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Switzerland’s recent referendum on constitutional neutrality has sent a clear signal to political risk managers and quantitative traders alike. While the vote itself concerns sovereignty, the market’s reaction highlights the importance of understanding order‑book dynamics, especially the behavior of limit and market orders under varying liquidity conditions. This article links the political outcome to practical execution tactics, using a concrete worked example to illustrate how queue depth influences fill probability. The Political Context and Market Sentiment On the day of the vote, Swiss voters rejected a hard‑right proposal to hard‑code a stricter definition of neutrality, choosing instead to keep the concept flexible....