market architecture of selected stock exchanges in ... - Gilles Daniel
market architecture of selected stock exchanges in ... - Gilles Daniel
market architecture of selected stock exchanges in ... - Gilles Daniel
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88The Trad<strong>in</strong>g DayTable 52: Open<strong>in</strong>g Hours <strong>of</strong> the DIFXTrad<strong>in</strong>g Days Time frame Time zoneMonday to Friday exclud<strong>in</strong>g public and trad<strong>in</strong>gholidays11. 30 - 17. 00 GMT + 04:00 hoursTrad<strong>in</strong>g phasesFigure 21: Trad<strong>in</strong>g Phases at the DIFX11. 30 – 11. 45 11. 45 11. 45 – 16. 45 16. 45 – 16. 50 16. 50 16. 50 – 17. 00Preopen<strong>in</strong>gOpen<strong>in</strong>g auctionCont<strong>in</strong>uous trad<strong>in</strong>gPreclos<strong>in</strong>gClos<strong>in</strong>g auctionTrad<strong>in</strong>g-atlastTable 53: Trad<strong>in</strong>g Period Time Description DIFXTrad<strong>in</strong>g Period Time DescriptionPre-open<strong>in</strong>g 11. 30 – 11. 45 Dur<strong>in</strong>g the pre-open<strong>in</strong>g period orders are entered <strong>in</strong>to DIFX systemsand automatically recorded <strong>in</strong> the order book without execution.Orders are batched <strong>in</strong> order to calculate the theoretical open<strong>in</strong>g price.The theoretical open<strong>in</strong>g price is calculated and dissem<strong>in</strong>atedcont<strong>in</strong>uously. Dur<strong>in</strong>g the last 30 seconds <strong>of</strong> pre-open<strong>in</strong>g modificationand cancellation <strong>of</strong> exist<strong>in</strong>g orders is not allowed (“no cancellationperiod”).Open<strong>in</strong>g auction 11. 45 represents the price for the open<strong>in</strong>g auction. Once the open<strong>in</strong>g auctionThe last theoretical open<strong>in</strong>g price calculated before match<strong>in</strong>gis runn<strong>in</strong>g no changes <strong>in</strong> the order book may be made.Cont<strong>in</strong>uous trad<strong>in</strong>g 11. 45 – 16. 45 Cont<strong>in</strong>uous match<strong>in</strong>g and execution <strong>of</strong> <strong>in</strong>com<strong>in</strong>g orders. Anyrema<strong>in</strong><strong>in</strong>g unexecuted portion is added to the order book.Pre-clos<strong>in</strong>g 16. 45 – 16. 50 As <strong>in</strong> the pre-open<strong>in</strong>g phase. Orders are batched <strong>in</strong> order to calculatethe theoretical clos<strong>in</strong>g price. The theoretical clos<strong>in</strong>g price is calculatedand dissem<strong>in</strong>ated cont<strong>in</strong>uously. Dur<strong>in</strong>g the last 30 seconds <strong>of</strong> preopen<strong>in</strong>gmodification and cancellation <strong>of</strong> exist<strong>in</strong>g orders is notallowed (“no cancellation period”).Clos<strong>in</strong>g auction 16. 50 The clos<strong>in</strong>g auction determ<strong>in</strong>es the clos<strong>in</strong>g price.Trad<strong>in</strong>g-at-last 16. 50 – 17. 00 At the close <strong>of</strong> a bus<strong>in</strong>ess 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/<strong>market</strong>_<strong>in</strong>formation/calendar.html, 05/02/2006