Trading Hours

The trading day for continuous trading is subdivided into five periods:


  • Orders can be entered, modified, cancelled but no execution takes place.
  • A theoretical opening price (TOP) is calculated and disseminated for all securities.

Opening auction

  • UTP determines the best possible price to fill the maximum number of orders.
  • Once the opening price has been calculated (corresponds to the last TOP disseminated) the orders are executed.

Continuous Trading

  • Orders can be entered, modified or cancelled in the order book.
  • Orders are executed in real-time as soon as an opposite order is available at the relevant price. Execution takes place based on Price-Time priority.

Closing Auction

  • Matching of all the orders accumulated during the five minutes of the pre-closing period, which precedes the closing auction.

Trading at Last (Usually the Closing Price) 

  • During this phase, orders can be entered and matched at the last-traded price and only at that price.

Overview of trading hours for fixed income instruments not trading continuously: see appendix of trading manual.