Reference Price

Following the introduction of closing auction, criteria for determining of the reference price of all the instrument listed on ETFplus market have been changed:

1) the closing-auction price;
2) where it is not possible to determine the closing-auction price, the reference price shall be equal to a significant number of best bids and offers displayed on the order book during the continuous trading phase, giving greater weight to the most recent;
3) where it is not possible to determine the reference price pursuant to 2), the reference price shall be equal to a significant number of best bids displayed on the order book during the continuous trading phase, giving greater weight to the most recent;
4) where it is not possible to determine the reference price pursuant to 3), the reference price shall be put equal to that of the previous session.