There are two different models for trading on the Exchange, depending on the trading segment.
Central Limit Order Book (CLOB)
With this market model, participants trade on the basis of orders and quotes. At the close of trading there is a
closing auction for Shares and Investment Funds, but not for CHF Bonds. Trading can be stopped,
depending on the reference price. Prices are calculated according to the CLOB price calculation method.
Which segments is the CLOB trading model used for?
Blue Chip Shares
Secondary Listing Shares
Separate Trading Lines
Bonds - CHF
Rights and Options
Quote Driven Market (QDM)
This market model uses orders and quotes. With the Quote Driven Market model, there is no closing auction,
but the price last established is published. Trading is stopped if there are corresponding
orders on opposite sides of the order book that could be executed, but no quote is available. Prices are
calculated on the basis of quotes.