Cash market

Continuous trading with auctions (CTwA)

Pre-Trading Phase (PRETR)

8.15-8.30

Opening Auction Phase

Auction Call Sub-Phase (OCALL)

8.30-9.00

Price Determination and matching

9.00 + Random end

Continuous Trading Phase (TRADE)

 

From the end of Opening Auction Phase until 17.0

Closing Auction Phase

Auction Call Sub-Phase (CCALL)

17.00-17.05

Price Determination and matching

17.05 + Random End

Trade-at-Close phase* (TRDAC)

From the end of Closing Auction Phase until 17:15

Post-Trading Phase (POSTR)

From the end of Closing Auction Phase or Trade-at-Close Phase until 17.20

End-trading (ENDTR)

17:20

Volatility Interruption Phase (VOLA)*

3 min. + Random End

Random End

max. 30 sec.

*: 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.

Special phases

Order book balancing phase

maximum 2 minutes

Random end

maximum 30 seconds

Volatility interruption (VOLA)

3 minutes+ Random end

 

Several auctions

Pre-trading (PRETR)

8.15-8.30

Opening Auction Call (OCALL)

Call phase

8.30-9.00

Price determination phase

9.00 + Random end

Order book balancing phase

maximum 2 minutes

Between auction (BETW)

after Opening Auction till 11.00

Intraday Auction Call (ICALL)

Call phase

11.00-11.30

Price determination phase

11.30 + Random end

Order book balancing phase

maximum 2 minutes

Between auction (BETW)

after Intraday Auction till 14.00

Intraday Auction Call (ICALL)

Call phase

14.00-14.30

Price determination phase

14.30 + Random end

Order book balancing phase

maximum 2 minutes

Between auction (BETW)

after Intraday Auction till 16.35

Closing Auction Call (CCALL)

Call phase

16.35-17.05

Price determination phase

17.05 + Random end

Order book balancing phase

maximum 2 minutes

Post-trading (POSTR)

 

after Closing Auction till 17.20

Special phases

Order book balancing

maximum 2 minutes

Random end

maximum 30 seconds

Volatility interruption (VOLA)

3 minutes + Random end

Market Order Interruption

maximum 3 minutes + Random end

 

Continuous auction

Pre-trading (PRETR)

8.30-9.00

Continuous Auction

Pre-Call phase (XPREC) / Call phase (XCALL)

9.00-17.00*

Post-trading (POSTR)

till 17.20

Special phases

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

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

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

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

Free period

9.02 - 17.00

Commodities market

Spot Market: Grain Products

Free period

10.00 - 12.55

Futures and Options Market: Grain Products

Free period

10.00-12.55

Closing period*

12.55-13.00/13.01

 * 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.