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Limit Plus and Iceberg Plus Orders: Maximize Your Liquidity Access

Limit Plus and Iceberg Plus orders allow trading participants of SIX to maximize their opportunity to find liquidity when trading Swiss equities on their reference market.

SIX is the reference market for over 300 Swiss shares, consistently offering the best prices and the narrowest spreads in combination with the largest volumes. In addition to its lit book, it operates the non-displayed liquidity pool SIX Swiss Exchange At Midpoint ("SwissAtMid").

Plus orders allow its users to capture liquidity that is spread across SwissAtMid and the CLOB (Central Limit Order Book). A Plus order is dually represented in both books and simultaneously available for trading with both displayed and non-displayed liquidity. Until the limit price is reached, Plus orders are pegged to the midpoint in SwissAtMid and to the passive side of the order book in the CLOB.

Limit Plus arrives in the CLOB as a normal order that is pegged to the passive side of the book and dynamically follows the best price as long as the overall order limit allows for it. At the same time, the full quantity of the Limit Plus order is sitting in the Mid-Point Order Book (MPOB) and can be executed in the non-displayed environment. Iceberg Plus is a variation of Limit Plus, where an Iceberg order is pegged to the passive side in the CLOB and the full quantity of that Iceberg is available in the MPOB.

Plus Orders Factsheet[pdf]

Advantages of the new orders

  • Ability to simultaneously interact with displayed and non-displayed liquidity with one order
  • Execution of orders is within the same matching engine so there is no risk of overfill
  • No additional trading fees for execution, both orders are billed in line with existing tariffs
  • All executions are done On Exchange
  • Standard clearing and settlement with full CCP interoperability for execution in SwissAtMid
  • Utilizing Minimum Quantity to ensure quality executions in SwissAtMid firms can control their interaction with the non-displayed liquidity.

Overview of Limit Plus and Iceberg Plus offering
Participation
  • Trading Participants of SIX Swiss Exchange
  • Sponsored Users via Sponsored Access (SA)
Trading Interface
  • Standard Trading Interface (STI)
  • OUCH Trading Interface (OTI)
  • Market Data Interface (MDI)
  • ITCH Market Data Interface (IMI)
  • SIX MDDX (for data vendors only)
On Book Matcher
  • On Book Matcher (OBM) - Partition 1 "Equities"
Trading Segment
  • Blue Chip Shares
  • Mid-/Small-Cap Shares
Market Model
  • Central Limit Order Book (CLOB) On Exchange On Order Book
  • Mid-Point Order Book (MPOB) On Exchange - without pre-trade transparency (Dark Book)
Trading Period
  • Continuous Trading