- New phase in the trading program -Trading at last
- Trading at last is the last stage of the market, after the closing auction. It will take 10 min
- During this stage of the market, orders can be entered exclusively at the last closing auction price
- By implementing the Trading at last mechanism, investors will benefit from a distinct period of entering orders at the determined closing auction price, in order to execute adequately their orders at the relevant price registered
- Trading at last becomes effective as of May 5, 2014, together with the reduction of Pre-open stage by 15 min and the consequent extension of the Continuous trading by 15 min.
Financial Supervision Authority approved via Decision no. 123/11.04.2014 the changes of the BVB Rulebook – Market Operator with regard to Trading at last stage:
- the Trading at last is the stage which activates only in the case when the price based on the fixing algorithm is determined in the Closing stage and when the conclusion of the trades is allowed exclusively on the price resulted from the fixing algorithm. This stage can be activated only for the markets that have the Pre-closed and Closing.
- in the Trading at last stage, brokers can perform the following operations: submission, change and resume of the orders, only at the price determined based on the fixing algorithm in Closing stage; cancel and suspension of orders.
BVB will apply the new trading stage as of May 5, 2014. Thus, Trading at last will be applied for shares and rights (local and international) traded in the regulated spot market and will last 10 minutes.
Also as of May 5, the period for Pre-open stage corresponding to shares, fund units, rights, government bonds, futures will be reduced by 15 minutes and will have the following time frame 9:30 – 9:45. Thus, the corresponding Continuous trading stage will be extended by 15 minutes and will start at 9:45.
Ludwik Sobolewski, BVB CEO, said: “We are advancing with the reform of the trading organization by introducing new mechanisms and solutions. Some of them have been successfully tested in other more developed markets. By the introduction of trading at last, domestic and international investors will have the opportunity to execute transactions at stable prices, whereas the extension of the continuous trading means an extended period of price formation. This reform, which started as of 3rd of January, will be continued.”