There are three different models for trading on the Exchange, depending on the trading segment.
Central Limit Order Book (CLOB)
With this market model, participants trade on the basis of orders, quotes and volatile orders. At the
close of trading there is a closing auction for equities and investment funds, but not for
CHF bonds. Trading can be stopped, depending on the reference price. Prices are calculated
according to the CLOB price calculation method.
Which segments is the CLOB trading model used for?
Blue Chips
Mid & Small Caps
Secondary listing equities
Separate trading lines
CHF bonds
Investment funds
Rights
Market Maker Book (MMB)
This market model uses orders and quotes. With the Market Maker Book model, there is no closing auction,
but the price last established is published. Trading is stopped if there are corresponding
orders on opposite sides of the order book that could be executed, but no quote is available. Prices are
calculated on the basis of quotes.
Which segments is the MMB trading model used for?
International bonds
Exchange traded funds (ETFs)
Exchange traded structured funds (ETSFs)
Exchange Traded Products (ETPs)
Derivatives (Scoach Switzerland)
Market Maker Book - Fill or Kill (MMB-FoK)
With this market model, orders must be filled and each transaction must correspond to at
least the minimum denomination. Otherwise the order is rejected and not kept in the order book.
Quotes are also processed. With this model, there is no closing auction, but a
price last established is published. Prices are calculated on the basis of the
minimum denomination.
Which segments is the MMB-FoK trading model used for?
International bonds for which the initial denomination is larger than the smallest tradable unit
