Exchange Trading

Pricing of all on order book transactions takes place for all participants according to the same set of pricing rules as established by SIX Swiss Exchange Ltd, i.e. the so-called Matching Rules.

Overview of SIX Swiss Exchange Matching Rules

The Quote Driven Market of SWXess platform, has two different matching procedures:

Opening

During the opening, the first officially established price of the day (opening price) for each security traded in the SWXess-platform is arrived at in keeping with the following rules:

The opening price is determined in accordance with the principle of the largest, best execution, whereas orders and quotes are taken into account for the price determination (for opening purposes, orders without specific price parameters, i.e. "market orders", are rejected in the quote-driven portion of the Exchange System).

If prior to the opening only orders or quotes are on the book that cannot be executed against each other, trading will commence in the given security without determination of an official opening price (no delayed opening).

The orders/quotes on the book are paired off in a manner such that executions are concluded at the most recently calculated theoretical opening price. During this matching process, the order book is updated.

Continuous trading

Matching incoming orders with orders/quotes on the book so that executions are triggered. Each order or quote entered into the system is, if at all possible, executed against orders or quotes that are already on the book. All new prices may not be less advantageous than the limits that remain on the book.

Definition of terms

 Price-time priority

Before matching takes place, the orders/quotes on both sides of the book are ordered by price and time of entry, regardless of which matching procedure is used:

Order of precedence from best price to worst price (price priority)

     Buy side of book: limits and quotes, from highest to lowest price

     Sell side of book: limits and quotes from lowest to highest price

Given equal price priority, orders or quotes are ranked according to time of entry, starting with the oldest (time priority)

     For orders or quotes limited at the same price, those that have been on the book the longest will be taken into account first.

Matching according to size of order

Of two paired-off orders or quotes, the smaller one will be executed entirely. The larger order/quote will be reduced accordingly in reflection of the partial execution.

Further information on the matching rules.

On Order Book

The substance of Exchange trading pertains exclusively to cash and forward transactions in securities traded on SIX Swiss Exchange.

These Exchange transactions are settled on a "trade-date plus three" (T+3) basis; in other words, customary practice requires the delivery versus payment of the securities involved in an Exchange transaction to take place on the third banking day following the date of execution.

Exchange hours for the Quote Driven Market of SWXess platform

SIX Swiss Exchange is open for business daily from Monday through Friday, but remains closed on national holidays.

The Exchange reserves the right, upon prior notification, to remain closed also on other days.

The precise business and trading hours are specified in Directives as well as the SIX trading calendar (see Directive 3: TradingProduct Guide - Structured Products Market).

In exceptional circumstances the Exchange may modify trading days or trading periods for entire market segments, or the market as a whole. In the case of a temporary suspension of trading in individual issues or entire market segments, no opening or continuous trading takes place in the related securities (see Rule Book).

Trading Calendar

The trading calendar provides informations on the valuta days of the single currencies and the market holidays of SIX Swiss Exchange. Click here to view the trading calendar display.


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