On Order Book

The Exchange System supports various forms of on order book trading (see Directive 4: Orders and their Attributes). Transactions resulting from on order book executions are published to the market automatically and immediately.

These exchange transactions are settled on a "trade-date plus three" (T+3) basis. This means that the Delivery versus Payment (DvP) of the securities usually takes place on the third banking day following the date of execution.

Members can use the following on order book functional features:

• Normal order
  An order for a purchase or sale of a certain number of securities. A normal order can be entered with an indication of price (limit order) or without (market order). Normal orders can remain valid for a maximum of 1 year. A normal order can be entered into the Trading System during pre-opening and continuous trading periods.
• Hidden size order (iceberg order)
  A large order, which consists of two quantities, the visible size (which is published to the market) and the hidden size (which remains confidential).
  
  A special flag ">" against the quantity in the order book indicates to all traders that there is a hidden quantity of shares behind those being shown. The hidden size of an order enjoys the same time priority as the size originally visible. If the visible size is executed an equal amount of the remainder of the hidden order is moved up and therefore becomes visible. A hidden order can be entered into the Trading System during pre-opening and continuous trading periods.
  
  Certain parameters with regards to the minimum original order quantity are specified in the SWX Europe Traders Guide.
• Accept order (fill and kill)
  An order which matches orders that are already in the book. If the order is only partially filled or nothing at all is done, any remaining balance will be automatically cancelled by the Exchange System immediately after entry. This type of order never appears in the order book. Accept orders can be entered during continuous trading.
• Fill or kill order (all or nothing)
  An order which is either executed in its entirety (filled) or immediately cancelled (killed). This type of order never appears in the book, and as such entry can only be made during continuous trading.
• Conditional order
  An order which is entered together with a price condition (generally a stop-loss or stop-buy). The order does not reach the Exchange System until the price condition is met; i.e. a transaction has taken place at this price. Until such a time, the order is stored locally at the member's Trading System.
• Unreleased order
  An order which is entered together with a time condition. The order does not reach the Exchange System until it is released by the trader or until the set release date and time has passed. Until such time the order is stored locally at the member's trading system.