SIX Swiss Practice Exam

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• What is the name of the report that allows reconciliation of trades and trade statuses?
• Which term describes an order placed to provide liquidity by resting on the order book?
• For iceberg orders, which portion is visible in the order book?
• Co-location is described as:
• Which of the following describes SIX Swiss Exchange LiquidNet Service (SLS)?
• SwissAtMid orders are executed at which price?
• If the price deviation relative to the reference price is too large, what action is taken depending on whether trading is in an auction or continuous session?
• Which case requires a Special Price flag?
• Under FMIA, how is self-regulation defined?
• Which of the following is an intervention the exchange can carry out?
• Which practice involves depositing securities with third parties to constrict the market?
• One-sided Trade Reports report a transaction with which type of party?
• When are OTI orders deleted?
• Trader registration conditions include all of the following except which?
• Mid-point orders are executed at what price and with what level of pre-trade transparency?
• Which market manipulation technique involves placing large orders with no intention to execute in order to influence prices?
• After the displayed portion of an iceberg order has been executed, how is it replenished?
• Which statement correctly describes automatic settlement of a trade report?
• Which instruments are included in Market Maker Book (MMB)?
• In a scenario where a quote executes and a limited order remains on the same side at the same price, trading is:
• Which statement describes the role of the Regulatory Board?
• Which statement is true about MMs and agent traders?
• What is the function of a poster order?
• Which term describes arbitrage by issuing parallel buy/sell orders in the same instrument on different venues?
• What is the purpose of a transaction report?
• Routing instructions are mandatory for orders transmitted over which interface?
• The trader identification number is personal to the trader.
• Trading capacity is:
• If a trader ID is shared for representation during absences, what should be done?
• Which field identifies the securities dealer subject to reporting requirements in a trade report?
• Which statement describes OTI?
• What happens to quotes not matched by end of day?
• Which market mechanism uses quote-based pricing to treat orders and quotes differently?
• SWXess is the SIX Swiss Exchange trading platform.
• Which four departments make up SIX's four business units?
• In a CLOB auction, if two Limit orders cross (Limit vs Limit) and are matched, what is the resulting price?
• Which statement about a Transaction Report is correct?
• During continuous trading, where is a quote matched when it meets another quote?
• In what year was SIX established?
• Which entity determines which external exchange exams are recognized as partial equivalents?
• What term denotes the disclosure of trading information before trades are executed?
• Are off-order-book trades required to be reported using a Trade Report?
• Outside of trading hours, which transactions are allowed below the obligatory exchange limit?
• How is the opening price determined?
• What are the clearing day hours?
• In an auction, a market order is matched against a limit order at what price?
• Which items are included in the daily record-keeping requirements for securities dealers?
• Which pair correctly categorizes interfaces as trading vs market/reference data?
• In a CLOB continuous trading session, what is the price outcome for a Market vs Limit trade?
• Which prices serve as the reference values for triggering stop trading during continuous trading?
• Emergency deletions for individual orders or individual order groups may be refused. True or false?
• Which interface would you choose for standard trading with basic access to the order book?
• Which statement best defines a merchant?
• Which item is transmitted by IMI?
• Which detail is true about the opening period’s function?
• Before registration with SIX Swiss Exchange, which condition must be satisfied?
• What is a mistrade?
• In continuous trading, when a limit enters the order book and there is another limit present, where does the new limit trade?
• Normal orders are entered at any time during the trading day and are visible in the order book.
• Which statements describe the reporting obligations for transactions?
• In a SIX Swiss Exchange CLOB auction, what is the price outcome when a Market vs Market match occurs?
• When is a Non-Opening triggered?
• In MMB continuous trading, what is the price outcome for Market vs Market trades?
• In the Quote-Driven-Market model, which statement is true?
• If there are only market orders in the auction, what is the opening price?
• The smallest tradeable denomination is:
• In an auction, market orders are matched against market orders at what price?
• Two-sided trade reports must be confirmed before what time?
• Which duty requires that clients not be adversely affected by conflicts of interest?
• Which term describes the infrastructure that a participant uses to access trading, provided by a third party?
• Which prohibition prevents charging a client a higher price than achieved in the market?
• Which assets are included in the Central Limit Order Book (CLOB)?
• SMP functionality includes which Market Model?
• What is a requirement of market makers under a market maker agreement?
• Which practice involves depositing securities with third parties to distort securities prices?
• Which concept describes access to SWXess bypassing SCAP and providing Layer 2 connection to the On-Book Matcher via fibre optic cable for minimum latency and maximum data throughput?
• What is the report used to reconcile order statuses?
• During continuous trading, where is a quote matched when it meets an order?
• Can off-order-book trades in equities and bonds be published with a delay?
• When is the trade report deadline for investment funds, ETFs, ETSFs, ETPs, Sponsored Funds and Structured Products?
• Which duty relates to ensuring best execution?
• Which statement about STI is true?
• Which rule states that orders must be executed chronologically to when they arrived, irrespective of order origin?
• What is an Iceberg Plus order?
• During continuous trading, where is a quote matched when it meets an order with a larger volume?
• Which statement about MDI is true?
• Which statement about FOK and IOC orders is true?
• What is the opening price if limit orders on both sides are on equal order size?
• Which instrument categories are listed as supported on the platform?
• Which of the following is NOT an exemption from the reporting obligation?
• Which action could be taken to manage trading during irregular conditions?
• Emergency deletions cannot be carried out during which times?
• Which of the following is part of the compliance requirements for participants?
• Which venue qualifies a Swiss security for having a Transaction Report submitted?
• Which action is explicitly listed as not to be deleted under suspended trading?
• Which term means simultaneous buying and selling of the same securities for the account of one and the same beneficial owner to give out false or misleading signals?
• Who assigns a registration number to each securities dealer?
• Which practice involves buying or selling securities in order to move prices?
• Which statement about access to documents is accurate?
• Up to what time can a trade report be corrected on the trade day?
• Under SLS, when is trading interrupted?
• Direct Electronic Access allows which group to directly access the SWXess trading platform?
• If a conflict of interest cannot be avoided and may disadvantage a client, what action is required under the Code?
• The beneficial owner has to be reported in which report?
• In MMB trading, what is the rule for a Quote vs Quote match?
• Self-Match Prevention prevents what?
• Fill-or-kill orders behave as:
• When does the exchange stop trading in CLOB?
• What happens to non-executed parts of a normal order?
• Which term describes cornering the market by acquiring enough shares to influence the price?
• Bilateral trading is carried out through which process?
• Self-Match Prevention is only supported in which trading mode?
• What is a function of SIX x-clear Ltd?
• Which practice is described as constricting the market by building up large positions?
• Which of the following are market data feeds used by SIX Exfeed Ltd to publish data?
• During continuous trading, which prices serve as comparison values for triggering stop trading?
• For a limit order, which field is required?
• How can SLS be accessed?
• Which is not a MDI data channel?
• Which book is described as treating orders and quotes equally, specifically for CHF Bonds?
• Who provides binding quotes (bid and/or offer) for certain securities during the trading day and may require minimum bid/ask volume?
• What is SIX Swiss Exchange's legal form and regulatory status as described in the material?
• Which practice involves buying or selling securities to keep prices at a specific level?
• In which trading period can you enter normal orders?
• Which duty of securities dealers relating to clients requires informing clients of risks?
• Which order type is used to provide liquidity to the order book?
• Can the exchange adjust the reference price?
• Which time marks the opening of bonds - CHF Swiss Confederation on SIX Swiss Exchange?
• NOT a requirement to register as a trader?
• In a QDM market, trading stops if there is no quote on the opposite side at the time of a potential trade. What is noted about a quote that executes?
• Which statement about the Swiss Bankers Association Code of Conduct is true?
• During post-trading, what happens to orders with validity of current business day?
• When is an Avalanche Stop Trading triggered?
• What time does trading start for SLS (all other markets)?
• Which level includes the ability to perform emergency deletions for all quotes for a market maker user (forced logoff)?
• Immediate-or-cancel orders operate as follows?
• Which statement best describes Sponsored Access?
• How are SwissAtMid orders executed?
• Internal participant references are:
• Proximity service is provided by which company?
• Which statement best describes the opening period?
• How is the closing price determined without closing auction?
• Which report is needed for off-order-book trades?
• What does capacity allocation refer to?
• When can the exchange temporarily suspend trading in a security?
• How long is the random time internal at the open?
• TFI transaction reports may not be aggregated or netted. Which statement is correct?
• At what time does the opening for sponsored funds, SIX structured products, and rights and warrants occur?
• For a 'Good for day' order, which statement is true?
• If a limit order with a price better than the arithmetical mean remains on the order book, that price becomes the opening price.
• Proximity service is provided by which organization?
• How is the closing price determined in a closing auction?
• Which category includes on-exchange off order book trades where both parties are participants?
• Which feature is included in a Limit Plus order?
• For which venues must a Transaction Report be submitted for Swiss securities?
• What are the business day hours?
• What is a Limit Plus order?
• Which statement about SIX's establishment is NOT true?
• What is the routing instruction for SLS orders?
• Iceberg orders can be entered in the order book through STI or OTI at any stage of trading.
• Who supervises the SIX Swiss Exchange?
• Which statement about SIX x-clear Ltd's collateral requirements is correct?
• Which of the following is an OTI order type?
• Self-Match Prevention is labeled as which term?
• Tick sizes apply to which venues?
• What is the opening price if limit orders on one side of the order book are executed?
• Which of the following is true about off-order-book trades?
• What is the purpose of Chinese walls/areas of confidentiality?
• What is the primary purpose of the stop trading mechanism in market operations?
• How can quotes be entered?
• Which statement describes what a Trade Report covers?
• Stop trading occurs when the next price is outside which range?
• At the opening of the Central Limit Order Book, if there is a buy limit order with a limit below the reference price in addition to same-size market orders, what happens to the market orders?
• Which practice involves placing orders in the system to create an illusion of supply or demand and then deleting prior to executing?
• For CCP-eligible instruments settled through SIX x-clear Ltd, when is a buy-in triggered if the seller cannot deliver?
• What is the default period of validity for optional order entry attributes?
• Which interface provides direct, high-speed access for activities requiring high-frequency trading, offering the lowest latency and co-location?
• Which statement accurately describes what must be included in a countertrade?
• Which interface is used by Price Taker users?
• In an auction, when a limit is matched against another limit and the limits differ but volumes are different, what is the outcome?
• Which statement about SLS orders is true?
• SIX Swiss Exchange is the successor to the earlier trading pits in which cities?
• In a Market-by-Market (MMB) auction, what is the price outcome for a Market vs Market match?
• Which statement accurately describes SIX Exfeed Ltd?
• Which statement about trade report deadlines is correct?
• Which entity places buy and sell orders through orders and quotes with agreed liquidity requirements to provide liquidity in certain securities?
• What time is pre-opening?
• Which trades must be reported using a Trade Report?
• What does the opening period do?
• In Self-Match Prevention, how is the oldest executable order/quote chosen for deletion?
• OTI orders expire at end of which period?
• During post-trading, which action regarding non-executed orders with current trading-day validity is true?
• Which term is defined as entering low volume purchase orders with successively higher prices to simulate increased demand and rising prices?
• Which order types can influence the opening price under the Central Limit Order Book market model?
• Which practice involves buying and selling securities shortly before the close to influence closing prices?
• What is the primary reference market for SLS orders?
• Iceberg orders can be entered through which interfaces at any time?
• Regarding the trader identification number, which statement is true?
• Which action is prohibited by the Swiss Bankers Association Guidelines?
• Does a mistrade need to be reported by a participant to be declared a mistrade?
• What is the maximum depth for Swiss Blue Chips?
• Which is a data channel of MDI?
• Which interface provides direct, high-speed access intended for high-frequency trading (lowest latency and co-location)?
• Within what time frame can a party request a declaration of invalidity after a transaction?
• Who assigns an individual member ID to all sponsored users?
• What happens to iceberg orders at the end of an auction?
• NOT a requirement to register as a participant?
• What is the purpose of a trade report?
• Non-Opening is triggered when which condition occurs?
• Which interface enables access to the order book and trading without pre-trade transparency and reporting functions?
• Delayed opening occurs in which scenario?
• How are incoming orders and quotes executed in continuous trading?
• What time marks the start of the closing auction for Blue chip, mid/small cap shares, secondary listing shares, sponsored foreign shares, and separate trading lines?
• Which interface is used for quotes (QTI)?
• Which statement describes market manipulation?
• Trades during trading hours must be reported immediately, but no later than how many minutes after completion?
• Which price source is used to settle a market order against a market order in an auction?
• Which report is used to reconcile orders and their statuses?
• Which sequence describes CLOB trading phases?
• What is the role of the SIX Swiss Exchange Market Control?
• Under the price-time priority principle, which rule is true when two orders share the same limit?
• For orders valid at the opening, when can they be entered and what happens to non-executed parts after open?
• For orders valid at the close, which of the following is true?
• Which principle governs execution order among multiple orders at the same price in continuous trading?
• What is the validity of SLS orders?
• What does SLS cover?
• What is an Aggressor order?
• Which of the following terms best describes the act of disseminating false or misleading information to influence security prices and exploit resulting movements?
• For a 'Good till date' order, which description is correct?
• VWAP trades should be reported how soon after close of trading?
• Which is a duty of securities dealers in relation to clients?
• Which statement best describes a securities dealer?
• What does the market maker agreement require regarding quotes during trading?
• Which statement accurately describes the closing phase difference between CLOB and MMB?
• Who are employees of securities dealers who engage in transactions in the name and under responsibility of a participant for its own or client's account?
• When can OTI orders not be entered, modified or deleted?
• The Exchange is not permitted to adjust the reference price.
• Is the entire quantity (hidden and visible) executable during an Auction?
• Which statement correctly describes closing-phase visibility for orders?
• Which of the following is a method used by sponsoring participants to manage risk?
• Where can participants download RDI files?
• In an auction, when two limits are matched and the volumes are identical but the limits differ, what is the trade price?
• Which condition leads to the order book opening after non-opening?
• In a Quote-Driven Market model, true statements include that quotes can be entered on both sides of the book and can be used for ETFs.
• Under FMIA, what is the described approach to regulation?
• Which category has a maximum depth of 10?
• Which interface is used by market makers to enter, replace, or cancel quotes, with executions for quotes?
• In MMB trading, what is the result when a Quote is matched against a Limit order?
• On SIX x-clear, margin and default fund contributions depend on which factors?
• During post-trading, what happens to non-executed orders whose validity ends on the current trading day?
• Which statement about XBTR is correct?
• During a trade suspension, can a participant enter or delete orders?
• What does OBM do in the trading platform?
• If a buyer and seller agree, to which entity is the transaction automatically forwarded for settlement?
• In an Iceberg Plus order, where is the visible portion placed?
• SIX Swiss Exchange can declare a transaction invalid if which condition occurs?
• Which factor determines the execution priority for SwissAtMid orders?
• Which statement best describes SwissAtMid?
• Which statement describes a settlement where there is no CCP involvement?
• In the Quote-Driven Market, stop trading occurs when ...
• Which rule applies when a quote meets another quote during continuous trading?
• Which term refers to the participant's connection to trading via infrastructure provided by a third-party service?
• Who is responsible for the Code of Conduct discussed?
• Which practice involves entering equal and opposite buy and sell orders in the same security by mutual agreement to distort liquidity or prices?
• Are there no time restrictions on countertrades?
• Which of the following is a permitted securities transaction?
• Which statement about the Central Limit Order Book is true?
• In an auction, if two limits are matched with identical volumes but different price levels, the trade price is what?
• Which interface is a Market Data Interface?
• Which component deletes OTI orders after close of trading?
• In SWXess, where are orders and quotes matched?
• Corrections must be made on the day the transaction was executed and one business day thereafter.
• Market makers must
• If a volatile order is modified, what happens to the original order?
• When is the trade report deadline for equities, rights, options and separate trading lines?
• Which pair of prices are used to trigger stop trading during continuous trading?
• In what circumstances would an order book open in the Central Limit Order Book following non-opening?
• Which item is included in the contents of a trade report?
• Which statement correctly describes Aggressor order’s impact on liquidity?
• What is the opening price if limit orders are executed on both sides of the order book?
• Which principle requires that clients be treated equally and fairly?