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Validities

SIX Swiss Exchange offers different order and quote validities for different orders and trading interfaces.

Good-for-Day

Orders with the validity "good-for-day" can be entered, amended or deleted during all trading periods with the exception of post-trading. Non-executed parts of the order are added to the order book. Orders with this validity are valid until end of trading of the current trading day.

Good-for-day orders are supported for Normal and Iceberg orders and can be entered via the Standard Trading Interface and the OUCH Trading Interface.

Good-for-Business-Day

Quotes with the validity "good-for-business-day" can be entered, amended or deleted during all trading periods. Quotes with this validity are valid until the end of the business day (10 p.m. CET) on the current trading day.

Good-for-business-day quotes can only be entered via the Quote Trading Interface. The validity "good-for-business day" is not supported for orders.

Immediate-or-Cancel (Accept)

Orders with the validity "immediate-or-cancel" can only be entered during continuous trading. If an order with this validity is entered in the order book, it is immediately executed in full or inasmuch as is possible. Non-executed parts of the order are deleted without being placed in the order book.

The validity "immediate-or-cancel" is only supported for Normal orders and can be entered via the Standard Trading Interface and the OUCH Trading Interface.

Fill-or-Kill

Orders with the validity "fill-or-kill" can only be entered during continuous trading. If an order with this validity is entered in the order book, it is immediately executed in full or not at all. If immediate complete execution is not possible, the entire order is deleted without being placed in the order book.

The validity "fill-or-kill" is only supported for Normal orders and can be entered via the Standard Trading Interface and the OUCH Trading Interface.

At-the-Opening

Orders with the validity "at-the-opening" can be entered during pre-opening and are visible in the order book. If an order with this validity is entered in the order book, it is included in the opening auction. Non-executed parts of the order are deleted from the order book after the opening auction.

The validity "at-the-opening" is supported for Normal and Iceberg orders and can be entered via the Standard Trading Interface and the OUCH Trading Interface.

At-the-Close

Orders with the validity "at-the-close" can be entered during pre-opening, continuous trading and closing auction and are only visible in the order book at the start of the closing auction. If an order with this validity is entered in the order book, it is included in the closing auction. Non-executed parts of the order are deleted from the order book after the closing auction. The time stamp for orders with the validity "at-the-close", which is relevant for the price-time priority, is defined at the time of the order entry.

The validity "at-the-close" is supported for Normal and Iceberg orders and can be entered via the Standard Trading Interface and the OUCH Trading Interface.

Good-till-Date

Orders with the validity "good-till-date" can be entered, amended or deleted during all trading periods. Non-executed parts of the order are added to the order book. Orders with this validity are valid until end of trading on the corresponding trading day on the expiry date. The maximum term of validity is one year.

Good-till-Date orders are supported for Normal and Iceberg orders and can be entered via the Standard Trading Interface. The validity "good-till-date" is not supported for quotes.

Which validity is supported for which orders and trading interface?

The following combinations of validities, orders and trading interfaces are supported:

Trading interface Standard Trading InterfaceOUCH Trading InterfaceQuote Trading Interface
Order Normal order Iceberg order Limit Plus order Iceberg Plus order Normal order Iceberg order Limit Plus order Iceberg Plus order Quote
Good-for-Day  
Good-for-Business-Day         
Immediate-or-Cancel       
Fill-or-Kill       
At-the-Opening     
At-the-Close     
Good-till-Date        


Detailed information on the interface functions

A summary of the supported functions of order types and validities can be found in the On Order Book Functionality Guide[pdf].