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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 4.1.9

Static and dynamic price

The static price shall be:

a) the previous day’s reference price in the opening auction;

b) the price at which contracts are concluded in the auction phase, after each auction phase; if an auction price is not determined, the static price shall be the price of the first contract concluded in the continuous trading phase.

The dynamic price shall be:

a) the price of the last contract concluded in the current session;

b) the previous day’s reference price if no contracts have been concluded in the current session.

Last update: September 23 2009 - 10:55