8 Continuous trading

¹ In continuous trading, transactions are triggered by an incoming order or quote which is executed with the orders or quotes on the opposite side of the orderbook to the extent the quantity and limit allow it. In contrast to an auction, the price for each transaction shall be determined individually.

² The following rules shall apply here:

1. An incoming order shall be checked for feasibility and shall be immediately executed in accordance with the price-time priority with orders or quotes on the opposite side of the orderbook in one or more steps and prices;
2. if an order is not or is only partially executed, it shall be placed in the orderbook with any limit and a time stamp. Other order validities remain reserved;
3. if an incoming, unlimited order is executed with an unlimited order on the opposite side of the orderbook, the execution shall take place at the reference price. If the reference price is below (above) the best buy order (sell order) remaining in the book, it shall determine the price of the execution;
4. if an incoming, unlimited order is executed with an unlimited order on the opposite side of the orderbook, the execution shall take place at the reference price;
5. if an incoming, limited order is executed with an unlimited order on the opposite side of the orderbook, the execution shall take place at the reference price. If the reference price is below (above) the best buy order (sell order) remaining in the book on the opposite side, it shall determine the price of the execution;
6. if an incoming, limited order is executed with a limited order on the opposite side of the orderbook, the execution shall take place at the price of the common limit. If the limit of the buy order is above the limit of the sell order, the limit which is more beneficial from the standpoint of the incoming order shall be used.

³ In addition to the provisions above, the rules of quote-based pricing in the Market Maker Book shall also apply.