The closing auction from 5:30:00 pm to 5:35:00 plus a variable interval of up to30 secs, determined automatically on a random basis by the trading system. This change meets investors desire to buy or sell an instrument at single price generated from an extended price discovery where multiple purchase and sale interests meet.
During the auction, only limit orders are allowed. The presence of a specialist, which grants liquidity to the market, is mandatory.
If the difference between the indicative uncrossing price and the static price exceeds the maximum percentage variation, a volatility auction phase shall be started for 2 minutes plus a variable interval of up to 30 secs, determined automatically on a random basis by the trading system. Such auction phase may be activated only once.
If in last 2 minutes of continuous trading the maximum price variation limit with respect to the static or dynamic price has been exceeded, the close-auction phase is triggered
With the introduction of closing auction, orders with the following time in force can be entered:
- GFA “Good for Auction”: order which enters in force to the next auction. If the order is submitted during the Continuous Trading session will be parked until the next auction (only closing auction for ETFplus market) starts at which point they will be injected into the order book.
- ATC “At close”: order which is in force only during the closing auction. ATC orders submitted during the Continuous Trading session will be parked until the closing auction starts at which point they will be injected into the order book.