May We Take Your Order?
By providing our trading participants with a broad range of orders for different user types and trading interfaces, the Swiss Stock Exchange ensures efficient and liquid trading on the reference market for Swiss securities. For new successful services like SwissAtMid, the introduction of innovative orders underlines our commitment to cater to the needs of our clients. Our various orders allow you to benefit from our outstanding trading conditions and interact with our unique liquidity.
Directive 3: Trading
Find detailed information on attributes for orders, quotes and reports
Your Benefits on the Swiss Stock Exchange
Efficient
The right order for the right transaction.
Innovative
Unique orders for innovative trading services.
Flexible
Trade successfully on our attractive market.
Orders
An order is an offer, which may be binding or non-binding, to buy or sell a certain quantity of one security at an unlimited or limited price. In the market models Central Limit Order Book and Quote Driven Market the orders contained in the order book are binding. In the market model Price Validation Market the orders contained in the order book are not binding. Orders may be entered in or deleted from the order book during set periods. All incoming orders shall be assigned a time stamp and an identification number. Amended orders shall lose their original time priority and be given a new time stamp.
The Exchange supports the order types Normal order and Iceberg order.
A Normal order may be entered at any time during the trading day and is visible in the order book. Non-executed parts of the order remain in the order book until they have been executed or deleted, or have expired. Other validities and routing instructions remain reserved.
An Iceberg order may be entered at any time during the trading day. The visible quantity of the Iceberg order is published in the order book. After the visible quantity of the Iceberg order has been executed, the next tranche of the total order quantity shall be published in the order book as a new visible quantity, and so on until the total order quantity has been executed or deleted, or has expired.
Quotes
A quote specifies the simultaneous entry of one or more limited buy and/or sell orders in a single instruction. It shall remain in the order book until it is executed, overwritten or deleted. In the market model Quote Driven Market the quotes contained in the order book are binding. In the market model Price Validation Market the quotes contained in the order book are not binding.
For participants who generate high transaction rates and therefore require dedicated capacity for automated trading, the Quote Trading Interface (QTI) is the interface for Market Makers in the non-Equities markets, i.e. Bonds, ETFs, ETPs,Sponsored Funds and Structured Products.
Trailblazing Technology for Efficient Trading
The Swiss Stock Exchange operates not only one of the most technologically advanced, but also one of the most stable exchanges. We have a long tradition of moving the industry forward and repeatedly took a pioneering role in shaping the future of electronic trading.
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About This Service
In 2018, the Swiss Stock Exchange launched the "Limit Plus" and the "Iceberg Plus" orders. Both "Plus" orders allow participants to simultaneously access the lit book and SwissAtMid. This dual representation offers you the chance of capturing liquidity at the mid-point and of finding a match. Both enable you to automatically follow the best price with dynamic price alignment functionality.
Limit Plus
Limit Plus arrives in the CLOB as a normal order that is pegged to the passive side of the book and dynamically follows the best price as long as the overall order limit allows for it. At the same time, the full quantity of the Limit Plus order is sitting in the Mid-Point Order Book (MPOB) and can be executed in the non-displayed environment.
Iceberg Plus
Iceberg Plus is a variation of Limit Plus, where an Iceberg order is pegged to the passive side in the CLOB and the full quantity of that Iceberg is available in the MPOB. The enhanced version of our iceberg order will allow you to take advantage of the deep pool of liquidity available in SwissAtMid. You’ll be able to interact with passive Iceberg Plus orders on the opposite side of the order book, crossing at mid-point.
Order and Quote Validities
The Swiss Stock Exchange offers different order and quote validities for different orders and trading interfaces. A summary of thesupported functionsof order types and validities can be found in theOn Order Book Functionality Guide.
Orders with the validity "good-for-day" can be entered, amended or deleted during all trading periods with the exception of post-trading. Non-executed parts of the order are added to the order book. Orders with this validity are valid until end of trading of the current trading day.
Good-for-day orders are supported for Normal and Iceberg orders and can be entered via the Standard Trading Interface and the OUCH Trading Interface.
Quotes with the validity "good-for-business day" can be entered, amended or deleted during all trading periods. Quotes with this validity are valid until the end of the business day (10 p.m. CET) on the current trading day.
Good-for-business day quotes can only be entered via the Quote Trading Interface. The validity "good-for-business day" is not supported for orders.
Orders with the validity "immediate-or-cancel" can only be entered during continuous trading. If an order with this validity is entered in the order book, it is immediately executed in full or inasmuch as is possible. Non-executed parts of the order are deleted without being placed in the order book.
The validity "immediate-or-cancel" is only supported for Normal orders and can be entered via the Standard Trading Interface and the OUCH Trading Interface.
Orders with the validity "fill-or-kill" can only be entered during continuous trading. If an order with this validity is entered in the order book, it is immediately executed in full or not at all. If immediate complete execution is not possible, the entire order is deleted without being placed in the order book.
The validity "fill-or-kill" is only supported for Normal orders and can be entered via the Standard Trading Interface and the OUCH Trading Interface.
Orders with the validity "at-the-opening" can be entered during pre-opening and are visible in the order book. If an order with this validity is entered in the order book, it is included in the opening auction. Non-executed parts of the order are deleted from the order book after the opening auction.
The validity "at-the-opening" is supported for Normal and Iceberg orders and can be entered via the Standard Trading Interface and the OUCH Trading Interface.
Orders with the validity "at-the-close" can be entered during pre-opening and continuous trading and are only visible in the order book at the start of the closing auction. If an order with this validity is entered in the order book, it is included in the closing auction. Non-executed parts of the order are deleted from the order book after the closing auction. The time stamp for orders with the validity "at-the-close", which is relevant for the price-time priority, is defined at the time of the order entry.
The validity "at-the-close" is supported for Normal and Iceberg orders and can be entered via the Standard Trading Interface and the OUCH Trading Interface.
Orders with the validity "good-till-date" can be entered, amended or deleted during all trading periods. Non-executed parts of the order are added to the order book. Orders with this validity are valid until end of trading on the corresponding trading day on the expiry date. The maximum term of validity is one year.
Good-till-Date orders are supported for Normal and Iceberg orders and can be entered via the Standard Trading Interface. The validity "good-till-date" is not supported for quotes.
Trading Guide
Discover a summary of the supported functions of order types and validities in the Market Model and Order Validity Overview
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Standard Trading Interface
| Validity | Normal | Iceberg | Limit Plus | Iceberg Plus |
|---|---|---|---|---|
| Good-for-Day | x | x | x | x |
| Good-for-Business-Day | ||||
| Immediate-or-Cancel | x | |||
| Fill-or-Kill | x | |||
| At-the-Opening | x | x | ||
| At-the-Close | x | x | ||
| Good-till-Date | x | x |
OUCH Trading Interface
| Validity | Normal | Iceberg | Limit Plus | Iceberg Plus |
|---|---|---|---|---|
| Good-for-Day | x | x | x | x |
| Good-for-Business-Day | ||||
| Immediate-or-Cancel | x | |||
| Fill-or-Kill | x | |||
| At-the-Opening | x | x | ||
| At-the-Close | x | x | ||
| Good-till-Date |
Quote Trading Interface
| Validity | Quote |
|---|---|
| Good-for-Day | |
| Good-for-Business-Day | x |
| Immediate-or-Cancel | |
| Fill-or-Kill | |
| At-the-Opening | |
| At-the-Close | |
| Good-till-Date |
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