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swissexchange [2017/02/08 11:09] – [Auction Mechanisms] mayaswissexchange [2023/02/27 12:24] (current) – [Auction Mechanisms] hammed
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-====== SIX Swiss Exchange (SIX) ======+====== SIX Swiss Exchange ====== 
 The SIX Swiss Exchange, based in Zurich, is Switzerland's principal stock exchange. SIX Swiss also trades other securities, such as Swiss government bonds, and derivatives, such as stock options. The SIX Swiss Exchange, based in Zurich, is Switzerland's principal stock exchange. SIX Swiss also trades other securities, such as Swiss government bonds, and derivatives, such as stock options.
  
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 [[ http://www.six-swiss-exchange.com/index.html | Home Page ]] [[ http://www.six-swiss-exchange.com/index.html | Home Page ]]
  
-Currency: Swiss Franc (CHF)\\ +Currency: Swiss Franc (CHF)
-Time Zone: UTC +01:00+
  
-[[ http://www.six-swiss-exchange.com/shares/trading/trading_hours_en.html | Trading Hours ]]\\ +  * [[ https://www.six-group.com/en/products-services/the-swiss-stock-exchange/trading/trading-provisions/trading-hours.html | Trading Hours ]] 
-[[ https://www.six-swiss-exchange.com/funds/trading/trading_and_settlement_calendar_en.html | Trading and Settlement Calendar ]]+  * [[ https://www.six-group.com/en/products-services/the-swiss-stock-exchange/market-data/news-tools/trading-currency-holiday-calendar.html#/ | Trading and Currency Holiday Calendar ]]
  
-==== Lit Order Types ==== +==== Order Types ==== 
-  * Limit + 
-  * Limit-On-Close +  * Limit Buy/Sell→ShortSell 
-  * Market +  * Limit-On-Close (LOC) Buy/Sell→ShortSell 
-  * Market-On-Close +  * Market Buy/Sell→ShortSell 
-==== Available ATS ==== +  * Market-On-Close (MOC) Buy/Sell→ShortSell
-  * [[ batseurope | BATS CHI-X Europe]]\\ +
-  * [[ turquoise | Turquoise ]]\\+
  
 ==== Basic Market Rules ==== ==== Basic Market Rules ====
 +
   * Lot Size: 100 shares.   * Lot Size: 100 shares.
   * Tick Size: varies, as follows:   * Tick Size: varies, as follows:
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      * 1.5% from a reference price valid within 10 seconds (Avalanche stop)      * 1.5% from a reference price valid within 10 seconds (Avalanche stop)
         * In certain cases, the exchange may adjust these parameters on short notice         * In certain cases, the exchange may adjust these parameters on short notice
 +  * **Note:** as part of pre-trade transparency requirements under the new MiFID II rule, Europe hidden or hidden portion of iceberg (e.g., CHIX-X Bats and Turquoise reserve/dark orders) order must be sent above the Large In Scale (LIS) thresholds as defined by the European Securities and Markets Authority (ESMA). For more information about the MiFID II rules, visit the ESMA official website at https://www.esma.europa.eu/.
      
-For more information, see the [[http://www.six-swiss-exchange.com/rule_book/01-RB/en/index.html | Rule Book]] page.+For more information, see the [[https://www.ser-ag.com/dam/downloads/regulation/trading/rule-books/rb-en.pdf | Rule Book]]. 
 ==== Auction Mechanisms ==== ==== Auction Mechanisms ====
 +
 === Open === === Open ===
  
-Opening is randomized to occur within 2 minutes of 9:00. The Open Auction can be delayed by 5-15 minutes if the theoretical opening price deviates sharply from the reference price, or if at the opening there are no quotes on the order book even though executable orders exist on both sides of the market. The same is done for the close.+Opening is randomized to occur within 2 minutes of 9:00. The Open Auction can be delayed by 5–15 minutes if the theoretical opening price deviates sharply from the reference price, or if at the opening there are no quotes on the order book even though executable orders exist on both sides of the market. The same is done for the close.
  
 === Close === === Close ===
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 The closing price is defined by the following auction mechanism: The closing price is defined by the following auction mechanism:
  
-  * **a.)** The principle of highest volume transacted, exchange prices must be determined such that the highest possible volume of shares will exchange hands +  * a) Using the principle of highest volume transacted, exchange prices must be determined such that the highest possible volume of shares will exchange hands 
-  * **b.)** After orders/quotes have been entered into the order book and matched, the exchange system determines the price that will maximize share turnover +  * b) After orders/quotes have been entered into the order book and matched, the exchange system determines the price that will maximize share turnover 
-  * **c.)** Before matching, orders and quotes on each side of the book are ordered in price-time priority. +  * c) Before matching, orders and quotes on each side of the book are ordered in price-time priority. 
      * Price Priority:      * Price Priority:
-       * Buy: Market Orders followed by limit orders and/or quotes (highest limit to lowest limit) +       * Buy: Market orders, followed by Limit orders and/or quotes (highest limit to lowest limit) 
-       * Sell: Market Orders followed by limit orders and/or quotes (lowest limit to highest limit) +       * Sell: Market orders, followed by Limit orders and/or quotes (lowest limit to highest limit) 
-     * then, Time Priority: Oldest to youngest+     * Then, time priority: oldest to newest
  
 **Auction Periods** **Auction Periods**
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 1. **Continuous Trading** (09:00 - 17:20) 1. **Continuous Trading** (09:00 - 17:20)
   * No closing orders will be matched, all others will matched to the open market   * No closing orders will be matched, all others will matched to the open market
-  * Orders may be entered, amended & cancelled+  * Orders may be entered, amended, and cancelled
  
-2. **Closing Auction** (17:20 - 17:30) +2. **Closing Auction** (17:20 - 17:29:45) 
-  * Closing orders may be entered, amended & cancelled+  * Closing orders may be entered, amended, and cancelled
   * No orders will be matched   * No orders will be matched
  
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   * Closing orders will be matched   * Closing orders will be matched
  
-**Order Types:** Market and Limit orders will be eligible to participate in the close.+**Order Types:** Limit, Market, and Market-on-Closes orders will be eligible to participate in the close. 
 + 
 +For more information, see the [[https://www.ser-ag.com/dam/downloads/regulation/trading/rule-books/rb-en.pdf | Rule Book]] and [[ https://www.six-swiss-exchange.com/participants/trading/on_order/functionalities_en.html | On-order-book trading ]] pages.
  
-For more information, see the [[http://www.six-swiss-exchange.com/rule_book/01-RB/en/index.html | Rule Book]], [[https://www.six-swiss-exchange.com/participants/trading/ote/sls/matching_rules_en.html | Matching Rules]], and [[ https://www.six-swiss-exchange.com/participants/trading/on_order/functionalities_en.html | On-Order-Book Trading ]] pages. 
 ==== Financial News === ==== Financial News ===
  
-  * [[ http://www.thelocal.ch/page/view/money | The Local Business Section ]]\\ +  * [[ http://www.thelocal.ch/page/view/money | The Local: Business Section ]] 
-  * [[ http://www.swissinfo.ch/eng/business | Swiss Info Business Section ]]\\+  * [[ http://www.swissinfo.ch/eng/business | Swiss Info: Business Section ]]
      
 ====Market Data==== ====Market Data====
-  * [[ http://www.six-swiss-exchange.com/shares/overview_en.html | SIX Swiss Exchange Market Data ]]\\+ 
 +  * [[ http://www.six-swiss-exchange.com/shares/overview_en.html | SIX Swiss Exchange Market Data ]]
  
 ===== See Also ===== ===== See Also =====
-  * [[market_guides|Market Guides]] 
  
 +  * [[market_guides|Market Guides]]
swissexchange.1486570183.txt.gz · Last modified: 2017/02/08 11:09 by maya