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Iceberg Order

An Iceberg order is used for buying and selling large orders in securities traded on SIX Swiss Exchange. This order type enhances the liquidity in the order book, while the participant also benefits from the fact that the price of the trade might not negatively impacted by the large volume.

An Iceberg order can be entered during the entire 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, a further portion of the total quantity shall be published in the order book as a new visible quantity, and so on until the total quantity is executed, deleted or expires. Each portion of the visible quantity has a new time stamp and new identification number and thus loses its time priority. During continuous trading and in auctions, the total quantity of the Iceberg order can be executed, subject to the price-time priority principle, against orders or quotes on the opposite side of the order book.

Which attributes must participants indicate on an Iceberg order?

The following attributes must be provided for an Iceberg order:

  • Participant and Trader identifications
  • Transaction Type: buy or sell
  • Quantity: the number of securities. In the case of Iceberg orders, the visible quantity in the order book must also be defined.
  • Identification of the order book: ISIN, trading currency and trading venue
  • Trading capacity: client transaction (trading in own name but for the account of the client) or principal transaction (trading in own name and for own account)
  • Price limit: limited
  • Validity:
    • 1. Good-for-day
    • 2. At-the-Opening
    • 3. At-the-Close
    • 4. Good-till-date (STI only)

What price limits are there for an Iceberg orders?

Iceberg orders can only be entered as limit orders.

Limit order:

With a limit order, the participant not only specifies the number of securities to be bought or sold, but also stipulates a price limit. This limit is the amount for which the participant is prepared to buy or sell the specified number of securities. If the participant sets too low a limit for a buy order, or too high a limit for a sell order, the order will not be matched.

Minimum Iceberg Order Value

Iceberg orders must have a minimum value of CHF 10'000.

Which interfaces support Iceberg orders?

  • Standard Trading Interface (STI)
  • OUCH Trading Interface (OTI)

New feature - Randomization of visible size for Iceberg and Iceberg Plus orders

For regular Iceberg orders and Iceberg Plus orders, it will be possible to define the randomization of the specified visible quantity (top-up size) for every tranche of the total quantity. This new functionality is optional and can be configured on a participant level. The randomization range is 10%.