Trading Provisions On-order-book Trading Orders and Quotes Trading Hours Reporting Clearing and Settlement Regulation Products & Services The Swiss Stock Exchange Trading Trading Provisions Trading Hours Trading Hours Discover our Exchange Days, Exchange Hours and Trading Periods On Which Days Are Trading and Clearing Possible? Exchange days, exchange hours and trading periods determine when trading may take place on the Swiss Stock Exchange. The Swiss Stock Exchange is open from Monday to Friday, except on Swiss public holidays. Exchange days are also clearing days. This means that trading takes place and that trades can be forwarded to the central counterparty (CCP) or central securities depository (CSD) for clearing and settlement. In exceptional cases, the Swiss Stock Exchange can also close on other days. All market holidays are listed in the trading and currency holiday calendar. Details of all regulations concerning times are set out in Directive 3: Trading, and further information on the exchange hours is available in the Trading Guides. Trading Calendar All market holidays are listed in the trading and currency holiday calendar. Find Out More Your Benefits on the Swiss Stock Exchange Continuous Trading The price for each transaction is determined individually. Auctions To open continuous trading and determine the new reference price in a closing auction. Trading-At-Last Additional post-auction liquidity on the primary market with executions at the official closing price. At What Times Are Trading and Clearing Possible? A trading day on the Swiss Stock Exchange lasts from 06:00 to 22:00 (CET). A clearing day lasts from 08:00 to 18:15 (CET). The trading day consists of the following trading periods: Pre-opening, Opening, Continuous trading, Close of trading (with and without closing auction and Trading-At-Last) and Post-trading. The exact trading hours are specified per trading segment. The opening and continuous trading periods together make up the trading periods. Continuous trading runs from the opening to the close of trading (with and without closing auction and Trading-At-Last). The Exchange specifies the trading days in the trading calendar. In special situations the Exchange may modify trading days and clearing days as well as trading hours. Continuous trading may be extended or curtailed for individual securities, for entire market segments or even for the market as a whole. For individual stocks or entire market segments, trading may be temporarily suspended. There will then be no opening of, or continuous trading in the market for these securities. Trading Periods per Segment The exact trading hours and trading periods are set out in the Trading Guide – Business Day Overview. Download About This Service Opening and Close of trading on the Swiss Stock Exchange are defined per trading segment. The individual securities in the various segments open at a random time interval of two minutes. The random time is meant to make it difficult to manipulate prices. Orders entered before opening of a given issue are factored into the opening price. In the trading segments Shares and Investment Funds an auction is conducted from 17.20 to 17.30. In the trading segments ETFs, ETPs and Sponsored Funds an auction is conducted from 17.30 to 17.35. Resources Each trading day on the Swiss Stock Exchange is divided into five exchange periods. The times of the exchange periods vary according to the trading segment and market model. Continuous trading runs from the opening to the close of trading (with and without closing auction). Downloads Trading Guide (full version), Anglais Ouvrir le document Business Day Overview, Anglais Ouvrir le document Trading Period Overview, Anglais Ouvrir le document Trading Hours Overview Trading Hours Central Limit Order Book (CLOB) Securities Opening Close Bonds - CHF Swiss Confederation and Swiss Pfandbriefe 08:30 17:00 Shares and Investment Funds 09:00 17:30 * Rights and Options 09:15 17:15 Bonds - CHF 09:30 17:00 * In the trading segments Shares and Investment Funds an auction is conducted from 17.20 to 17.30. In the trading segments Blue Chip Shares and Mid-/Small-Cap Shares Trading-At-Last (TAL) is conducted until 17:40. Quote Driven Market (QDM) Securities Opening Close Bonds - Non CHF 08:30 17:00 ETF on Bonds of the Swiss Confederation 09:00 17:00 ETF, ETSF and ETP 09:00 17:30 ** Sponsored Funds 09:15 17:30 ** ** In the trading segments ETFs, ETPs and Sponsored Funds an auction is conducted from 17.30 to 17.35 Price Validation Market (PVM) Securities Opening Close Structured Products 09:15 17:15 Pre-opening Pre-opening offers participants some initial guidance on how an exchange day is developing. Orders and quotes may be entered during this time, and a theoretical opening price is displayed. Order and quote maintenance during pre-opening Each exchange day begins with pre-opening, which runs from the start of the exchange day until the opening of the respective trading segment. During this phase, participants may enter or cancel orders and quotes in the order books. Orders and quotes are not executed at this point. Calculation of the theoretical opening price Orders and quotes are kept in the order books. A theoretical opening price is calculated on the basis of orders in the order books using the Matching Rules. This theoretical opening price is displayed to participants via the Exchange System as a guide. Opening The opening of an exchange day takes the form of an auction, with the opening price established in accordance with the principle of highest executable volume. The following conditions must be fulfilled at opening: The price must be determined in such a way that the greatest trading volume can be achieved. All market orders must be executed. Opening of individual trading segments: Opening is as per the trading hours. The Exchange System determines when each segment opens by selecting a random time within a two-minute slot. Opening of trading in different securities If, during opening, there are no trades in the respective securities, there is no official opening price for the day in question. With certain securities, the following cases may arise: Delay Open and Non Opening. Discover more information on Extraordinary Order Book Situations. Continuous Trading Orders and quotes received during continuous trading are immediately entered in the order book and executed where possible. Based on orders executed, the Exchange system calculates a reference price and displays this to participants. Duration of continuous trading Continuous trading runs from the opening to the close of trading in the particular segment. As a rule, there are no breaks in continuous trading, except in special situations. Off-order book orders During continuous trading, participants may also report off-order book orders. Close of Trading (incl. Trading-At-Last) Close of trading is as per the trading periods for the respective trading segments. There are different methods for closing trading. Close of trading without closing auction With this method, trading on the Exchange ceases and trading in the respective securities changes to post-trading status. At close of trading, the day's closing price is calculated, and participants are notified of the closing price via the Exchange System. The random time procedure is not used. Close of trading with closing auction In certain trading segments, a closing auction is conducted to establish the day's closing prices. During this phase of trading, participants have a number of possibilities: They may enter or cancel orders and quotes in the order books. Orders are not yet executed. They may report off-order book trades to the Exchange during the closing auction. Orders and quotes are kept in the order books without being executed. A theoretical opening price, based on the orders in the order books, is calculated using the Matching Rules and displayed via the Exchange System. End of the closing auction The closing auction, conducted according to the principle of highest executable volume, is ended by means of the random time procedure (auction and close). Orders and quotes entered during the auction are used to establish the closing prices of the respective securities. Points to note in connection with the end of the auction: Trading hours for securities with a closing auction are not extended. In the case of securities in which no trades were executed during the auction, the last reference price is taken as the day's closing price. Trading-At-Last (TAL) The Exchange may provide for Trading-At-Last for individual trading segments immediately after the closing auction. In the Trading-At-Last period, transactions are triggered by an incoming order which is executed with the orders on the opposite side of the order book to the extent the quantity and limit allow it. In contrast to auction and continuous trading, the price for each trade is not determined individually, but all trades are executed at the closing price of the closing auction. If a closing price cannot be determined in the closing auction for a given security, no TAL session for the respective security will take place. Post-Trading Post-trading in a segment usually takes place from the close of trading until the end of the exchange day. During this phase, participants have the following options: They may enter or cancel orders and quotes in the order books. Orders and quotes are not executed. They may report off-order book trades to the Exchange.