General Trading Provisions

Order issuance

The genesis of any trade execution is the order itself. By entering an order, the trader instructs the Exchange System to buy or sell a specified number of securities. As a part of the process, the trader may stipulate a price limit or, alternatively, enter a market order that allows the price to be determined by current supply and demand in the marketplace.

Orders that lack certain details are automatically rejected by the Exchange System as set out in Directive 4: Orders, and their Attributes.

In the case of an execution that deviates considerably from the current market price, SWX Europe has the right to intervene and declare the trade null and void. See Directive 8: Handling of Mistrades.

Identification and designation of activities

Among other things, each action on the SWX Europe trading platform is documented by:

• An identifier of the given trader and member
• A precise date and time stamp
• A distinct order identifier for each day
• And, in the case of an execution (trade), by a distinct Trade-ID.

Information required upon order entry

Aside from various details relating to the specific order (e.g. size, price and type of price, period of validity, type of order, etc.), it must be disclosed confidentially to the exchange at the time of entry whether the order is being executed for the member's proprietary trading account (PR) or on behalf of a client (CU/AG).

Product specification

All up-to-date information relating to product specifications and the organisation of trading are published in the Product Specifications and Trading Organisations table.