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.
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.
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:
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
For investors, CONNEXOR® Terms is available through SIX Financial Information. For more information, please contact SIX Financial Information
A test account for the demo environment can be provided at any time. For further information, please contact
the CONNEXOR Service Desk.
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.).
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.
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.
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:
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 .
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.
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.
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.
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.
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).
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.
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.
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.
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).
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
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
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.
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.
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.
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.
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.
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 .
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.