Trading
Sessions
The trading phases and market timing for the different products are set out below:
| DERIVATIVES MARKET TIMING |
| 8:15 am |
8:30 am |
10:00 am |
| 8:45 am |
9:00 am |
10:30 am |
| 8:45 am |
9:00 am |
10:30 am |
| 12:40 pm |
12:25 pm |
12:25 pm |
| 12:45 pm |
12:30 pm |
12:30 pm |
| Lunch |
| 2:00 pm |
2:00 pm |
2:30 pm |
| 2:30 pm |
2:30 pm |
3:00 pm |
| 2:30 pm |
2:30 pm |
3:00 pm |
| 5:10 pm |
4:55 pm |
5:55 pm (FCPO)
6:00 pm (FPKO) |
| 5:15 pm |
5:00 pm |
6:00 pm (FCPO)
6:05 pm (FPKO) |
The trading phases can be explained as follows:
PRE OPENING
Orders can be entered, modified and deleted
Information is broadcasted to the market based on orders & quotes in the
order book.
OPENING AUCTION
No orders/quotes can be entered or changed
Opening Price and contract volume matched are disseminated
Opening Price is the last TOP calculated before matching
From the Opening Auction phase, the system will automatically move to the
Continuous Trading phase
If no matching occurs in the opening auction phase, the price of the first
trade executed in the main trading session is designated as the Opening Price.
CONTINUOUS TRADING
Orders can be entered, modified and deleted
Trading takes place on a continuous basis
Each incoming order is checked immediately for possible execution
Unexecuted portion of an order is added to the order book, subject to the
validity and execution condition
Matching will be based on Price and Time Priority.
PRE CLOSING
Same as Pre Opening
Starts immediately after the Continuous Trading phase
All orders entered will be automatically updated in the order book without
giving rise to trades
TOP is calculated each time a new order is entered into the order book
TOP is disseminated to all market participants.
CLOSING AUCTION
Same as Opening Auction
The Closing Price for each instrument at the close of each trading session is
defined at this phase
In the event that no execution of trades takes place in this phase, the last
price transacted during the Continuous Trading Phase will be used as the Closing Price.
