Continuous Trading

Continuous TradingTrading model for trading highly liquid securities

The “Continuous Trading” model is an order-driven mechanism for continuous trading.


Market type

Continuous Trading is a multilateral trading model in which competing buy and sell orders from several parties can interact. Trading is order-driven, i.e. the buy and sell orders are placed in a central limit order book.

The market participants operate as buyer or seller for their own or a third-party account. Individual participants can also assume the role of best executor. They ensure that a security can be traded by regularly making quotes and providing the tradable volume.


  • Pre-trade information:
    The order book is open. The first ten limits, the number of orders per limit and the order volumes accumulated for each limit are displayed.
    As a matter of principle, in trading, the customer behind an order remains anonymous.
  • Post-trade information:
    Following execution of the orders, all transactions are published immediately. For each transaction, the price, volume, and time of the transaction are displayed.
    Should a central counterparty settle the transaction, the customer behind the transaction also remains anonymous afterwards. In the case of transactions in which no central counterparty is involved, the name of the customer is visible.

Pricing and order execution

  • Order prioritisation:
    In Continuous Trading, all orders are sorted in the order book in accordance with price/time priority.
  • Pricing:
    The following basic principles apply for pricing in Continuous Trading:
  1. Should an order be inputted into an order book in which there are only limit orders on the opposite side, the price is determined by in each case the highest buy and the lowest sell limit in the order book.
  2. Should a market order be inputted into an order book in which there are only market orders on the opposite side, execution is performed at the reference price. The reference price is in each case the last price determined in an auction or in Continuous Trading.
  3. If, in Continuous Trading, there are non-executed market orders in the order book and these are executed against incoming limit orders, pricing is based on the reference price.
  • Execution of orders:
    Every new order (except stop orders) or quote placed in the central limit order book is immediately examined to see whether it can be executed against orders or quotes on the other side of the order book. Orders which can be executed immediately are executed at once against one or several orders on the other side. Depending on the price limit of the incoming orders and the orders in the order book, execution can be performed at different prices.
    Execution is performed in accordance with the time/price priority, i.e. the order with a higher buy limit and lower sell limit are executed first. Market orders have priority over limit orders.
    Should there be several orders with one limit, the order with the highest time priority is executed first.

Possible Uses

Continuous Trading is suitable in particular for highly liquid shares, ETFs, ETCs and ETNs.


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