Cash market
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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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Random end |
maximum 30 seconds |
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Volatility interruption (VOLA) |
3 minutes+ Random end |
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Several auctions |
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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 |
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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 |
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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 |
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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 |
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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) |
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after Closing Auction till 17.20 |
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Special phases |
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Random end |
maximum 30 seconds |
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Volatility interruption (VOLA) |
3 minutes + Random end |
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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* |
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Post-trading (POSTR) |
till 17.20 |
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Special phases |
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Call phase |
maximum 30 seconds |
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* The Continuous Auction phase starts at 17.00 might be longer with the duration of the maximum lenght of the Call phase.
Derivatives market
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Futures Market Equities and BUX futures transaction class |
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Opening order-collection sub-period** |
8.30 - 9.00/9.01 |
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Opening sub-period of transactions** |
9.00/9.01 - 9.02 |
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Free period |
9.02 - 17.00 |
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Closing order-collection sub-period** |
17.00 - 17.06/17.07 |
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Closing sub-period of transactions** |
17.06/17.07 |
** 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.
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Futures Market Interest rate and currency futures transaction class |
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Free period |
9.02 - 17.00 |
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Closing order-collection sub-period** |
17.00-17.06/17.07 |
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Closing sub-period of transactions** |
17.06/17.07 |
** 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.
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Options Market Equities and BUX options transasction class |
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Opening order-collection sub-period** |
8.30 - 9.00/9.01 |
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Opening sub-period of transactions** |
9.00/9.01 - 9.02 |
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Free period |
9.02 - 17.00 |
** 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.
Commodities market
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Futures Market: Grain Products |
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Free period |
11.00-16.00 |
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Closing period |
16.00-16.05/16.06 |