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.