Trading InfoSnack: Struck in the Middle (With You)

In the thirteenth Trading InfoSnack: Struck in the Middle (With You) the SIX Swiss Exchange Equity experts look at the sourcing of mid-point liquidity and explore the market dynamics surrounding mid-point moves.

The new Trading InfoSnack observes order execution patterns around mid-point moves in Swiss equity trading, comparing SIX Swiss Exchange's own non-displayed liquidity pool SwissAtMid with Dark-Continuous MTFs and Dark-Conditional MTFs as well as Frequent Batch Auctions (FBAs), while taking into account different time horizons and trading mechanisms to generate additional insights. 

Discover in our new InfoSnack why stale-price executions not only occur but in some cases are driven by arbitrage seeking behaviour, and how stale-price executions are observable across each type of non-displayed and FBA mechanism where the matching engine sits geo-graphically distance from the primary CLOB. 

The Trading InfoSnack articles are 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 SIX Swiss Exchange Equities team.

To trading and market structure professionals with a focus on the EMEA region, the previous Trading InfoSnacks are also of interest: Order Cancellation Patterns, Crumble in the Jungle, The Rule of Three: Analysing the Best Execution Optimisation Problem, Stale Prices and the Price of Being Stale, This Time is Different, Cryptophoria, Last Orders, Size Matters, Liquidity under the Volatility Microscope, Closing Auctions: What’s Hanging in the Balance?, Back to the Future(s) and What’s in a Liquidity Smile?

• Equity Trading – Fragmented Future or Europe-wide Collaboration Opportunity?
• Recognition for Continuous Innovation: New Industry Award for SIX Swiss Exchange
• Trading on SIX Swiss Exchange Enhanced with New Order Types
• “We Address the Liquidity Shortage with Pragmatic Innovation.”