The exchange will be eliminating its 40 London positions, but Lee Hodgkinson, CEO of SWX, will stay on to oversee the transition.
In a letter to its members, the exchange said: “As part of a strategic analysis… SIX Group has decided that its securities trading will be consolidated in Zurich.” It added: “The SWX Swiss Exchange hopes that this consolidation will considerably simplify the regulatory and administrative area, which will be of direct benefit to issuers and trading participants.”
Europe’s equities exchanges have come under increasing pressure following the introduction of MiFID, the pan-European directive designed to increase competition across Europe. The news of SWX’s closure follows hot on the heels of NYSE Euronext’s early November announcement that it plans to cut its Europe-based workforce by 15% due to increase competitive pressure.
