SWITZERLAND: SIX Enhances the Transformation of Trading

Thursday July 23 2020

On 23^rd July 2020, the Swiss Stock Exchange (SIX) announced new matching functions specifically designed to benefit the investor community. The latest maintenance release for the SWXess trading platform, has introduced a number of functions for trading interfaces, in addition to changes across its market data interfaces, that offer significant benefits for market participants.

Price Validation Market Model (PVM)

During the price validation interruption, there is no pre-trade transparency in the impacted order book. Following on from the price validation interruption, orders and quotes are matched according to the auction or the principle of highest executable volume.

This shift away from binding prices will help increase the quantity and quality of the Swiss Stock Exchange’s tradable portfolio.

Trading at Last (TAL)

Simultaneously, the Swiss Stock Exchange has also rolled out its Trading at Last (TAL) solution for equity trading. TAL is an extension of on book trading in the Central Limit Order Book after the closing auction (which occurs at 17:30) until 17:40. It enables a continuous trading session immediately following the closing auction, where orders can be executed at the official closing auction price. This provides participants with the opportunity to find additional liquidity at the end of the trading day without signalling any unexecuted positions to the market.

Click on the above link for further information.