Cash market
Continuous trading with auctions (CTwA) |
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Pre-trading (PRETR) |
8.15-8.30 |
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Opening Auction Call (OCALL) |
Call phase |
8.30-9.00 |
Price determination phase |
9.00 + Random end |
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Order book balancing phase |
maximum 2 minutes |
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Continuous Trading (TRADE) |
after Opening Auction till 17.00 |
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Closing Auction Call (CCALL) |
Call phase |
17.00-17.05 |
Price determination phase |
17.05 + Random end |
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Order book balancing phase |
maximum 2 minutes |
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Post-trading (POSTR) |
after Closing Auction till 17.20 |
Special phases |
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Order book balancing phase |
maximum 2 minutes |
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Random end |
maximum 30 seconds |
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Volatility interruption (VOLA) |
3 minutes+ Random end |
Several auctions |
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Pre-trading (PRETR) |
8.15-8.30 |
|
Opening Auction Call (OCALL) |
Call phase |
8.30-9.00 |
Price determination phase |
9.00 + Random end |
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Order book balancing phase |
maximum 2 minutes |
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Between auction (BETW) |
after Opening Auction till 11.00 |
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Intraday Auction Call (ICALL) |
Call phase |
11.00-11.30 |
Price determination phase |
11.30 + Random end |
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Order book balancing phase |
maximum 2 minutes |
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Between auction (BETW) |
after Intraday Auction till 14.00 |
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Intraday Auction Call (ICALL) |
Call phase |
14.00-14.30 |
Price determination phase |
14.30 + Random end |
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Order book balancing phase |
maximum 2 minutes |
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Between auction (BETW) |
after Intraday Auction till 16.35 |
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Closing Auction Call (CCALL) |
Call phase |
16.35-17.05 |
Price determination phase |
17.05 + Random end |
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Order book balancing phase |
maximum 2 minutes |
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Post-trading (POSTR) |
|
after Closing Auction till 17.20 |
Special phases |
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Order book balancing |
maximum 2 minutes |
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Random end |
maximum 30 seconds |
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Volatility interruption (VOLA) |
3 minutes + Random end |
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Market Order Interruption |
maximum 3 minutes + Random end |
Continuous auction |
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Pre-trading (PRETR) |
8.30-9.00 |
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Continuous Auction |
Pre-Call phase (XPREC) / Call phase (XCALL) |
9.00-17.00* |
Post-trading (POSTR) |
till 17.20 |
Special phases |
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Call phase |
maximum 30 seconds |
* The Continuous Auction phase starts at 17.00 might be longer with the duration of the maximum lenght of the Call phase.
Derivatives market
Futures Market Equities and BUX futures transaction class |
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Opening order-collection sub-period* |
8.30 - 9.00/9.01 |
Opening sub-period of transactions* |
9.00/9.01 - 9.02 |
Free period |
9.02 - 17.00 |
Closing order-collection sub-period* |
17.00 - 17.06/17.07 |
Closing sub-period of transactions* |
17.06/17.07 |
Futures Market Interest rate and currency futures transaction class |
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Free period |
9.02 - 17.00 |
Closing order-collection sub-period* |
17.00-17.06/17.07 |
Closing sub-period of transactions* |
17.06/17.07 |
Options Market Equities and BUX options transasction class |
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Opening order-collection sub-period* |
8.30 - 9.00/9.01 |
Opening sub-period of transactions* |
9.00/9.01 - 9.02 |
Free period |
9.02 - 17.00 |
Options Market Currency options transaction class |
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Free period |
9.02 - 17.00 |
Commodities market
Spot Market: Grain Products |
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Free period |
10.00 - 11.55 |
Futures and Options Market: Grain Products |
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Free period |
10.00-11.55 |
Closing period* |
11.55-12.00/12.01 |
* the end of the order-collection sub-period and the beginning of the sub-period of transactions occur simultaneously at random time within the quoted interval.