IBT is the Internet-based application that CONNEXOR® Distribution runs on, the service for straight through
processing of term sheet and reference data (collectively referred to as product data).
IBT also provides the interface for online submission of listing requests for structured products and warrants
(CONNEXOR® Listing) and supplies the 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.
For current information about the current implementation status of CONNEXOR services, please go to the
CONNEXOR website or contact the CONNEXOR Service Desk on +41 (0) 58 399 3366 or at .
What are the other CONNEXOR applications and how do they relate to IBT?
The other CONNEXOR applications are IBL (CONNEXOR® Listing),
IBC (CONNEXOR® Reporting
and CONNEXOR® Events), and IBN (CONNEXOR® Numbering).
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 IBC to enable:
Fulfilment of product-related reporting requirements via product update, e.g. change of underlying
Please note that general issuer reporting requirements (i.e. not product-specific) are fulfilled via the
IBC interface, which is accessed separately (see also «Updating Product Data / Reporting an Event»
below).
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.
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.
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:
www.six-swiss-exchange.com/issuers/services/connexor/ibt/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 Telekurs. For more information, please contact SIX Telekurs
at .
A test account for the demo environment can be provided at any time. For further information, please contact
the CONNEXOR Service Desk.
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 Q&A.
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.).
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.
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 Q&A 8 for an overview).
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.
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 Telekurs, and is offered in parallel to the existing procedures for ISIN and SSN assignment.
For more information, please see the
CONNEXOR brochure[pdf] or contact
SIX Telekurs directly at .
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 Q&As, please see
Data Model and IBT Specification below.
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.
Currently, if an event is subject to the exchange's reporting obligations, issuers still need to report the event via
Official Notices (submitted by e-mail) in all cases, regardless of whether a product terms update is involved or not.
Once IBC is operational for all product-related events, IBT will be able to automatically trigger the reporting
process upon upload of a product data update by forwarding the information (as a delta) to IBC, the application
for dissemination of event reports to the market. IBC will then distribute the update to the market.
Thus, thereafter, issuers do not need to report an event separately, if the event requires an update of the
product terms.
What about the current procedures for fulfilment of reporting obligations? Will they be discontinued?
With a few exceptions, issuers can already use IBC today to fulfil reporting obligations covered by Circular 1,
Annex 1. Additional event types will become available in due course. Discontinuation of the current reporting
procedures via Official Notices (submitted by e-mail) is currently not planned.
For information about the current implementation status of IBC, please contact the CONNXOR Service Desk on
+41 (0) 58 399 3366 or at .
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 require submission of an Official Notice or form as indicated in Circular No. 1, Annex 3.
Other product events, such as barrier hits, can be reported via IBC (see next question).
How can I upload a product update (EventTypeCode ≠ 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.
But will changes to product terms that are subject to the reporting obligations still be forwarded to SIX Exchange
Regulation if SWXFlag is set to «False»?
Yes, as long as the proper EventTypeCode was selected. SWXFlag only serves to trigger the listing process. However,
since the IBT interface to IBC for automatic triggering of the reporting process is currently not yet operational
(see Q&A: How is product data updated...), issuers still need to report events via
Official Notices (submitted by e-mail) in all cases, regardless of whether a product terms update is involved or not.
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).
Is it possible to specify selected product term data sets for export from the export interface (TEFS)?
Yes, SIX Telekurs offers a mechanism for selective export. Data sets are exported one data set at a time. For
more information, please contact SIX Telekurs at
.
The IBT data model was developed in cooperation with UBS and employs a cash-flow approach common to all fixed
income, currency, commodity and equity-related products.
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 SIS for provision of custodial services,
and information for distribution to other market participants (as requested by the issuer), which is not made
publicly available.
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.
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 SIS. Why is that?
If a product is flagged so as to trigger the application process for provisional admission to trading on Scoach
(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 Scoach runs on.
Similarly, the SWXData section is also used by SIX SIS. Thus, if the data of a product is designated for distribution
to SIX SIS 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.
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?
There is no provision for 1:n relationships in the IBT specification. If the same EventTypeCode applies for all
updates (whether affecting the same or several different underlyings), all changes can be made at the same time.
However, all changes must take effect on the same date (EffectiveFromDate attribute).
If the EventTypeCode is not the same for all updates or the changes do not become effective on the same date,
separate updates of the data set must be sent for each change.
The official channel for the announcement of a new IBT release (generally on a monthly basis) or a new version of
TUFS are Service Notices, which are distributed by e-mail. The release notes for a new IBT release will be enclosed
with the Service Notice.
What is the difference between TUFS changes, a new TUFS version and an IBT release?
Interim TUFS changes cover ongoing changes and enhancements made to TUFS between official new TUFS releases. They
are also officially communicated with every new IBT release.
An IBT release covers changes, enhancements, bug fixes and clarifications concerning TUFS (first posted on the
Internet), the IBT Editor, the IBT Web GUI, or any other IBT component (e.g. the Bloomberg Converter).
A minor new TUFS version, e.g. from TUFS 1.00 to TUFS 1.01, covers changes made to TUFS as posted on the Internet
since the last TUFS release as well as any new enhancements to TUFS to be introduced with the new TUFS release.
A major new TUFS version, e.g. from TUFS 1.00 to TUFS 2.00, covers new functionalities/features not introduced
prior to the release of the new major TUFS version (in addition to any minor changes made to TUFS as posted on
the Internet).
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, see the
«CONNEXOR® Distribution Editor Quick Guide», available for download at:
www.six-swiss-exchange.com/issuers/services/connexor/ibt/login_en.html
The business logic and validation rules are the same in both environments and also the same as in production,
except for the validation of ISINs (rule that there may not be more than one data set per product ISIN or data
set update while the previous version is still being processed), which is deactivated in the simulation environment.
The first two options (validation with or without the financial part of semantic validation) are for testing
purposes*. These options can be applied to the same file repeatedly and the file will not be stored in the IBT database.
The draft upload option allows issuers to upload files with incomplete data sets for manual completion online via
the IBT Editor (files are retrieved from the «draft» section of the IBT database).
The fourth option serves to release (valid) files for distribution. On release, the files are stored in the
IBT database («published»).*
*Adherence to the financial semantic validation rules is not required for publication of files via
the batch file upload procedure.
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. «XSLT» refers to the financial part of the semantic validation and
«validate file format» to validation without the financial part of the semantic validation.).
What about the IBT Editor? Are the validation process and options the same?
The IBT Editor (in conjunction with IBT) performs the same validations, but in a different order.
The validation options differ in that when validating a data set or submitting a data set for publication, the financial part of semantic validation cannot be bypassed, which is possible when using the batch file upload procedure.
Where in TUFS can I find the validation rules for the financial part of the semantic validation?
The financial semantic validation rules are not stated in TUFS, but rather in the so called
«product construction standards» (PCS). Each PCS consists of the validation rules that are
specific to the financial structure of a given product type (IBTTypeCode). The PCS are integrated into the validation
engine of IBT (if the respective upload option has been selected - see Q&A:
How are uploaded files validated?) as well as the IBT Editor.
An event initiated by an issuer that is subject to the reporting obligations for listing maintenance, e.g. a
corporate action, or constitutes the fulfilment of such a reporting obligation, e.g. publication of financial
information.
GUI
Graphical User Interface. Allows users to interact with an electronic device such as computer.
IBC
Internet Based Corporate Actions. An Internet-based application for online reporting of corporate and product
events and distribution of event reports to the market.
Internet Based Numbering. An Internet-based application for online generation and assignment
of national and international security identification numbers.
Data set uploaded to IBT that provides details of the terms of the product. Once uploaded, product data cannot
be modified unless the issuer uploads a new copy of the data set.
Product event
An event that impacts a product. A product event may be triggered by a corporate action of an underlying
(e.g. a stock split) or the issuer (e.g. change of borrower) or by developments in the market (e.g. a barrier
event) or refer to a specific product term, e.g. increase of issue size.
SFTA
Swiss Federal Tax Administration. The Swiss federal tax authority.
SSPA
Swiss Structured Product Association. National association that represents the interests of issuers of
structured products.
See also: www.svsp-verband.ch
STP
Straight Through Processing. Fully automated and electronically conducted processing of transactions along
the entire process chain.
TEFS
Terms Export File Specification. Document that specifies how product data uploaded to IBT is exported.
Valor Data Feed. Data feed from SIX Telekurs for security reference data.
XML
Extensible Markup Language. Specification for creating custom markup languages. A primary area of application
includes sharing of structured data between information systems, especially via the Internet.
