Opening Auction

The opening auction allows for the entry, modification and deleting of orders in a given interval (pre-auction), for the purpose of concluding contracts at a single given future moment (the opening), and at a single price (the opening auction price or opening price). The Opening Auction lasts from 08:45 to 09:04 plus a variable interval of up to 30 seconds, determined automatically on a random basis by the trading system. The presence of the Specialist is mandatory from 9:02. Price variation limits are active based on max static % thresholds. During the opening auction only limit orders are allowed (no market orders are allowed).

The following orders/scenarios would be allowed during the opening auction:

• GTD Limit orders are automatically inserted in the pre-auction phase.

• Orders inserted with time in force parameters (Good for Auction (GFA) or Opening (OPG)) are inserted in the pre-auction phase and if not executed are expired.

• Only Limit orders can be inserted during the opening auction.

• Limit orders not executed at the end of the opening auction are automatically moved to the continuous trading phase.

If the difference between the indicative uncrossing price and the previous day reference price exceeds the maximum percentage variation (static), the auction extension phase shall be started for 2 minutes plus a variable interval of up to 30 seconds, determined on a random basis by the trading system. Such extension phase could be reproduced several time till the price is not validated (i.e. it is within the maximum percentage variation). Market Supervision can amend the previous day reference price

Further details are included in the following documents:

Operning Auction - an overall presentation

Guide to parameters

Market Notice


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