Your bank does not necessarily offer all order types available at the SIX Swiss Exchange. The following examples
based on a buy order for shares. You should mentally adapt the examples for sell orders and other
securities. Additional information can be found in
Directive 3: Trading.
Normal Order
Price / limit
Description
Unlimited
If you place an unlimited order, it is always executed, at least in the case of tradeable shares. You
will receive the shares in question at the lowest (= best) price currently offered in the order book.
If the volume you have entered is larger, the system matches with the second-best price until the
entire order is executed. Sometimes there are no sell offers for little-traded securities. In this
case, the unlimited order remains in the order book until it can be executed.
Limit
Limit orders differ from unlimited orders in that they are subject to a price limit. When placing a
normal order with a limit, you determine a specific price at which you are willing to buy the
desired number of shares. The system treats all offers present in the order book that are below your
limit as unlimited orders. However, no execution takes place at prices above your limit. The
disadvantage of this type of order is that it will not be matched if your limit is too low.
