Directive 3: Trading
Content
Purpose and principle
Purpose and principle
General
Trading day and trading period
Trading day and trading period
Clearing day
Clearing day
Trading hours
Trading hours
General
Definitions
Order and quote
Definition
Definition
Order specification
Order specification
Order and quote
Price-time priority
Price-time priority
Auction and principle of highest executable volume
Auction and principle of highest executable volume
Continuous trading
Continuous trading
Reference price adjustment
Reference price adjustment
Trade suspension
Trade suspension
Definitions
Market models
Central Limit Order Book (CLOB)
Orders and quotes
Orders and quotes
Pre-opening
Pre-opening
Opening
Opening
Continuous trading
Continuous trading
Close of trade with closing auction
Close of trade with closing auction
Close of trade without closing auction
Close of trade without closing auction
Post-trading
Post-trading
Central Limit Order Book (CLOB)
Market Maker Book (MMB)
Orders and quotes
Orders and quotes
Market making
Market making
Pre-opening
Pre-opening
Opening
Opening
Continuous trading
Continuous trading
Close of trade without closing auction
Close of trade without closing auction
Post-trading
Post-trading
Market Maker Book (MMB)
Market Maker Book Fill-or-Kill (MMB-FOK)
Orders and quotes
Orders and quotes
Market making
Market making
Pre-opening
Pre-opening
Opening
Opening
Continuous trading
Continuous trading
Close of trade without closing auction
Close of trade without closing auction
Post-trading
Post-trading
Market Maker Book Fill-or-Kill (MMB-FOK)
Market models
Reporting of trades to the Exchange
Trade reports
Trade reports
Reporting functions
Two-sided Trade Report
Trades with other participants
Trades with other participants
Trades with non-participants with Securities Dealer status
Trades with non-participants with Securities Dealer status
Two-sided Trade Report
One-sided Trade Report
One-sided Trade Report
Reporting functions
Reporting of trades to the Exchange
Correction, cancellation and countertrade
Correction
Correction
Cancellation
Principle
Irregular on-exchange trades
Irregular on-exchange trades
Incorrect Trade Reports to the Exchange
Incorrect Trade Reports to the Exchange
Principle
Procedure
Procedure
Effect of a cancellation
Effect of a cancellation
Costs
Costs
Cancellation
Countertrade
Countertrade
Correction, cancellation and countertrade
Trading segments
Classification of markets and trading segments
Classification of markets and trading segments
Trading segments
Annexes
Annex A - Blue Chip Shares
Annex A - Blue Chip Shares
Annex B - Mid-/Small-Cap Shares
Annex B - Mid-/Small-Cap Shares
Annex C - Rights
Annex C - Rights
Annex D - Secondary Listing Shares
Annex D - Secondary Listing Shares
Annex E - Sponsored Segment
Annex E - Sponsored Segment
Annex F - Investment Funds
Annex F - Investment Funds
Annex G - Exchange Traded Funds
Annex G - Exchange Traded Funds
Annex H - Exchange Traded Structured Funds
Annex H - Exchange Traded Structured Funds
Annex I - Sponsored Funds
Annex I - Sponsored Funds
Annex J - Bonds of the Swiss Confederation
Annex J - Bonds of the Swiss Confederation
Annex K - Other CHF Bonds
Annex K - Other CHF Bonds
Annex L - Floating Rate Notes
Annex L - Floating Rate Notes
Annex M - Convertible and Warrant Bonds
Annex M - Convertible and Warrant Bonds
Annex N - Delisted Bonds
Annex N - Delisted Bonds
Annex O - International Bonds
Annex O - International Bonds
Annex P - Credit Linked Notes and Bond Linked Notes
Annex P - Credit Linked Notes and Bond Linked Notes
Annex Q - Exchange Traded Products
Annex Q - Exchange Traded Products
Annex R - Separate Trading Lines
Annex R - Separate Trading Lines
Annex S - Trade Types
Annex S - Trade Types
Annex T - Delayed Publication
Annex T - Delayed Publication
Annexes
Trading
of 23/01/2013
Effective from:
01/03/2013
Content
1 Purpose and principle
I General
2 Trading day and trading period
3 Clearing day
4 Trading hours
II Definitions
5 Order and quote
5.1 Definition
5.2 Order specification
6 Price-time priority
7 Auction and principle of highest executable volume
8 Continuous trading
9 Reference price adjustment
10 Trade suspension
III Market models
11 Central Limit Order Book (CLOB)
11.1 Orders and quotes
11.2 Pre-opening
11.3 Opening
11.4 Continuous trading
11.5 Close of trade with closing auction
11.6 Close of trade without closing auction
11.7 Post-trading
12 Market Maker Book (MMB)
12.1 Orders and quotes
12.2 Market making
12.3 Pre-opening
12.4 Opening
12.5 Continuous trading
12.6 Close of trade without closing auction
12.7 Post-trading
13 Market Maker Book Fill-or-Kill (MMB-FOK)
13.1 Orders and quotes
13.2 Market making
13.3 Pre-opening
13.4 Opening
13.5 Continuous trading
13.6 Close of trade without closing auction
13.7 Post-trading
IV Reporting of trades to the Exchange
14 Trade reports
15 Reporting functions
15.1 Two-sided Trade Report
15.1.1 Trades with other participants
15.1.2 Trades with non-participants with Securities Dealer status
15.2 One-sided Trade Report
V Correction, cancellation and countertrade
16 Correction
17 Cancellation
17.1 Principle
17.1.1 Irregular on-exchange trades
17.1.2 Incorrect Trade Reports to the Exchange
17.2 Procedure
17.3 Effect of a cancellation
17.4 Costs
18 Countertrade
VI Trading segments
19 Classification of markets and trading segments
Annexes
Annex A
- Blue Chip Shares
Annex B
- Mid-/Small-Cap Shares
Annex C
- Rights
Annex D
- Secondary Listing Shares
Annex E
- Sponsored Segment
Annex F
- Investment Funds
Annex G
- Exchange Traded Funds
Annex H
- Exchange Traded Structured Funds
Annex I
- Sponsored Funds
Annex J
- Bonds of the Swiss Confederation
Annex K
- Other CHF Bonds
Annex L
- Floating Rate Notes
Annex M
- Convertible and Warrant Bonds
Annex N
- Delisted Bonds
Annex O
- International Bonds
Annex P
- Credit Linked Notes and Bond Linked Notes
Annex Q
- Exchange Traded Products
Annex R
- Separate Trading Lines
Annex S
- Trade Types
Annex T
- Delayed Publication
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