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Focus<br />
the ETPs (based on the Swiss definition, those comprise ETCs<br />
and ETNs) introduced on the SIX Swiss <strong>Exchange</strong> in 2010 have<br />
— up to now — played a very minor role. Only this year was that<br />
drought broken. The segment is significantly smaller compared<br />
with ETFs, ETCs and COSIs, and currently has slightly more<br />
than 60 products. Last but not least, the terms ETI and ETV<br />
come up again and again. They are made up of the somewhat<br />
"The most obvious difference between<br />
ETPs and COSI products lies in the way<br />
that security is provided."<br />
clumsy general terms exchange traded instruments and exchange<br />
traded vehicles. With this, our trip through the thicket<br />
of concepts has come to an end. However, new terms can<br />
always be right around the corner. The creativity of financial<br />
product developers and issuers is great, as we know. <br />
CoLLatEraLization of EtPS and CoSi ProduCtS in SwitzErLand<br />
SuPErViSion<br />
of CoLLatEraL<br />
ProVidEr<br />
CoLLatEraL aMount of<br />
CoLLatEraL<br />
cosI ® FInMa-regulated selected securities<br />
accepted by snB<br />
and EcB, certain<br />
shares and Bank<br />
money<br />
ETP not stipulated securities,<br />
precious metals<br />
or Bank money<br />
(list not complete)<br />
source: scoach, sIx swiss <strong>Exchange</strong><br />
at least 100 % of the<br />
current value of the<br />
certificate (calculated<br />
according to the standardized<br />
rules of the<br />
framework agreement)<br />
at least 100 % of the<br />
outstanding amount<br />
16 ExchangE TradEd ProducTs & IndExIng guIdE <strong>Switzerland</strong> <strong>2013</strong><br />
CuStody tyPE of VaLuation Liquidation of<br />
CoLLatEraL<br />
sIx swiss <strong>Exchange</strong><br />
account at sIx<br />
securities<br />
services<br />
Independent<br />
third party<br />
(depositary and<br />
custodian)<br />
"thE Et faMiLy" -<br />
an oVErViEw of thE abbrEViationS<br />
EtC <strong>Exchange</strong> traded commodities are exchange traded<br />
products (similar to tracker certificates) based on physical<br />
raw materials, raw material indices or raw material<br />
futures. ETcs generally have collateral.<br />
Etf <strong>Exchange</strong> traded funds are exchange traded investment<br />
funds (ucITs/assets of an investment firm), that are<br />
traded on an exchange.<br />
Etn <strong>Exchange</strong> traded notes is a concept imported from<br />
north america, and is used for passive index products.<br />
ETns are unsecured bonds and thereby comparable to<br />
structured products and tracker certificates.<br />
EtP <strong>Exchange</strong> traded products refer to the collective concept<br />
from the English-speaking world for passive, exchange<br />
traded products. In the terminology of the sIx swiss<br />
<strong>Exchange</strong>, these are bonds that have a symmetrical<br />
payout structure and are secured by collateral.<br />
Ett <strong>Exchange</strong> traded tracker also follow a passive investment<br />
strategy or index tracking and are a structured product, not<br />
listed investment funds. The term was coined by uBs.<br />
EtV <strong>Exchange</strong> traded vehicles is a general term that was<br />
coined in north america. In general, the term denotes<br />
ETPs in the English-speaking world.<br />
collaTEral InsTruMEnT<br />
standardized valuation<br />
process using prices<br />
from sIx Financial<br />
Information<br />
at the discretion of<br />
the issuer / collateral<br />
provider<br />
Valuation by<br />
independent<br />
institutions as<br />
well as closing<br />
price on scoach<br />
Immediately after<br />
occurrence of a<br />
liquidation event<br />
at the discretion of depending on<br />
the issuer / collateral issuer, individual<br />
provider<br />
liquidation process;<br />
in accordance with<br />
product terms
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