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Normal Order

A Normal order is used for buying and selling securities traded on SIX Swiss Exchange.

A Normal order can be entered during the entire trading day and is visible in the order book. Non-executed parts of the order are added to the order book until they are executed, deleted or expire.

Which attributes must participants indicate on a Normal order?

The following attributes must be provided for each Normal order:

  • Participant and Trader identifications
  • Transaction Type: buy or sell
  • Quantity: the number of securities or nominal value for bonds
  • Identification of the order book: ISN, 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 or unlimited
  • Validity:
    • 1. Good-for-day
    • 2. Immediate-or-cancel (Accept)
    • 3. Fill-or-kill
    • 4. At-the-Opening
    • 5. At-the-Close
    • 6. Good-till-date (STI only)

What price limits are there for a normal order?

Participants may trade a Normal order with two different price limits:

Unlimited order (Market):

An order entered "at market" must always be executed, at least in the case of liquid securities. The participant always obtains the best current price for the securities. If not all of the securities can be traded at that price, the remainder is executed successively at the next best current price(s) until the order has been filled. In the case of rarely traded securities, there may at times be no bid or offer. In that event, the market order will remain on the book until it can be executed or is deleted.

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.

Which interfaces support Normal orders?

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