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Session schedule

Transactions on the Exchange (with the exception of block trades) are executed from 8:30 a.m.to 5:35 p.m. During this time, trading is conducted in two systems:continuous and single-price auction.The continuous trading system encompasses trading in derivatives (futures contracts starting at 8:30 a.m.) and cash market instruments (beginning at 9:00 a.m.).Single-price auctions are held twice daily, at 11:00 a.m. and 3:00 p.m.The trading session is comprised of the appropriate phases for the given system of trading.

In the single-price auction system, these are: the pre-opening phase, single-price auction, post-auction trading, and pre-opening phase before the next session.In continuous trading, the session phases are pre-opening, opening auction, continuous trading, pre-closing, closing auction, and pre-opening phase for the next day's session.

Session phases in the single-price auction system (as of January 1, 2011)

8.00-11.00 Pre-opening
11.00 1 st auction (Fixing)
11.00-11.30 Post-auction trading
11.30-15.00 Pre-opening
15.00 2 nd auction (Fixing)
15.00-15.30 Post-auction trading
15.30-17.35 Orders for the next session opening
  • Pre-opening: collection of orders for the opening, publication of the IOP (Indicative Opening Price), no transactions.
  • Auction: determination of the single price and execution of orders.
  • Post-auction trading: orders accepted and executed at a price equal to the single price determined in the auction.
  • Pre-opening: collection of orders for the next session.

Session phases in the continuous system

Continuous trading (as of January 1, 2011)

8.00-9.00 Pre-opening
9.00 Opening (Auction)
9.00-17.20 Continuous trading
17.20-17.30 Pre-closing
17.30 Closing (Auction)
17.30-17.35 Post-auction trading

Continuous trading - futures contracts (as of January 1, 2011)

8.00-8.30 Pre-opening
8.30 Opening (Auction)
8.30-17.20 Continuous trading
17.20-17.30 Pre-closing
17.30 Closing (Auction)
17.30-17.35 Post-auction trading
  • Pre-opening: collection of market-on-opening orders, publication of the IOP (Indicative Opening Price), no transactions.
  • Opening (auction): determination of opening price, execution of orders entered into the system in the pre-opening phase, no new orders.
  • Continuous trading: orders accepted and executed subject to the situation on the market.
  • Pre-closing: collection of orders for closing, no transactions.
  • Closing (auction): determination of closing price, execution of orders entered into the system in the pre-closing phase.
  • Pre-opening: collection of orders for the next session opening.
     
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