Conditional orders help clients to navigate fragmented markets

Published on 30 May 2022

In today’s fragmented markets, liquidity navigation is a challenge for all trading participants. Tony Shaw, executive director for the London Office and head sales UK & Ireland at SIX Swiss Exchange, shares insights about the behaviour of trading participants and their routing decisions when using conditional orders.

With regards to Swiss blue chips, Tony Shaw points out that over a quarter of trades on dark multilateral trading facilities (MTFs) are executed away from the primary best bid offer (PBBO) midpoint price – contrary to SwissAtMid, where he notes that this is never the case. Using block orders in SwissAtMid should therefore enable participants to avoid trading at stale prices. Watch the full interview to discover which factors traders take into account when handling firm-up requests and how conditional orders differ between venues.