User:Lefa1992/Scoach

Scoach is a joint venture by SIX Swiss Exchange AG and Deutsche Börse. It provides an exchange trading platform for structured products.

Scoach Europa and Scoach Switzerland are owned by the luxembourgish Scoach Holding S.A.. Deutsche Börse AG currently holds 50% plus one share, while the SIX Swiss Exchange AG is in possession of 50% minus one share. The Holding’s subsidiary Scoach Europa AG is headquartered in Frankfurt am Main, while Swiss equivalent Scoach Schweiz AG is based in Zurich.

The company was founded on January 1, 2007 and focuses on the rapidly expanding structured products market. Scoach provides the biggest European exchange for structured products.

With the formation of Scoach, the Stuttgart Exchange Euwax received its first German non-OTC competitor.

History
On May 5, 2006, SWX Group and Deutsche Börse announced they would join forces in the options and warrants market.

The contract for the so-called project ‘Alex’ was signed by both parties on October 23, 2006. Shortly after, on January 1, 2007, the company started operating. Alex has been renamed Scoach on September 1, 2007.

On April 28, 2008 Scoach was able to move 300.000 products in Germany from the traditional Open Cry to the electronic high-performance trading platform Xetra. Currently 260 financial institutions are able to access the world’s biggest spectre of structured products using the platform. At year end 2010 the number of products exceeded 510.000. In the same year, Scoach posted a turnover of 48.3 bn €.

Trading options in Frankfurt
Using Xetra, Scoach is able to process orders within seconds. 50% of all trades are executed within half a second.

Since April 2008 the European order-flow is combined for the trading of structured products.

The issuer has to provide bid and ask prices from 9am to 10pm. This makes trading possible at all times, even without any turnover.

The issuer is required to transmit both ask and bid prices using two dedicated lines to the infrastructure of the exchange.

The prices must be valid for fixed minimum volumes. For investment products this volume is set at 10.000€, and for leverage products it is set at 3.000€. Usually, however, bigger orders are being executed at the current ask and bid prices.

Product Diversity

In May 2011 over 680.000 products were available for trading in Frankfurt. This is the biggest amount available at one single exchange in Europe.