Which statement best describes SwissAtMid?

Which statement best describes SwissAtMid?

• A. Services for trades without pre-trade transparency with executions at midpoint price of the CLOB during continuous trading.
• B. Guarantees pre-trade transparency for all trades.
• C. Executes trades only at the end of the trading session.
• D. Provides executions at the last traded price only.

Answer: (A)

SwissAtMid is a mid-point execution service in continuous trading that operates without pre-trade transparency, matching trades at the mid-point between the current best bid and best offer in the central limit order book. This means you don’t see quotes before the trade; when liquidity is available, the execution happens at the price halfway between the top bid and top ask, helping to reduce signaling and potential market impact. The other statements don’t fit because SwissAtMid does not guarantee pre-trade transparency for all trades, it does not restrict executions to the end of the trading session, and it does not execute solely at the last traded price.

SwissAtMid is a mid-point execution service in continuous trading that operates without pre-trade transparency, matching trades at the mid-point between the current best bid and best offer in the central limit order book. This means you don’t see quotes before the trade; when liquidity is available, the execution happens at the price halfway between the top bid and top ask, helping to reduce signaling and potential market impact.

The other statements don’t fit because SwissAtMid does not guarantee pre-trade transparency for all trades, it does not restrict executions to the end of the trading session, and it does not execute solely at the last traded price.