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Trading Interruptions in SwissAtMid

Matching in SwissAtMid can be interrupted in the following cases:

  • If no mid-point price can be calculated in the CLOB of the respective security.
  • If the respective security is not in the trading period «Continuous Trading» in CLOB then the MPOB is in Primary Condition (e.g. trading period of CLOB is Pre-Opening, Opening, End of Trading or Post-Trading).
  • If trading in the respective security is interrupted in CLOB then the MPOB is in Primary Condition (e.g. trading state of CLOB is Suspended, Underlying Condition, Stop Trading, Delay Opening or Non-Opening).
  • If the mid-point of the best bid and offer of next execution in SwissAtMid compared to the last Reference Price of the CLOB of the respective security is outside a defined price range then MPOB has a Stop Trading. The Stop Trading Range in SwissAtMid complies with the rules for the CLOB of the respective security. The Stop Trading Duration in MPOB is not timed. The stop trading in MPOB will last for as long as the price deviation exceeds the Stop Trading Range of the respective security. Find details about the applicable Stop Trading parameters in the Product Guide - Equity Market[pdf].
  • If trading in the respective security is suspended in MPOB.

Overview of the various trading state constellations in CLOB and MPOB

CLOB   MPOB
Trading Period Trading State Trading Interruption State
Pre-Opening Any Any Primary Condition
Opening Any Any Primary Condition
Continuous Trading Suspended Any Primary Condition
Continuous Trading Underlying Condition Any Primary Condition
Continuous Trading Active Stop Trading
(Regular or Avalanche)
Primary Condition
Continuous Trading Active Delay Opening Primary Condition
Continuous Trading Active Non Opening Primary Condition
Continuous Trading Active None MPOB Continuous Trading
Continuous Trading Active None MPOB Stop Trading *
Continuous Trading Active None MPOB Suspension *
End of Trading Any Any MPOB Post-Trading
Post-Trading Any Any MPOB Post-Trading

* These states of the MPOB are not derived from CLOB but only affect SwissAtMid

The Avalanche Stop Trading does not apply to MPOB.

Order entry, maintenance and deletion in SwissAtMid is supported during any MPOB trading state.

Please note that if trading in SwissAtMid is interrupted due to a Primary Condition in the CLOB (i.e. Stop Trading or Suspension) or due to Stop Trading in MPOB, the trading status of the security in MPOB is not published in the SWXess market data interfaces. If trading is interrupted in MPOB due to a Suspension, the security status is updated and published in the market data.