SIX Swiss Exchange (formerly SWX Swiss Exchange), based in Zurich, is Switzerland's principal stock exchange (the other being Berne eXchange). SIX Swiss Exchange also trades other securities such as Swiss government bonds and derivatives such as stock options. SIX Swiss Exchange is completely owned by SIX Group, an unlisted public limited company itself controlled by 122 banks or financial institutions. The exchange in its current state was founded in 1993 by merging the Geneva Stock Exchange, the Basel Stock Exchange and the Zürich stock exchange into the (German for "Swiss Securities Exchanges Association"), publicly known in English as Swiss Exchange. The newly created association took over trading in 1995. It was the first stock exchange in the world to incorporate a fully automated trading, clearing and settlement system. The association was renamed to SWX Swiss Exchange in 1999. In 2002, the association was changed to a public limited company called SWX Swiss Exchange AG. In July 2004, it rejected a merger proposal from Deutsche Börse, which analysts anticipated as profitable for many small companies listed on SWX Swiss Exchange. In 2008, SWX Swiss Exchange merged with SIS Group and Telekurs into the new SIX Group, and was renamed as SIX Swiss Exchange, which is still its name as of 2020. SIX Swiss Exchange maintains several major indices. The most known index is the SMI, or Swiss Market Index, which consists of the 20 largest and most liquid companies of the SPI. The SPI, or Swiss Performance Index, contains more than 200 companies listed on the exchange that meet requirements. The SLI, or Swiss Leader Index, is a capped index with some of the largest 30 companies. The SBI, or Swiss Bond Index, tracks obligations emitted in Swiss francs. The market capitalization of all companies listed at SIX Swiss Exchange amounted in 2018 to 1.6 trillion Swiss francs, making it one of the top exchanges in the world by capitalization. History First Swiss exchanges The first exchanges in Switzerland were created locally in major Swiss cities throughout Switzerland, with the authorization of the Cantonal authorities. Geneva paved the way in the year 1850, when the () was founded. Its trading floor was opened in 1855 and approved by the Grand Council of Geneva in 1856. The Basler Börse followed in 1866 or 1876 (sources disagree) in Basel, as well as another one in Zürich in 1873. The Berne exchange, which still