The Budapest Stock Exchange has announced that from 27 February 2015 the applied trading model for the below listed instrument categories will be changed to the Continuous Trading with Auctions Trading Model from the currently used Auction Trading Model:
■ Equities T Market
■ Investments Notes
■ Compensation Notes
■ Debt Securities
Currently in the Auction Trading Model orders can be executed during the given auctions and continuous order-matching is not possible. Based on the feedbacks received from market participants, the Budapest Stock Exchange has decided that the above mentioned products will be also traded in the Continuous Trading with Auctions Trading Model, similarly to the Equities Prime Market and Equities Standard Market. Continuous order matching will thus become possible.
As of 27 February 2015 the trading schedule for the above products will be the following:
|
Continuous Trading with Auctions Trading Model |
||
| Trading Phases and Sub-Phases | Trading Time (CET) | |
| Pre-Trading phase | 8:15 – 8:30 am | |
| Opening auction phase | Auction Call Sub-Phase | 8:30 – 9:00 am |
| Price determination and matching | 9:00 + Random End | |
| Order book balancing Sub-Phase | max 2 min. | |
| Continuous Trading Phase | From the end of Opening Auction Phase - 17:00 | |
| Closing Auction Phase | Auction call Sub-Phase | 17:00 – 17:05 |
| Price determination and matching | 17:05 + Random End | |
| Order book balancing Sub-Phase | max 2 min. | |
| Post-Trading Phase | From the end of Closing Auction Phase - 17:20 | |
| End-Trading | 17:20 | |
| Order book balancing Sub-Phase | max 2 min. | |
| Volatility Interruption Phase | 3 min. + Random End | |
| Random End | max 30 sec. | |
Parallel to the model change the Order Limits will apply for all the above products as well, i.e. trades on a given day can only be concluded in a +/- 20% range compared to the Base Price.
Impact on investors: From 27 February 2015 continuous order matching will be available in the categories of Equities T Market, Investment Notes, Compensation Notes and Debt Securities as the current Auction Trading Model will be replaced by the Continuous Trading with Auctions Trading Model. In addition, Order Limits will apply in these categories as well. This change has an impact on the brokers which are direct or remote trading members of the Budapest Stock Exchange.