Opening auction

During the opening auctions first phase the Order Acceptance will take place where as orders can be entered but no matching occur. Orders cannot be cancelled and prices can only be improved. Right after this session a theoretical opening price is calculated and displayed.

Continuous trading

During trading incoming orders are either immediately matched or take a place in the order book based on price/time priority.

Closing Auction

Within the first phase of the closing auction orders can be entered, amended or cancelled. However, the second phase of the closing auction only new orders can be entered, no order amendment or cancellation can be made. The end of the auction will occur at a random point in time during the last 2 minutes of this phase.


First Phase

 Second Phase



Auction Closure

Random Closing


12:30 – 12:35

12:35 – 12:38

12:38 – 12:40


5 minutes

3 minutes

2 minutes

Order Activities

Order Entry

Amendment (Price - Quantity)


Order Entry

No Amendment

No Cancellation


Trade at Last

Trade at Last is a trading session that takes place after the closing auction is concluded. The session lasts for 5 minutes only and the price at which the shares are traded cannot exceed or go below the closing price set.

Closing Price Mechanism

The closing price is usually set at the end of the closing auction when a security is traded in that session. If a security is not traded during the closing auction, the closing price will be equal to the last traded price.

If a security is not traded at all during the day, then the closing price will be equal to the reference price of the security.

Buy-in Session

A trading session dedicated to assist defaulting parties on delivery of shares to purchase those shares. Orders are matched at a single price at the end of this session.

Session Name



Opening Auction

8:50 - 9:00

10 minutes

Continuous Trading

9:00 – 12:30

3 1/2 Hours

Closing Auction

12:30 – 12:40

10 minutes

Trade At Last

12:40 - 12:45

5 minutes

Buy-in Board

13:15 – 13:30

15 minutes