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Market Models on the Exchange

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 method.

Which segments is the CLOB trading model used for?

  • Blue Chip Shares
  • Mid-/Small-Cap Shares
  • Secondary Listing Shares
  • Separate Trading Lines
  • Bonds - CHF
  • Investment Funds
  • 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)
  • Sponsored Funds

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.

Which segments is the PVM trading model used for?

  • Structured Products


Description Download
Market Model and Order Validity Overview