In a SIX Swiss Exchange CLOB auction, what is the price outcome when a Market vs Market match occurs?

In a SIX Swiss Exchange CLOB auction, what is the price outcome when a Market vs Market match occurs?

• A. RP
• B. Limit
• C. Arithmetic mean
• D. >Limit

Answer: (A)

In a CLOB auction on SIX Swiss Exchange, when two market orders meet, there is no limit price to anchor the trade. The system uses a defined Reference Price to determine the clearing price. This Reference Price is set by the exchange’s auction rules and serves as a fair, neutral anchor so the trade can be executed at a single, recognized price rather than at an arbitrary level. That’s why the outcome is the Reference Price. The other options would imply a specific limit or a calculated average, which doesn’t apply when both sides submit market orders.

In a CLOB auction on SIX Swiss Exchange, when two market orders meet, there is no limit price to anchor the trade. The system uses a defined Reference Price to determine the clearing price. This Reference Price is set by the exchange’s auction rules and serves as a fair, neutral anchor so the trade can be executed at a single, recognized price rather than at an arbitrary level. That’s why the outcome is the Reference Price. The other options would imply a specific limit or a calculated average, which doesn’t apply when both sides submit market orders.