market architecture of selected stock exchanges in ... - Gilles Daniel

88The Trading DayTable 52: Opening Hours of the DIFXTrading Days Time frame Time zoneMonday to Friday excluding public and tradingholidays11. 30 - 17. 00 GMT + 04:00 hoursTrading phasesFigure 21: Trading Phases at the DIFX11. 30 – 11. 45 11. 45 11. 45 – 16. 45 16. 45 – 16. 50 16. 50 16. 50 – 17. 00PreopeningOpening auctionContinuous tradingPreclosingClosing auctionTrading-atlastTable 53: Trading Period Time Description DIFXTrading Period Time DescriptionPre-opening 11. 30 – 11. 45 During the pre-opening period orders are entered into DIFX systemsand automatically recorded in the order book without execution.Orders are batched in order to calculate the theoretical opening price.The theoretical opening price is calculated and disseminatedcontinuously. During the last 30 seconds of pre-opening modificationand cancellation of existing orders is not allowed (“no cancellationperiod”).Opening auction 11. 45 represents the price for the opening auction. Once the opening auctionThe last theoretical opening price calculated before matchingis running no changes in the order book may be made.Continuous trading 11. 45 – 16. 45 Continuous matching and execution of incoming orders. Anyremaining unexecuted portion is added to the order book.Pre-closing 16. 45 – 16. 50 As in the pre-opening phase. Orders are batched in order to calculatethe theoretical closing price. The theoretical closing price is calculatedand disseminated continuously. During the last 30 seconds of preopeningmodification and cancellation of existing orders is notallowed (“no cancellation period”).Closing auction 16. 50 The closing auction determines the closing price.Trading-at-last 16. 50 – 17. 00 At the close of a business day orders can be entered for execution atthe last traded price.Settlement T+3 Settlement will occur three days after trade (T+3) 5757 http://www.difx.ae/market_information/calendar.html, 05/02/2006