Trading on SIX Swiss Exchange Enhanced with New Order Types

The successful SWXess Maintenance Release 11 (SMR11) on 15 May 2023 marked the introduction of various enhancements to improve trading on SIX Swiss Exchange for different types of market participants – in particular the launch of Auction Volume Discovery (AVD) and the new Retail Order Types Stop Loss and Stop Limit.

Christian Reuss, Head SIX Swiss Exchange, comments: “With every new service or product we develop, we aim to provide added value to our stakeholders and strengthen our connection with them – for the benefit of the wider Swiss financial marketplace.”

Auction Volume Discovery (AVD): Pragmatic Innovation

While trading volumes on European equity markets have increased during the closing auction, SIX observed understandable caution among trading members about price impact, resulting in participation caps.

To consolidate this sidelined liquidity during auction phases, the Swiss stock exchange developed the new hidden order type Auction Volume Discovery (AVD). Developed with and for the industry, AVD helps trading members to safely find liquidity over and above participation caps, without revealing their hand to the market.

• Learn more about AVD
  

Retail Order Types: Trading with More Flexibility

As retail trading and its contribution to trading flow has been increasing in recent times, SIX Swiss Exchange caters to the needs of this clientele with the introduction of new Retail Order Types. The first two – with more to come in the future – are Stop Loss and Stop Limit.

A unique advantage of using these new order types of SIX Swiss Exchange is that they will sit in close proximity to the matching engine and will enter the order book immediately after being triggered by the prices that investors have specified.

For all types of investors these new order types provide more flexibility to adjust their portfolios while enjoying all of the advantages of trading on a regulated exchange like transparency, liquidity, investor protection and equal treatment.

• Learn more about Retail Order Types
  

Increasing the Attractiveness of SIX Swiss Exchange

SIX embraces the competition for volumes and market share and fosters a very close dialogue with its clients and stakeholders to ensure that all new services and improvements – both incremental and innovative – are geared towards market needs and enable further growth.

Previous examples include Block orders that make interacting with unique liquidity in SwissAtMid more attractive, Swiss EBBO which allows investors to access three orderbooks instantaneously to improve their execution outcome, or enhancements of Quote on Demand (QOD), the innovative RFQ solution that complements the quote driven market of SIX Swiss Exchange.

• “The Search for Block Liquidity Continues.”
• “Conditional Orders Help our Clients to Navigate Fragmented Markets.”
• “We See Growth Every Single Month.”