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SIX launches two new order types – Limit Plus and Iceberg Plus

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The Swiss exchange has launched two new order types – Limit Plus and an enhanced Iceberg order, Iceberg Plus – which provide participants with even more flexibility and efficiency to trade successfully in today’s market. 

Their introduction underlines the commitment of SIX to cater to the needs of its clients and to broaden its Exchange Services portfolio, as well as to increase the liquidity and quality of the home market for Swiss securities.

Both new Plus order types allow participants to simultaneously access the lit book and SwissAtMid, the non-displayed liquidity pool of the Swiss exchange. This dual representation offers the chance of capturing liquidity at the mid-point and of finding a match – without costing extra time or money.

Both new Plus order types also enable participants to automatically follow the best price. Their pegging functionality allows an order to float at the best bid or offer up to and including the overall limit price of the order – a valuable feature in markets that started to move faster following the tick size harmonisation earlier this year.

More information about these and further benefits as well as details about the functionalities of the new Plus order types are available on our website and in our factsheet. Their introduction is part of the SWXess Maintenance Release 7.1 (SMR 7.1).

Prior to the Plus order types, SIX had introduced the Sweep order which allows participants to look for midpoint liquidity in SwissAtMid before routing to the lit order book of the Swiss exchange in a single step. SwissAtMid is implemented directly in the same matching logic as the lit book, so there are no drawbacks of using the Sweep order to check for additional mid-point liquidity.

With a trading turnover of CHF4.7 billion in 2017, SwissAtMid has significantly contributed to the impressive market share in trading of Swiss large cap equities of 68.3 per cent (up from 64.6 per cent in 2016). This momentum has been carried over into 2018: as per end of April, close to CHF3 billion have already been traded in SwissAtMid which has become the largest single venue non-displayed pool in Europe in terms of daily market share.

A strategic and organisational realignment of SIX has brought the Swiss Exchanges and Securities Services together. This combines the dynamism of one of Europe’s foremost exchanges with the stability and reliability of one of the most respected post-trade service providers in the industry. The resulting Exchange Services portfolio is a powerful single source for Swiss and international clients for listing, trading and post-trade solutions. 

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