SIX Swiss Practice Exam

For orders valid at the opening, when can they be entered and what happens to non-executed parts after open?

During trading day; they remain Only during pre-opening and valid through opening; non-executed parts deleted after open Only during opening; visible Only during closing

Correct Answer:

Only during pre-opening and valid through opening; non-executed parts deleted after open

Explanation:

Opening orders are used to participate in the price discovery at the market’s opening. They must be entered in the pre-opening phase and stay valid through the opening auction. If any part of such an order isn’t filled during the opening, that non-executed portion is removed after the opening. This setup ensures the opening price is determined by orders active specifically for the opening, and prevents unfilled opening-only orders from lingering into the regular trading session.

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