The Exchange System supports the various forms of off-order book trading. Throughout the entire period of exchange operation, i.e. during continual trading, participants have at their disposal the following off-order book functional features:
— Trade Confirmation (TC)
— Reported Trade (RT)
A significant divergence from the reference price in certain securities can lead to a so-called "stop trading", which results in either a postponed opening (delayed opening) or a trading halt.
Example: The theoretical opening price of a security stands at CHF 86.25, i.e. a previously entered sell order would potentially match at that price with an existing order on the buy side. But because the implied execution price deviates too greatly from the reference price (e.g. CHF 91.35, equivalent to a 5.6 % variation), there will be a delayed opening.
Trading may be temporarily suspended in individual issues or entire market segments. For the securities involved, no opening or continual trading will take place.
Under certain circumstances, market control may investigate a transaction executed by the Exchange system and, if necessary, declare the trade null and void.
In the case of an execution that deviates considerably from the going market price and is thus at conflict with the principle of fair and orderly trading, SIX Swiss Exchange Ltd has the right to intervene and nullify the trade (Rule Book).
To those participants who are linked with the quote system, SIX Swiss Exchange Ltd charges a QPS capacity fee for the dedicated system capacity at their disposal (QPS, see Directive 7: Fees and Costs). Calculation of the fee is based on the dedicated system capacity the participant has ordered for its own use.
At present, the QPS capacity fee is applicable only to Structured Products that are traded via the quote system. Management of SIX Swiss Exchange AG reserves the right to alter the fee schedule if necessary.
If the rules laid down in the Trading Rules or the Directives of SIX Swiss Exchange are breached, Surveillance & Enforcement (SVE) or the Sanction Commission may pronounce sanctions against the participant or trader(s) concerned.
Further details can be found here.