With the latest update of the XETRA® T7 trading system, the "Trade at Close" (TaC) functionality will be introduced at the VSE. Thus, the daily trading hours are extended from 1 December 2020 by ten minutes. Within 10 minutes after the closing auction, participants may trade at the official closing price, so that no new price formation occurs during this time. Trade orders for this trading slot have to be marked accordingly. This enables participants to use already existing liquidity also after the closing auction in the regulated exchange environment with full pre- and post-trade transparency. Currently, around one third of the daily transactions occur during the closing auction.
Today, a trading day starts with the opening auction of ATX stocks at 8:55 a.m. with the first pricing at around 9:00 a.m. After this, the continuous trading starts with a midday auction from 12:00-12:03 p.m. The closing auction is held between 17:30-17:35 p.m. From 1 December 2020 with trading at closing price, the official trading hours will be extended until 17:45 p.m.
Impact on Investors: Vienna Stock Exchange introduces “Trade at Close” and extends official trading hours by 10 minutes