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There are two different models for trading on the Exchange for trading with pre-trade transparency, 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 and Rights and Options. Trading
can be stopped depending on the reference price. Prices are calculated according to the CLOB price calculation
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. In the Quote Driven Market model there is a closing auction for
Sponsored Foreign Shares, Exchange Traded Funds (ETF), Exchange Traded Products (ETP) and Sponsored Funds.
If there is no closing auction 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.
Which segments is the QDM trading model used for?
Sponsored Foreign Shares
Bonds - Non CHF
Exchange Traded Funds (ETF)
Exchange Traded Funds (ETF) on Bonds of the Swiss Confederation
Exchange Traded Structured Funds (ETSF)
Exchange Traded Products (ETP)
Price Validation Market (PVM)
Under the Price Validation Market model, a variation of the standard QDM model, orders and quotes are not immediately executed
but trading is interrupted for a short period in which the market maker/liquidity provider as well as the clients can validate
their price of their order or quote. During the Price Validation interruption there is no pre-trade transparency in the affected
order book. After the Price Validation interruption the orders and quotes are matched according to the auction and principle of
highest executable volume.