Trading Hours
The trading day for continuous trading is subdivided into five periods:
Pre-opening
- 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.