On February 4, the UK and Swiss governments reached a post-Brexit regulatory-equivalence pact, ending 19 months of SIX Swiss Exchange being effectively the only venue on which Swiss equities could change hands. But rival markets, despite markedly lower fees, have so far not claimed back all of their former market share. And the equivalence interruption may have been just what SIX Swiss’ dark pool needed to reach critical mass and fend off competition from foreign dark MTFs. However, it may be only a matter of time before improving market quality restores lit MTFs to their previous market-share positions