SIX Swiss Exchange (formerly SWX Swiss Exchange), based in Zurich, is Switzerland's principa lstock exchange (the other being Berne eXchange). SIX Swiss Exchange also trades other securitie ssuch as Swiss government bonds and derivatives such as stock options.The main stock market index for the SIX Swiss Exchange is the SMI, the Swiss Market Index. The index consists of the 20 most significant equity-securities based on the free float market capitalisation.SIX Swiss Exchange was the first stock exchange in the world to incorporate a fully automated trading, clearing and settlement system in 1995. The exchange is controlled by an association of 55 banks. Each of these banks have equal voting rights in the matter of decision making concerning the management and regulation of the exchange.SIX Swiss Exchange is the joint owner of Eurex, the world's largest futures and derivatives exchange along with their German partners Deutsche Börse. In July 2004 however SIX Swiss Exchange rejected a merger proposal from the German company, that analysts anticipated as profitable for many small companies listed on SIX Swiss Exchange.The exchange has a blue-chip index as its principal stock market index. The Swiss Market Index (SMI) comprises a maximum of twenty of the largest and most liquid large and mid-cap SPI stocks.The exchange's normal trading sessions are from 09:00 to 17:30 on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.