Clearing and Give Up

Negotiations take place within a single phase of continuous trading.

On FTSE MIB index future contracts and FTSE MIB MiniFutures contracts, beside the existing continuous trading phase, the opening auction phase is now also available from 08.30 to 09.00 (continuos trading starts in a random minute between 09.00 and 09.01).
The opening auction phase includes the pre-opening phase and the contract execution phase.

Negotiation proposals are entered into the system anonymously.

The proposals are automatically sorted in the market for each financial instrument by price (decreasing for bids and increasing for ask) and, at the same price, according to the time priority.

During continuous trading the conclusion of contracts happens, for the quantities available, through automatic matching of opposite proposals present on the market.