In the SIX Swiss Exchange the on-book matcher, the interplay between supply and demand, takes the form of an order book. i.e. the listing of all buy and sell orders currently entered for a given security at a given point in time. All registered traders may view the book.
The volume declines or the position disappears from the order book as soon as an order is matched. The entry of a new buy or sell order increases the volume of an existing order. A new position is created in the absence of an existing order at this price.
Market buy and sell orders, i.e. those to be executed at the best price, are shown at the top of the list in the order book. The remaining buy orders are sorted and listed according to ascending price and the remaining sell orders according to descending price. Orders at the same price are sorted according to their time of entry (price-time priority).
Orders of the same price for a particular security are displayed cumulatively.
The detailed order book reflects no such cumulation.