Switzerland's government regards the EU's attempts to force it into a new trade deal as bullying
, half-out relationship with the European Union has suited its traders and firms well. Shares of almost all the large Swiss companies that are traded onthrough alternative exchange platforms known as multilateral trading facilities . Traders based in theaccount for 60-80% of trading in Swiss shares by volume. Big Swiss firms like Nestlé, Novartis and Roche make up 20% of the market capitalisation of the Stoxx Europe 50 index. It is, to coin a phrase, a single market.
Incensed by what it regards as bullying, Switzerland’s government has prepared an emergency measure to come into force if theexchanges by making it a criminal offence.-based traders would then be unable to access the stocks outside Switzerland, overriding the bloc’s rules on preferentially trading within its borders.
But a breakdown in stockmarket equivalence could lead to conflict over other financial-market agreements, making it harder for Swiss banks and asset managers to find and serve clients in Europe. And in the longer term fewer companies might choose to list in Switzerland.’s boss. Executives and traders seem to be betting that the, preoccupied with Brexit, will want to avoid any extra disruption on stock exchanges and will extend equivalence for a fixed term, perhaps six months to a year.
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