBT server, just as for the batch file upload. The contents are then exported in an XML file. For each new export request, the issuer specifies the number of the last data set exported (IBTSequenceNumber).

To login to IBT, issuers require a separate user group in addition to the user group for CONNEXOR® Distribution / CONNEXOR® Listing (see FAQ: How does one get set up for IBT and Is there a separate user account for each service provided via IBT?).

top
 

Are there any other custom formats available for export of product data?

Product data can also be obtained in the CSV format, directly from the Swiss Market Feed (SMF), or in a custom format on issuer request.

For details, please contact SIX Exfeed at .

top
 

How was the IBT data model designed?

The IBT data model employs a cash-flow approach common to all fixed income, currency, commodity and equity-related products.

top
 

What does the IBT data model look like? Does it cover potentially sensitive information?

The required financial information depends on the product category (IBTTypeCode). The IBT product categorisation reflects the financial structure and resulting cash flow profile of products. The data model only extends to structural financial information insofar as it is required for identification of related strike/barrier components, covering the same information as is required for publicly available product information sheets (term sheets).

Aside from financial information, the data model also covers service-related information, e.g. as required by SIX Swiss Exchange for (provisional) listing of products or by SIX Securities Services for provision of custodial services, and information for distribution to other market participants (as requested by the issuer), which is not made publicly available.

top
 

How does the IBT product categorisation relate to the SSPA categorisation of structured products?

The IBT product categorisation (IBTTypeCode) serves to uniquely identify a product structure and is not intended to replace or affect the current categorisation of the SSPA, which is oriented more towards retail investors than issuers.

top
 

How is the dissemination of data via IBT controlled, e.g. for private placements and OTC products?

Issuers will be able to specify selected recipients for distribution of the data. A rudimentary filtering mechanism is already in place today. The functionality will be expanded with a future TUFS release.

top
 

The IBT upload specification (TUFS) requires that some information be provided in a section designated specifically for use by SIX Swiss Exchange (SWXData), even if the data set is not intended for distribution to SIX Swiss Exchange (no listing request), but only for SIX Securities Services. Why is that?

If a product is flagged so as to trigger the application process for provisional admission to trading on SIX Structured Products (SWXFlag = «True»), the listing request is processed by IBL, and for this purpose, IBL requires the information as provided in the SWXData section. In addition, some of the data in the SWXData section (e.g. market maker ID) is also used by SWXess, the trading platform SIX Structured Products runs on.

Similarly, the SWXData section is also used by SIX Securities Services. Thus, if the data of a product is designated for distribution to SIX Securities Services only, the information in the SWXData section is still required, even if there is no listing request.

top
 

Some of the information provided in the SWXData section is also covered by other sections of the IBT specification and therefore redundant in the SWXData section and yet the SWXData section is required anyway. Why is that?

As a rule, we continuously strive to reduce the level of redundancy in the specification. However, please note that the information provided in the SWXData section will only be redundant in some cases, as the level of detail provided for in the SWXData section differs from that of other sections and exact replication of the information in the SWXData section elsewhere will therefore not always be possible. In these cases, it is up to the issuer to specify the information in the SWXData section as intended for publication by SIX Swiss Exchange.

At the same time, to reduce the effort for provision of redundant information, issuers also have the option to leave certain attributes in the SWXData section empty. In these cases a default value will be applied.

top
 

How are 1:n relationships mapped, e.g. to report two separate corporate actions for the same underlying (or two different underlyings) in the same update?

If all changes take place on the same date (EffectiveFromDate), then all changes can be made at the same time within the same data set update. Otherwise, a separate update of the data set must be sent for each change.

top
 

How are TUFS updates communicated?

The official channel for the announcement of a new CONNEXOR release are CONNEXOR Service Notices, which are distributed by e-mail.

The technical details of any changes to TUFS are then made available on the TUFS Changes Web page at:
ibt.six-group.com/issuers/services/connexor/ibt2/doc/tufs_changes_de.html

top
 

What does a CONNEXOR release entail and what does the release cycle look like?

In summary, an official CONNEXOR release is required as soon as there are any changes (enhancements or bug fixes) to the following documents and artefacts:

TUFS

  • TUFS 2.0 Batch Upload File Specification
  • TUFS 2.0 Attribute and Domain Specification
  • TUFS 2.0 Product Construction Standard and Validation (PCS)
  • TUFS 2.0 XML Upload Schema
  • TUFS 2.0 XML Response Schema

TEFS

  • TEFS 2.0 Batch Upload File Specification
  • TEFS 2.0 Attribute and Domain Specification
  • TEFS 2.0 XML Upload Schema
  • TEFS 2.0 XML Response Schema

EUFS

  • Event Upload File Specification (EUFS)
  • EUFS XML Upload Schema
  • EUFS XML Response Schema

Unless otherwise noted, technical details will be made available on the respective Web page for specification changes at:
TUFS: ibt.six-group.com/issuers/services/connexor/ibt2/doc/tufs_changes_en.html
TEFS: ibt.six-group.com/issuers/services/connexor/ibt2/doc/tefs_changes_en.html
EUFS: ibt.six-group.com/issuers/services/connexor/ibe/eufs-changes_en.html

Changes concerning any other IBT or IBE artefact or tool (e.g. IBT Editor or IBE Editor) may form part of a CONNEXOR release or be released independently.

Currently, there is no fixed release cycle for CONNEXOR releases. Rather, improvements and enhancements are implemented continuously and released as needed. The notice period for CONNEXOR releases varies accordingly in relation to the estimated effort for implementation by issuers and consumers, generally from 3 to 6 months in duration.

top
 

FAQ Answers "Technical Connectivity / Upload Procedures"

Where can I find more information on the batch file upload process?

An overview is provided at:
ibt.six-group.com/issuers/services/connexor/ibt2/tech_en.html

For further details, please refer to section 2.2 of TUFS[pdf].

top
 

Is there an alternative to the batch file upload procedure?

Yes, it is also possible to enter product data manually on the Web by means of the IBT Editor. Data is entered into a form based on the selected IBTTypeCode. For more information, please contact the CONNEXOR Service Desk on +41 (0) 58 399 3366 or at .

top
 

Can you refer providers for issuers who want to outsource or need assistance with the development of an automated upload facility?

Yes, for an overview of recognised partners, please go to:
ibt.six-group.com/issuers/services/connexor/ibt2/partners_en.html

top
 

Are there any provisions for new users to test their IBT connection prior to going live (testing environment)?

Yes, aside from the production environment, where the live version (current release) runs, there are two additional environments for testing purposes:

Demo

The demo environment behaves like the production environment (same business logic and validation rules) and is where the current release can be tested.

Simulation

The simulation environment is where future releases of the upload schema and the PCS (validation rules) can be tested. The business logic is the same as in the production and demo environment.

Both environments can be accessed simply by creating a new user account for the environment (go to ibt.six-group.com/issuers/services/connexor/ibt2/new-user_en.html).

top
 

How many product data sets can be uploaded in one batch file?

To prevent the possibility of a server timeout, we recommend a maximum of 50 data sets (i.e. products) per batch file.

top
 

How is the transmission of data uploaded to IBT secured?

An overview is provided at:
ibt.six-group.com/issuers/services/connexor/ibt2/tech_en.html

For further details, please refer to section 3.5 of TUFS[pdf].

top
 

FAQ Answers "Validation and Upload Options"

How are uploaded files validated?

Both in case of the manual and the automatic (IBT bot) batch file upload, issuers have the following upload options:

  • Validate the file
  • Validate the file with immediate release for distribution, provided validation is successful

On upload, the issuer receives an HTTP response (in XML format in case of automatic upload), listing the validation errors (if any).

top
 

What are the different validation options for?

The first option (validation without release for distribution) is for testing purposes. This option can be applied to the same file repeatedly and the file will not be stored in the IBT database.

The second option serves to release (valid) files for distribution. On release, the files are stored in the IBT database («published»).

top
 

How do I choose an upload option when uploading a file manually?

First, login to IBT at:
ibt.six-group.com/issuers/services/connexor/ibt2/login_en.html

Second, click «IBT Batch Upload» in the navigation under «IBT Engine».

Third, click the appropriate button (hover with the mouse over the button to display a description of the upload option).

top
 

How do I choose an upload option when using the automatic upload mechanism?

As per the TUFS Batch Upload File Specification, section 3.4, CURL command

curl -x proxyhost:port -u 'username:password' -F UploadFile=@'filename' https://ibt.six-group.com/issuers/services/connexor/ibt2/batch-submit_en.xml

modify the CURL command as follows:

Upload OptionCURL Command
Validate without release for distribution.../batch-validate_en.xml
Validate with immediate release for distribution.../batch-submit_en.xml

top
 

How can I verify that the upload was successful?

Issuers can inspect successfully uploaded data sets online at:
ibt.six-group.com/issuers/services/connexor/ibt2/ibt2-dataset-overview_en.html

top
 

Is it possible to create draft files stored online by IBT?

Yes, you can use the IBT Editor to create draft data sets.

top
 

Where in TUFS can I find the validation rules?

The validation rules are stated in «TUFS 2.0 Product Construction Standards» (PCS). Each PCS consists of the validation rules that are specific to a given product type (IBTTypeCode). The PCS are available either in PDF format or online. The online tool offers full search capability and easy visualization.

top