SwissAtMid orders are executed at which price?

SwissAtMid orders are executed at which price?

• A. Midpoint price of the CLOB
• B. Last traded price
• C. Bid price
• D. Ask price

Answer: (C)

SwissAtMid orders are pegged to the bid side of the book, so when they trade they do so at the current bid price. This means you’re matching against resting buyers rather than taking the midpoint or the sellers’ ask, and not using the last traded price. For example, if the best bid is 50.00 and the best ask is 50.10, a SwissAtMid order that executes would fill at 50.00, not at a midpoint like 50.05 or at 50.10. If there’s no liquidity at the bid, the order may not fill immediately, but any execution that occurs happens at the bid price.

SwissAtMid orders are pegged to the bid side of the book, so when they trade they do so at the current bid price. This means you’re matching against resting buyers rather than taking the midpoint or the sellers’ ask, and not using the last traded price. For example, if the best bid is 50.00 and the best ask is 50.10, a SwissAtMid order that executes would fill at 50.00, not at a midpoint like 50.05 or at 50.10. If there’s no liquidity at the bid, the order may not fill immediately, but any execution that occurs happens at the bid price.