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Continuous trading with auctions (CTwA) |
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Pre-Trading Phase (PRETR) |
8.15-8.30 |
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Opening Auction Phase |
Auction Call Sub-Phase (OCALL) |
8.30-9.00 |
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Price Determination and matching |
9.00 + Random end |
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Continuous Trading Phase (TRADE) |
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From the end of Opening Auction Phase until 17.0 |
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Closing Auction Phase |
Auction Call Sub-Phase (CCALL) |
17.00-17.05 |
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Price Determination and matching |
17.05 + Random End |
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| Trade-at-Close phase* (TRDAC) |
From the end of Closing Auction Phase until 17:15 |
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Post-Trading Phase (POSTR) |
From the end of Closing Auction Phase or Trade-at-Close Phase until 17.20 |
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| End-trading (ENDTR) |
17:20 |
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| Volatility Interruption Phase (VOLA)* |
3 min. + Random End |
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| Random End |
max. 30 sec. |
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*: Trade-at-Close Phase is not activated if there was no trade execution during Closing Auction Phase or Extended Volatility Interruption after the Closing Auction was not terminated until 17:15.
**: During Volatility Interruption Phase the duration of the Call Sub-Phase and the Extended Call Sub-Phase lasts 3 minutes, not including the Random end.
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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 |
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