Trading periods for the Market Maker Book (MMB) market model

The trading day for the MMB market model at SIX Swiss Exchange is broken down into five periods: the "Pre-opening", "Opening", "Continuous trading", "Close of trading" and "Post-trading" periods.

Pre-opening

The pre-opening lasts from 6:00 to 9:15 a.m. CET (for interest-rate derivatives and international bonds, until 9:30 a.m.). During this period, orders/quotes may be entered into or deleted from the electronic order books, whereas no transactions take place. To apprise traders as to how the opening is shaping up, a theoretical opening price is continually calculated and displayed.

Opening

The opening price at the start of trading (or when dealings recommence following a trading halt) is determined according to the principle of the "largest, best execution". In other words, the price reflects an execution of the highest-volume match.

Continuous trading

Immediately after the opening, continuous trading commences. New orders are successively executed against existing orders and/or quotes on the book, whereby here too the Matching Rules are authoritative. All orders or quotes remain on the book until they are either executed or cancelled.

Close of trading

Depending on the specific type of tradable product, the close of trading takes place at different times (5:00 p.m. and 5:15 p.m.).

Post-trading

Post-trading runs from 5:00 or, as the case may be, 5:15 p.m. until 10:00 p.m. During that time frame, market makers may continue to post their quotes. An order entry (with validity until some date in the future) and order cancellation is possible.

Note: Detailed information on the exchange periods can be found in the General Conditions (GC) as well as in Directive 1 (Exchange Hours).