Trading Desk
PMMI February 2025
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Susan Niederhöfer
Chefredakteurin
On January 30, 2026, the market making quality of issuers was slightly above the year-end level for both leveraged products and investment products.
The PMMI provides a rough overview of the market making quality of the various issuers in the area of structured products. In December, SIX extended its trading hours for structured products. Trading is now open from 8 am to 9:45 pm. Issuers are free to participate in the extended trading hours with their products. In the PMMI below, however, we will initially only take into account the values of the traditional trading hours – from 9:15 am to 5:30 pm. However, we will observe and evaluate how the values develop during the extended trading hours and over the entire opening hours. It is still too early to report on this.
In leverage products, the neck-and-neck race between Leonteq and Bank Julius Baer has “intensified” further – with Leonteq as the winner and a lead of just under 0.15 points. As investors, we are pleased with the very tight spreads, constantly available volume and ongoing price positioning.
Luzerner Kantonalbank continues to hold its own at the top of the list for investment products, with a virtually constant score of over 99 points. A great achievement over several years. In recent months, a “chasing pack” has set itself the goal of changing this. We are excited.
Source of all graphics: payoff.ch
