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Session schedule UTP
Transactions on the Exchange (with the exception of block trades) are executed from 8:30 a.m.to 5:05 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 8:45 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 April 15, 2013)
|11.00||1 st auction (Fixing)|
|15.00||2 nd auction (Fixing)|
|15.30-17.05||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 April 15, 2013)
Continuous trading - futures contracts (as of April 15, 2013)
- 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.