Orders and Quotes

Orders and Quotes

Fostering Efficiency and Liquidity

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.

Your Benefits on the Swiss Stock Exchange

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.

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.

Order and Quote Validities

The Swiss Stock Exchange offers different order and quote validities for different orders and trading interfaces. A summary of the supported functions of order types and validities can be found in the On Order Book Functionality Guide.

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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