Post-closing auction trading phases in which participants can trade at the official closing price exist on various exchanges. The Swiss Stock Exchange successfully introduced its own version – the Trading-At-Last (TAL) session – in June 2020.

The new Trading InfoSnack Last Orders looks at differences across the TAL on various markets and explains their impact on liquidity and prices. Besides providing statistics on the TAL volumes on the Swiss Stock Exchange, the article also explores the trading behavior of participants and examines liquidity distribution across the duration of the TAL phase.

Insights on Relevant Trading and Market Structure Topics
The Trading InfoSnack articles are brief but insightful research features that provide commentary on market relevant trends, models and microstructure that influence the trading of Swiss securities, underpinned by in-depth analysis from the Equities team of the Swiss Stock Exchange.

Whilst the specific focus of Trading InfoSnacks will be on the trading of Swiss securities, the approaches and perspectives constructed also have more broad application across the EU securities trading landscape. To trading and market structure professionals with a focus on the EMEA region the previous Trading InfoSnacks are also of interest: Size MattersLiquidity under the Volatility MicroscopeClosing Auctions: What’s Hanging in the Balance?Back to the Future(s) and What’s in a Liquidity Smile?

Where Quality Comes as Standard
At the Swiss Stock Exchange, quality comes as standard. This applies to the performance and stability of our trading infrastructure, the liquidity, prices and spreads in our order books and our services in the listing, trading and post-trading space. As the clear reference market for all SMI shares, the Swiss Stock Exchange gives you the highest liquidity, the best prices and the tightest spreads. Find out more.