Trading Day Structure and Phases

Trading day structure and phases for equities market
 

Time

Trading phase

09:00 – ~10:00

Period before Opening Call Auction (Pre-Open)

~10:001

Opening Call Auction (Uncross)

~10:00 – 15:55

Continuous Trading

15:55 – ~16:00

Period before Closing Call Auction (Pre-Close)

~16:002

Closing Call Auction (Uncross)

~16:00 – 16:30

Post - Trading Session

16:30 - 09:00

Market closed

1 Randomly picked by the system between 10:00:00 and 10:00:05
2 Randomly picked by the system between 15:59:30 and 16:00:00


1. Pre-Open

Pre-Open (from 9:00 to ~10:00) is a time period when orders are placed, modified and cancelled. Manual trades can also be reported. During this trading phase there is no Market by Order transparency. From 09:45 to 10:00, equilibrium data - including equilibrium price if established - is disseminated for all issues, and is updated in real time if information is changed.

2. Opening Call (Uncross)

The Opening Call Auction takes place from 10:00:00 until 10:00:05. A random uncross sequence for the Order Books is applied. The exact point in time when the uncross takes place in the Opening Call is randomized within the last 5 seconds.

In the course of the Opening Call, order books are transferred to continuous trading. As a result orders are matched in the order book according to the equilibrium price. The equilibrium price is established when in a particular order book’s buy and sell order prices overlap e.g. the buy price is higher than or equal to the sell price. 

3. Continuous trading from ~10:00 to 15:55) is the period for entering transaction orders in the trading system and negotiating trades. 
Transactions can be negotiated in two ways:

  • Automatic matching: buy and sell orders are matched by the trading system automatically according to price, displayed volume and time priorities.  
  • Manual trades: manual trades are negotiated between stock exchange members outside of the trading system and then brokers enter the deal in the trading system within three minutes after its conclusion. During trading hours, standard manual trades in compliance to standard requirements with regard to price, time and settlement can be reported. Standard manual trades below the Block transaction limits have to be made within the volume-weighted average spread. Where it is impossible to establish the volume-weighted average spread, the manual trade shall be executed at a price that reflects the current market value.  
4. Period before Closing Call (from 15:55 to ~16:00) is the time before the closing call when transaction orders are placed, modified and cancelled. During this period there is no auto matching of orders. During this trading phase there is no Market by Order transparency. From 15:55, equilibrium data - including equilibrium price if established - is disseminated for all issues, and is updated in real time if information is changed.
 

5. In the course of the Closing Call Auction (Uncross), transaction orders are matched in the order book according to the equilibrium price. The equilibrium price is calculated by the same principles as in the Opening Call.

The Closing Call Auction takes place from 15:59:30 until 16:00:00. A random uncross sequence for the Order Books is applied. The exact point in time when the uncross takes place in the Closing Call is randomized within the last 30 seconds.

6. The Post-Trading Session (from ~16:00 to 16:30) is an after-market trading period when only manual trades can be reported and submitted orders can be cancelled. 
 
The INET Nordic electronic trading system is used for trading in the equities market.
 


Trading day structure and phases for the fixed-income submarket
 

Time

Trading Phase

10:00 – 16:00

Trading Hours


During the trading hours  (10:00 to 16:00) members may place, change, suspend, resume or cancel orders. Sell and buy orders that correspond in yield, volume and other conditions are matched into trades via automatic order matching. Manual trades may be reported during this trading phase.

Members may not place or change orders or report manual trades during the pre-trading session or the post-trading session.

In all the Baltic exchanges, trades in the bond market may be automatically matched or executed as manual trades.

The Genium INET electronic trading system is used for trading in fixed-income market and for execution of Special Procedures.