Swiss Index Futures Margin & Contract Specifications

What Is the Swiss Index?

The Swiss Index refers to the Swiss Market Index (SMI), which is managed by the SIX Swiss Exchange. It consists of the 20 largest and most liquid blue-chip companies listed on the Swiss Exchange. The SMI represents approximately 80%–90% of the total market capitalization and trading volume of the Swiss equity market and is regarded as the core benchmark of Swiss equities, comparable to the S&P 500 in the United States or the DAX in Germany.

The Swiss Index is calculated using a free-float market capitalization–weighted methodology, meaning companies with a larger proportion of freely tradable shares have a greater impact on the index. To prevent excessive concentration and distortion from any single company, the maximum weight of an individual constituent is capped at 18%.

Factors Affecting the Price of the Swiss Index

1. Swiss National Bank (SNB) Monetary Policy and the Economy

Economic indicators such as GDP growth, industrial output, and retail sales reflect Switzerland’s economic conditions. Strong economic data generally supports upward movement in the Swiss Index.
The SNB’s assessment of inflation influences interest rates. Rate hikes increase corporate financing costs and may suppress risk assets, which is generally negative for the Swiss Index.

2. Swiss Franc Exchange Rate

Switzerland is an export-oriented economy, with major exports including pharmaceuticals, watches, and precision machinery. An excessively strong Swiss franc hurts export competitiveness and reduces the value of overseas revenues when converted back into CHF. As a result, the SNB often signals its willingness to intervene in foreign exchange markets to prevent excessive franc appreciation.

3. Euro Area and Global Economic Conditions

Economic data and equity market performance in the euro area and the United States often have a significant impact on Swiss equities, as Switzerland is closely integrated into global capital flows.
The euro area is Switzerland’s largest trading partner. If the eurozone faces fiscal stress—such as budget issues in France or Italy—capital may flow into Switzerland, which can be supportive of the Swiss Index.

4. Corporate Earnings and Financial Results

The Swiss Index has a high degree of sector concentration, with healthcare, consumer staples, and financials accounting for a large share of the index. Earnings performance and outlooks of heavyweight companies such as Novartis, Roche, and Nestlé have a substantial influence on overall index movements. Strong results from these high-weight constituents typically drive the index higher.

5. Global Risk Sentiment and Political Factors

Switzerland’s neutral status, stable political environment, and robust legal system make the Swiss franc and Swiss assets attractive safe havens during periods of market stress. However, when overall risk appetite improves, equity markets—including Swiss equities—tend to benefit more broadly.
As an export-driven economy, Switzerland is also sensitive to global trade tensions and policy changes, which can affect export demand and corporate profitability, leading to volatility in the Swiss Index.

Swiss Market Index Margin

How much money is needed to trade futures? At the beginning, the required margin is the initial margin. While holding a position, the margin after deducting floating profits and losses must remain above the maintenance margin; otherwise, a margin call will be issued. For day-trading margin, only half of the margin is required, provided the position is closed before the market closes.

Foreign Futures

Swiss Market Index Contract Specifications

Here is a summary for traders of the contract specifications, exchange, trading hours, minimum price fluctuation, and available trading months for Swiss Market IndexFutures.

Swiss Market IndexLast Trading Day

Futures