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TITLE 4.1 ELECTRONIC SHARE MARKET (MTA)

	Article 4.1.1 Tradable instruments

	Article 4.1.2 Trading segments

	Article 4.1.3 Trading methods and phases

	Article 4.1.4 Orders

	Article 4.1.5 Functioning of the auction and phase change rules

	Article 4.1.6 Continuous trading

	Article 4.1.7 Reference price

	Article 4.1.8 Official price - vwap

	Article 4.1.9 Static and dynamic price

	Article 4.1.10 Automatic controls on trading

	Article 4.1.11 Specialists in the Star segment

	Article 4.1.12 MTA specialists

	Article 4.1.13 Method of trading unexercised rights

Article 4.1.3

Trading methods and phases

1. Trading may be carried on using the auction and continuous trading methods.

2. The trading phases shall be the following:

a) opening auction, divided in turn into the phases of determining the theoretical opening-auction price (“pre-auction” phase) and concluding contracts (“opening” phase);

b) continuous trading;

c) closing auction, divided in turn into the phases of determining the theoretical closing-auction price (“pre-auction” phase) and concluding contracts (“closing” phase).

3. The trading hours shall be established in the Instructions.

Last update: May 3 2010 - 16:34