Exchange Traded Funds (ETFs)

Notes on Order Types:

• The SWB is a semi-automated exchange that has a hybrid of specialist mediated and electronically managed executions. Because of the manual handling, SWB markets may not be fully real-time. Please note the following points:
1. Order book sizes are often estimates. In times where the specialist is unsure of the exact size of the best bid or offer, he may display an approximate size or sometimes a special indication called a “Taxe” which has no specific size associated which has no specific size associated with the price. IB displays these indicative quotes with IB displays these indicative quotes with a 1 contract size. The actual available size may be much larger than 1 contract.


2. Execution speeds are variable and can take 30 seconds or more depending on the level of activity in the contract. New orders submitted in a contract that is currently being matched are buffered by the specialist until the ongoing trades can be reported.
• For a more detailed explanation of SWB market operations please click here.